Ameliora Wealth Management Ltd. Sells 9,570 Shares of Broadcom Inc. (NASDAQ:AVGO)

Ameliora Wealth Management Ltd. cut its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 30.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,895 shares of the semiconductor manufacturer's stock after selling 9,570 shares during the period. Broadcom comprises approximately 1.4% of Ameliora Wealth Management Ltd.'s investment portfolio, making the stock its 20th biggest holding. Ameliora Wealth Management Ltd.'s holdings in Broadcom were worth $3,666,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Canton Hathaway LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC acquired a new position in Broadcom during the fourth quarter worth $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom during the fourth quarter worth $28,000. Vermillion Wealth Management Inc. acquired a new position in Broadcom during the fourth quarter worth $30,000. Finally, Sellwood Investment Partners LLC acquired a new position in Broadcom during the fourth quarter worth $32,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Justine Page sold 800 shares of the company's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the sale, the director now owns 25,380 shares of the company's stock, valued at $4,695,300. This represents a 3.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares of the company's stock, valued at $95,564,585.40. This represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 730,576 shares of company stock valued at $133,778,494. 2.00% of the stock is owned by company insiders.

Broadcom Stock Performance

Shares of Broadcom stock traded down $7.37 during trading on Friday, reaching $248.70. The company's stock had a trading volume of 19,002,301 shares, compared to its average volume of 30,540,402. The business's 50-day moving average price is $211.15 and its 200-day moving average price is $208.57. The firm has a market cap of $1.17 trillion, a PE ratio of 202.86, a P/E/G ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

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

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

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given 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 0.95%. Broadcom's payout ratio is presently 88.39%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Bank of America boosted their target price on shares of Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Mizuho boosted their target price on shares of Broadcom from $300.00 to $310.00 and gave the stock an "outperform" rating in a report on Friday, June 6th. Morgan Stanley boosted their target price on shares of Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Truist Financial set a $295.00 target price on shares of Broadcom and gave the stock a "buy" rating in a report on Friday, June 6th. Finally, Cowen restated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Two 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 stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $272.71.

About Broadcom

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.