WESPAC Advisors SoCal LLC Sells 1,615 Shares of Broadcom Inc. $AVGO

WESPAC Advisors SoCal LLC trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 61,876 shares of the semiconductor manufacturer’s stock after selling 1,615 shares during the period. Broadcom accounts for about 4.1% of WESPAC Advisors SoCal LLC’s holdings, making the stock its 3rd biggest holding. WESPAC Advisors SoCal LLC’s holdings in Broadcom were worth $19,151,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in AVGO. Vanguard Group Inc. boosted its position in shares of Broadcom by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 482,707,302 shares of the semiconductor manufacturer’s stock worth $167,064,997,000 after buying an additional 3,919,715 shares during the period. State Street Corp lifted its position in Broadcom by 2.7% during the 4th quarter. State Street Corp now owns 190,084,351 shares of the semiconductor manufacturer’s stock worth $65,788,194,000 after acquiring an additional 5,040,801 shares in the last quarter. Geode Capital Management LLC lifted its position in Broadcom by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 111,277,280 shares of the semiconductor manufacturer’s stock worth $38,396,634,000 after acquiring an additional 1,548,699 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Broadcom by 3.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 85,546,083 shares of the semiconductor manufacturer’s stock worth $29,607,500,000 after acquiring an additional 2,491,644 shares in the last quarter. Finally, Norges Bank purchased a new position in Broadcom in the 4th quarter worth approximately $24,252,196,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Broadcom

In related news, Director Harry L. You purchased 1,000 shares of Broadcom stock in a transaction dated Thursday, June 11th. The shares were acquired at an average price of $373.57 per share, with a total value of $373,570.00. Following the completion of the transaction, the director owned 38,466 shares of the company’s stock, valued at approximately $14,369,743.62. This trade represents a 2.67% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $345.23, for a total value of $3,452,300.00. Following the completion of the transaction, the insider owned 787,184 shares of the company’s stock, valued at $271,759,532.32. This trade represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 59,385 shares of company stock valued at $21,301,057. Corporate insiders own 1.90% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $411.35 on Monday. The firm has a market cap of $1.96 trillion, a PE ratio of 68.56, a price-to-earnings-growth ratio of 0.72 and a beta of 1.41. The company has a fifty day simple moving average of $411.42 and a 200 day simple moving average of $363.34. The company has a current ratio of 2.24, a quick ratio of 2.01 and a debt-to-equity ratio of 0.71. Broadcom Inc. has a 12-month low of $244.17 and a 12-month high of $495.00.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 EPS for the quarter, beating analysts’ consensus estimates of $2.40 by $0.04. The firm had revenue of $22.19 billion for the quarter, compared to the consensus estimate of $22.13 billion. Broadcom had a net margin of 38.85% and a return on equity of 41.61%. The firm’s revenue was up 47.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.58 EPS. On average, equities research analysts anticipate that Broadcom Inc. will post 10.24 EPS for the current fiscal year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 22nd will be paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Monday, June 22nd. Broadcom’s dividend payout ratio is 43.33%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on AVGO shares. Bank of America raised their price target on shares of Broadcom from $450.00 to $530.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Royal Bank Of Canada upped their price objective on shares of Broadcom from $360.00 to $400.00 and gave the company a “sector perform” rating in a research report on Thursday, June 4th. Wells Fargo & Company restated an “overweight” rating and set a $545.00 target price (up from $430.00) on shares of Broadcom in a research note on Thursday, May 14th. TD Cowen reaffirmed a “buy” rating and set a $500.00 target price on shares of Broadcom in a research report on Thursday, June 4th. Finally, Wall Street Zen upgraded Broadcom from a “buy” rating to a “strong-buy” rating in a research note on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $490.13.

Key Stories Impacting Broadcom

Here are the key news stories impacting Broadcom this week:

• Positive Sentiment: Broadcom’s debt tender offer was upsized to $3 billion after strong investor demand, signaling active balance-sheet management and reinforcing investor confidence. Broadcom Inc. Announces Results and Upsize of Offers to Purchase for Cash Certain of its Outstanding Debt Securities
• Positive Sentiment: JPMorgan remained bullish on Broadcom, saying investors should be “aggressive buyers,” which supports the view that the market may still be underestimating AVGO’s AI growth. AVGO stock jumps — JPMorgan says investors should be ‘aggressive buyers’ of Broadcom at current levels
• Positive Sentiment: Citi also called Broadcom a top chip stock on strong data-center demand, adding another bullish Wall Street view tied to AI infrastructure spending. Citi Touts Broadcom Inc. (AVGO) as a Top Chip Stock on Soaring Data Center Demand
• Positive Sentiment: One report said VMware, Broadcom’s second-largest business, may be set to accelerate, which could broaden growth beyond the company’s AI chip exposure. VMware: Broadcom’s Second Biggest Business Set to Accelerate
• Neutral Sentiment: Insider Mark David Brazeal sold shares in two June transactions, but the sales were relatively small versus his remaining stake and do not necessarily change the broader investment thesis. Mark David Brazeal insider trading page
• Negative Sentiment: One analyst warned that chip valuations are getting stretched and suggested investors could consider alternatives, including Broadcom, which may temper enthusiasm if valuation concerns intensify. Analyst Warns Intel Valuation ‘Doesn’t Make Sense.’ Suggests NVIDIA, AMD, Micron, and Broadcom as Alternatives.

Broadcom Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.