McGlone Suttner Wealth Management Inc. Buys 1,003 Shares of Broadcom Inc. (NASDAQ:AVGO)

McGlone Suttner Wealth Management Inc. lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 19.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,268 shares of the semiconductor manufacturer’s stock after buying an additional 1,003 shares during the quarter. McGlone Suttner Wealth Management Inc.’s holdings in Broadcom were worth $1,049,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom during the fourth quarter worth about $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom during the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom during the fourth quarter valued at approximately $30,000. Sellwood Investment Partners LLC bought a new position in Broadcom during the fourth quarter valued at approximately $32,000. Finally, Barnes Dennig Private Wealth Management LLC bought a new position in Broadcom during the first quarter valued at approximately $25,000. Institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of research reports. Wells Fargo & Company increased their price target on Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a research note on Friday, June 6th. Morgan Stanley increased their price target on Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a research note on Friday, June 6th. Seaport Res Ptn raised Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Mizuho increased their price target on Broadcom from $310.00 to $315.00 and gave the company an “outperform” rating in a research note on Thursday. Finally, Hsbc Global Res raised Broadcom from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, June 24th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Broadcom has a consensus rating of “Buy” and a consensus price target of $281.46.

Insider Buying and Selling at Broadcom

In other news, Director Gayla J. Delly sold 3,000 shares of the company’s stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $265.13, for a total value of $795,390.00. Following the completion of the sale, the director owned 33,352 shares in the company, valued at $8,842,615.76. This represents a 8.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the transaction, the director owned 38,188,575 shares of the company’s stock, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold 854,716 shares of company stock worth $221,433,761 over the last quarter. Insiders own 2.00% of the company’s stock.

Broadcom Trading Up 1.8%

Shares of AVGO stock opened at $274.87 on Friday. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $277.71. The company has a market capitalization of $1.29 trillion, a P/E ratio of 102.95, a P/E/G ratio of 1.96 and a beta of 1.12. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The firm has a 50-day moving average price of $238.77 and a 200 day moving average price of $217.17.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $10.96 earnings per share. Research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.86%. Broadcom’s dividend payout ratio (DPR) is currently 88.39%.

Broadcom announced that its Board of Directors has authorized a share repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.