Alliance Wealth Advisors LLC Sells 2,248 Shares of Broadcom Inc. (NASDAQ:AVGO)

Alliance Wealth Advisors LLC reduced its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 62.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,349 shares of the semiconductor manufacturer's stock after selling 2,248 shares during the period. Alliance Wealth Advisors LLC's holdings in Broadcom were worth $226,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in AVGO. Sara Bay Financial raised its position in Broadcom by 0.8% in the first quarter. Sara Bay Financial now owns 7,966 shares of the semiconductor manufacturer's stock worth $1,347,000 after acquiring an additional 62 shares during the period. First Affirmative Financial Network raised its position in Broadcom by 5.8% in the first quarter. First Affirmative Financial Network now owns 5,596 shares of the semiconductor manufacturer's stock worth $937,000 after acquiring an additional 308 shares during the period. Congress Asset Management Co. raised its position in Broadcom by 784.0% in the first quarter. Congress Asset Management Co. now owns 591,601 shares of the semiconductor manufacturer's stock worth $99,052,000 after acquiring an additional 524,676 shares during the period. StoneCrest Wealth Management Inc. raised its position in Broadcom by 28.3% in the first quarter. StoneCrest Wealth Management Inc. now owns 2,793 shares of the semiconductor manufacturer's stock worth $468,000 after acquiring an additional 616 shares during the period. Finally, Tower Wealth Partners Inc. raised its position in Broadcom by 20.5% in the first quarter. Tower Wealth Partners Inc. now owns 1,861 shares of the semiconductor manufacturer's stock worth $312,000 after acquiring an additional 316 shares during the period. 76.43% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Justine Page sold 800 shares of the company's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the sale, the director now owns 25,380 shares of the company's stock, valued at approximately $4,695,300. This represents a 3.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares of the company's stock, valued at $95,564,585.40. This trade represents a 5.76% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 720,576 shares of company stock valued at $131,249,694. Corporate insiders own 2.00% of the company's stock.

Broadcom Price Performance

AVGO stock opened at $246.95 on Friday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43. The stock has a market cap of $1.16 trillion, a PE ratio of 201.43, a P/E/G ratio of 2.29 and a beta of 1.11. The firm has a 50 day simple moving average of $203.73 and a two-hundred day simple moving average of $206.22.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter in the previous year, the company earned $10.96 EPS. The business's quarterly revenue was up 20.2% compared to the same quarter last year. On average, analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom announced that its Board of Directors has initiated a share buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be paid a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.96%. Broadcom's dividend payout ratio (DPR) is 113.46%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Benchmark lifted their price objective on shares of Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research report on Friday. Wells Fargo & Company lifted their price objective on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research report on Friday. Barclays reduced their target price on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. William Blair reiterated an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Finally, Redburn Atlantic began coverage on shares of Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price for the company. Two equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $270.25.

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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