AlphaStar Capital Management LLC Sells 9,008 Shares of Broadcom Inc. (NASDAQ:AVGO)

AlphaStar Capital Management LLC decreased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 31.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 19,642 shares of the semiconductor manufacturer's stock after selling 9,008 shares during the period. AlphaStar Capital Management LLC's holdings in Broadcom were worth $3,289,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Valeo Financial Advisors LLC raised its stake in Broadcom by 2.5% in the 1st quarter. Valeo Financial Advisors LLC now owns 60,695 shares of the semiconductor manufacturer's stock worth $10,164,000 after purchasing an additional 1,477 shares in the last quarter. BXM Wealth LLC raised its stake in Broadcom by 3.7% in the 1st quarter. BXM Wealth LLC now owns 15,413 shares of the semiconductor manufacturer's stock worth $2,591,000 after purchasing an additional 551 shares in the last quarter. CapWealth Advisors LLC raised its stake in Broadcom by 3.8% in the 1st quarter. CapWealth Advisors LLC now owns 2,568 shares of the semiconductor manufacturer's stock worth $430,000 after purchasing an additional 94 shares in the last quarter. 49 Wealth Management LLC raised its stake in Broadcom by 3.7% in the 1st quarter. 49 Wealth Management LLC now owns 8,061 shares of the semiconductor manufacturer's stock worth $1,350,000 after purchasing an additional 287 shares in the last quarter. Finally, Stratos Wealth Advisors LLC raised its stake in Broadcom by 20.0% in the 1st quarter. Stratos Wealth Advisors LLC now owns 7,733 shares of the semiconductor manufacturer's stock worth $1,295,000 after purchasing an additional 1,289 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on AVGO shares. Evercore ISI restated an "outperform" rating and issued a $304.00 target price (up from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Citigroup boosted their target price on shares of Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a research report on Monday. JPMorgan Chase & Co. boosted their target price on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Mizuho boosted their target price on shares of Broadcom from $310.00 to $315.00 and gave the company an "outperform" rating in a research report on Thursday, July 3rd. Finally, Benchmark boosted their target price on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $282.71.

Broadcom Trading Up 0.3%

NASDAQ:AVGO opened at $275.11 on Tuesday. The firm has a market cap of $1.29 trillion, a P/E ratio of 103.33, a P/E/G ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $277.71. The firm's fifty day moving average is $240.40 and its 200-day moving average is $217.54. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. Broadcom's revenue 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. Equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is presently 88.39%.

Broadcom announced that its Board of Directors has approved a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at Broadcom

In other Broadcom news, CFO Kirsten M. Spears sold 56,310 shares of the firm's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the transaction, the chief financial officer directly owned 361,937 shares of the company's stock, valued at approximately $91,117,639.75. This trade represents a 13.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the firm's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the transaction, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 854,716 shares of company stock valued at $221,433,761 over the last 90 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.

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