First Trust Direct Indexing L.P. Has $10.80 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

First Trust Direct Indexing L.P. increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 25.2% during the 4th quarter, Holdings Channel reports. The fund owned 9,677 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,948 shares during the period. Broadcom comprises approximately 1.0% of First Trust Direct Indexing L.P.’s investment portfolio, making the stock its 10th largest position. First Trust Direct Indexing L.P.’s holdings in Broadcom were worth $10,802,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Summit Financial LLC boosted its stake in Broadcom by 4.0% during the fourth quarter. Summit Financial LLC now owns 8,687 shares of the semiconductor manufacturer’s stock worth $9,696,000 after acquiring an additional 336 shares in the last quarter. RB Capital Management LLC lifted its stake in shares of Broadcom by 2.3% in the fourth quarter. RB Capital Management LLC now owns 2,964 shares of the semiconductor manufacturer’s stock valued at $3,308,000 after buying an additional 68 shares in the last quarter. Howe & Rusling Inc. raised its holdings in shares of Broadcom by 9.9% in the fourth quarter. Howe & Rusling Inc. now owns 20,041 shares of the semiconductor manufacturer’s stock valued at $22,370,000 after purchasing an additional 1,809 shares during the last quarter. Concord Wealth Partners raised its holdings in shares of Broadcom by 13.1% in the fourth quarter. Concord Wealth Partners now owns 3,748 shares of the semiconductor manufacturer’s stock valued at $4,184,000 after purchasing an additional 435 shares during the last quarter. Finally, DiNuzzo Private Wealth Inc. purchased a new stake in shares of Broadcom in the fourth quarter valued at about $61,000. 76.43% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Charlie B. Kawwas sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the completion of the transaction, the insider now directly owns 16,575 shares in the company, valued at $22,276,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Mark David Brazeal sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the completion of the transaction, the insider now directly owns 41,974 shares in the company, valued at $55,257,092.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 5,000 shares of Broadcom stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the sale, the insider now owns 16,575 shares of the company’s stock, valued at $22,276,800. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,920 shares of company stock worth $40,306,667. 2.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several analyst reports. TD Cowen upgraded shares of Broadcom from a “market perform” rating to an “outperform” rating and increased their target price for the company from $1,400.00 to $1,500.00 in a report on Thursday, March 21st. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $1,700.00 target price on shares of Broadcom in a report on Thursday, March 21st. Cantor Fitzgerald increased their target price on shares of Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a report on Monday, March 4th. Barclays raised their price objective on shares of Broadcom from $1,405.00 to $1,500.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. Finally, Benchmark restated a “buy” rating and set a $1,720.00 price objective on shares of Broadcom in a report on Thursday, March 21st. Three investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $1,285.41.

Broadcom Stock Performance

Shares of AVGO traded down $57.41 during trading hours on Wednesday, hitting $1,242.86. The company’s stock had a trading volume of 3,093,767 shares, compared to its average volume of 2,909,805. The company has a market cap of $575.97 billion, a price-to-earnings ratio of 46.63, a PEG ratio of 2.72 and a beta of 1.25. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24. The business has a 50 day simple moving average of $1,310.04 and a two-hundred day simple moving average of $1,143.82. Broadcom Inc. has a 52-week low of $601.29 and a 52-week high of $1,438.17.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping the consensus estimate of $8.95 by $2.04. The firm had revenue of $11.96 billion during the quarter, compared to the consensus estimate of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company’s revenue was up 34.2% on a year-over-year basis. During the same quarter last year, the company earned $9.83 earnings per share. On average, equities analysts expect that Broadcom Inc. will post 35.96 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were given a $5.25 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.69%. Broadcom’s dividend payout ratio (DPR) is currently 77.84%.

About Broadcom

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.