Bright Futures Wealth Management LLC. It has $26.88 million shares in Broadcom Inc. (NASDAQ:AVGO)

VaselineSeptember 12, 2024

0 4 minutes read

Bright Futures Wealth Management LLC. increased its stake in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 991.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,739 shares of the semiconductor maker’s stock after purchasing an additional 15,205 shares during the quarter. Broadcom makes up approximately 12.7% of Bright Futures Wealth Management LLC.’s portfolio, making the stock its largest position. The holdings of Bright Futures Wealth Management LLC. holdings in Broadcom were worth $26,875,000 as of its most recent SEC filing.

Several other hedge funds have recently modified their holdings of AVGO. Lion Street Advisors LLC boosted its holdings in Broadcom by 1.9% in the second quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor maker’s stock worth $520,000 after purchasing an additional 6 shares during the last quarter. Horizon Family Wealth Inc. raised its holdings in Broadcom by 1.3% in the fourth quarter. Horizon Family Wealth Inc. now owns 640 shares of the semiconductor maker’s stock worth $715,000 after purchasing an additional 8 shares in the last quarter. Tucker Asset Management LLC raised its holdings in Broadcom by 12.5% during the 4th quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor maker’s stock worth $80,000 after buying an additional 8 shares in the last quarter . Buckley Wealth Management LLC boosted its holdings in Broadcom by 0.7% in the first quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor maker’s stock worth $1,529,000 after buying an additional 8 shares in the last quarter. Finally, Legend Financial Advisors Inc. boosted its holdings in Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor maker’s stock worth $25,000 after buying an additional 8 shares in the last quarter. Institutional investors own 76.43% of the company’s shares.

Broadcom stock rose 6.8%

NASDAQ AVGO opened at $158.27 on Thursday. Broadcom Inc. has a 12-month low of $79.51 and a 12-month high of $185.16. The company has a current ratio of 1.04, a quick ratio of 0.94, and a debt-to-equity ratio of 1.02. The stock has a market cap of $736.73 billion, a PE ratio of 6.81, a P/E/G ratio of 2.41 and a beta of 1.16. The stock’s 50-day moving average is $188.37 and its 200-day moving average is $156.34.

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Broadcom (NASDAQ:AVGO – Get Your Free Report ) last posted its quarterly earnings results on Thursday, September 5th. The semiconductor maker reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same period in the previous year, the company posted EPS of $0.95. The company’s revenue for the quarter was up 47.3% compared to the same quarter last year. Research analysts predict that Broadcom Inc. will post 3.75 EPS for the current fiscal year.

Broadcom raises dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be given a $0.53 dividend. This represents an annualized dividend of $2.12 and a yield of 1.34%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date is Thursday, September 19. Broadcom’s dividend payout ratio is currently 9.12%.

Changes in Analyst Ratings

Several equities research analysts recently commented on the company. Evercore ISI raised their price objective on Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a report on Thursday, June 13th. Oppenheimer reduced their price objective on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday, July 16th. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price objective on shares of Broadcom in a report on Friday, September 6th. Truist Financial boosted their price target on Broadcom from $156.60 to $204.50 and gave the company a “buy” rating in a research note on Thursday, June 13th. Finally, Mizuho boosted their price target on Broadcom from $162.50 to $190.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Two analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. The company has a consensus rating of “Moderate Buy” and a consensus price target of $189.23, according to MarketBeat.

Get our latest analysis on Broadcom

Insiders place their bets

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Also, Director Justine Page sold 2,540 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total value of $444,566.04. Following the transaction, the director now owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The disclosure for this sale can be found here. 2.00% of the shares are currently owned by corporate insiders.

Broadcom profile

(Free Report)

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