Broadcom Inc. (NASDAQ:AVGO) Stock Holdings Decreased by Adell Harriman & Carpenter Inc.

Adell Harriman & Carpenter Inc. cut its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 538,652 shares of the semiconductor manufacturer's stock after selling 13,418 shares during the quarter. Broadcom accounts for 6.8% of Adell Harriman & Carpenter Inc.'s holdings, making the stock its 3rd largest holding. Adell Harriman & Carpenter Inc.'s holdings in Broadcom were worth $90,187,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of AVGO. Barnes Dennig Private Wealth Management LLC purchased a new stake in Broadcom during the 1st quarter worth approximately $25,000. Rialto Wealth Management LLC purchased a new position in Broadcom in the 4th quarter valued at approximately $26,000. Inlight Wealth Management LLC acquired a new position in shares of Broadcom in the first quarter worth $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom during the fourth quarter worth $28,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom during the fourth quarter worth $30,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Gayla J. Delly sold 3,000 shares of the firm's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $265.13, for a total transaction of $795,390.00. Following the transaction, the director directly owned 33,352 shares in the company, valued at approximately $8,842,615.76. This trade represents a 8.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mark David Brazeal sold 50,000 shares of Broadcom stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the transaction, the insider directly owned 415,956 shares in the company, valued at $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 854,716 shares of company stock valued at $221,433,761 in the last 90 days. Company insiders own 2.00% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on AVGO. HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price for the company in a report on Tuesday, June 24th. UBS Group increased their price target on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Hsbc Global Res raised Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. Susquehanna upped their target price on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research note on Friday, June 6th. Finally, Morgan Stanley raised their target price on shares of Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a report on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $281.46.

Broadcom Stock Performance

AVGO traded up $4.97 on Friday, reaching $274.87. The company had a trading volume of 10,592,655 shares, compared to its average volume of 28,575,138. The stock has a 50-day moving average price of $238.77 and a 200-day moving average price of $217.17. The stock has a market capitalization of $1.29 trillion, a PE ratio of 102.95, a P/E/G ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $277.71. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. The business 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%. The business's quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the business earned $10.96 EPS. As a group, research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom announced that its Board of Directors has authorized a stock repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom 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.