Abundance Wealth Counselors Lowers Holdings in Broadcom Inc. (NASDAQ:AVGO)

Abundance Wealth Counselors reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,426 shares of the semiconductor manufacturer's stock after selling 1,461 shares during the quarter. Abundance Wealth Counselors' holdings in Broadcom were worth $2,117,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in AVGO. Canton Hathaway LLC purchased a new stake in Broadcom in the fourth quarter valued at about $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom in the fourth quarter valued at about $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom in the fourth quarter valued at about $28,000. Vermillion Wealth Management Inc. acquired a new stake in Broadcom during the fourth quarter worth about $30,000. Finally, Sellwood Investment Partners LLC acquired a new stake in Broadcom during the fourth quarter worth about $32,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Trading Up 0.8%

AVGO opened at $251.26 on Friday. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $265.43. The stock has a market capitalization of $1.18 trillion, a price-to-earnings ratio of 94.10, a PEG ratio of 1.79 and a beta of 1.11. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The business has a fifty day moving average price of $219.11 and a 200 day moving average price of $211.61.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom's revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the previous year, the business earned $10.96 EPS. Sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its board has initiated a stock buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is 88.39%.

Insider Activity

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the sale, the insider now directly owns 789,784 shares of the company's stock, valued at $199,720,577.92. This represents a 1.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justine Page sold 800 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $250.35, for a total value of $200,280.00. Following the transaction, the director now owns 25,382 shares in the company, valued at $6,354,383.70. The trade was a 3.06% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 849,134 shares of company stock valued at $163,760,949. Insiders own 2.00% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Bank of America raised their price objective on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a report on Friday, June 6th. Evercore ISI restated an "outperform" rating and issued a $304.00 target price (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Cowen reiterated a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, June 6th. Finally, Barclays raised their target price on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Three analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $276.09.

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.

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