Albion Financial Group UT Sells 3,998 Shares of Broadcom Inc. (NASDAQ:AVGO)

Albion Financial Group UT reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 123,090 shares of the semiconductor manufacturer's stock after selling 3,998 shares during the period. Broadcom makes up 1.5% of Albion Financial Group UT's investment portfolio, making the stock its 22nd biggest position. Albion Financial Group UT's holdings in Broadcom were worth $20,609,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rialto Wealth Management LLC purchased a new position in shares of Broadcom during the fourth quarter worth approximately $26,000. Inlight Wealth Management LLC bought a new position in shares of Broadcom during the 1st quarter valued at $26,000. Sunbeam Capital Management LLC purchased a new position in Broadcom in the 4th quarter worth $28,000. Vermillion Wealth Management Inc. purchased a new position in Broadcom in the 4th quarter worth $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in Broadcom in the fourth quarter worth $32,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Down 4.0%

Shares of AVGO stock traded down $11.07 during midday trading on Tuesday, reaching $264.58. 8,769,736 shares of the stock were exchanged, compared to its average volume of 28,817,397. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $277.71. The firm has a market cap of $1.24 trillion, a PE ratio of 99.64, a price-to-earnings-growth ratio of 1.92 and a beta of 1.11. The company's 50 day moving average is $231.62 and its two-hundred day moving average is $216.10. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

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

Broadcom announced that its board has approved a stock buyback program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.89%. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 40,000 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total value of $10,731,600.00. Following the sale, the chief executive officer directly owned 482,836 shares of the company's stock, valued at $129,540,070.44. The trade was a 7.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the sale, the insider owned 415,956 shares in the company, valued at $105,353,335.68. The trade was a 10.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 854,716 shares of company stock valued at $221,433,761 over the last three months. 2.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on AVGO shares. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Benchmark raised their price target on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. JPMorgan Chase & Co. lifted their price target on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. Citigroup increased their price objective on Broadcom from $276.00 to $285.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Finally, Wall Street Zen cut shares of Broadcom from a "buy" rating to a "hold" rating in a report on Sunday, June 15th. Two analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $281.25.

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.