Broadcom Inc. (NASDAQ:AVGO) Stock Position Cut by AdvisorNet Financial Inc

AdvisorNet Financial Inc lessened its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,033 shares of the semiconductor manufacturer's stock after selling 1,901 shares during the period. AdvisorNet Financial Inc's holdings in Broadcom were worth $2,350,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Howard Financial Services LTD. increased its stake in shares of Broadcom by 5.5% in the first quarter. Howard Financial Services LTD. now owns 14,192 shares of the semiconductor manufacturer's stock valued at $2,376,000 after purchasing an additional 736 shares during the period. Bath Savings Trust Co boosted its position in Broadcom by 7.6% during the 1st quarter. Bath Savings Trust Co now owns 1,636 shares of the semiconductor manufacturer's stock worth $274,000 after acquiring an additional 116 shares during the period. Quent Capital LLC lifted its position in Broadcom by 4.5% in the 1st quarter. Quent Capital LLC now owns 14,213 shares of the semiconductor manufacturer's stock worth $2,380,000 after buying an additional 612 shares in the last quarter. Moody National Bank Trust Division lifted its holdings in shares of Broadcom by 2.3% during the 1st quarter. Moody National Bank Trust Division now owns 60,320 shares of the semiconductor manufacturer's stock valued at $10,099,000 after buying an additional 1,333 shares during the last quarter. Finally, Baring Financial LLC acquired a new stake in Broadcom in the first quarter valued at approximately $213,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Stock Down 1.0%

Broadcom stock traded down $2.47 during midday trading on Friday, reaching $239.50. The company's stock had a trading volume of 27,045,094 shares, compared to its average volume of 30,873,614. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $251.88. The stock has a market capitalization of $1.13 trillion, a P/E ratio of 195.35, a PEG ratio of 2.29 and a beta of 1.04. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The stock's 50-day simple moving average is $195.38 and its 200-day simple moving average is $203.43.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.99%. The ex-dividend date was Thursday, March 20th. Broadcom's payout ratio is currently 113.46%.

Broadcom declared that its Board of Directors has initiated a share 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 an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of recent analyst reports. Barclays dropped their price objective on Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. KeyCorp boosted their price objective on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 price target on shares of Broadcom in a research note on Friday, March 7th. Finally, Benchmark reaffirmed a "buy" rating and issued a $255.00 price target on shares of Broadcom in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $238.77.

Insider Transactions at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the business's stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now directly owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now owns 465,956 shares in the company, valued at $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock valued at $131,249,694 over the last ninety days. Insiders own 2.00% of the company's stock.

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.