Argus Investors Counsel Inc. Sells 1,815 Shares of Broadcom Inc. (NASDAQ:AVGO)

Argus Investors Counsel Inc. cut its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 18.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 7,960 shares of the semiconductor manufacturer's stock after selling 1,815 shares during the quarter. Argus Investors Counsel Inc.'s holdings in Broadcom were worth $1,333,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. SlateStone Wealth LLC lifted its position in Broadcom by 0.3% in the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock worth $3,207,000 after buying an additional 47 shares during the last quarter. True Wealth Design LLC raised its stake in shares of Broadcom by 7.2% during the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock worth $165,000 after acquiring an additional 48 shares in the last quarter. DT Investment Partners LLC lifted its holdings in shares of Broadcom by 0.9% in the 4th quarter. DT Investment Partners LLC now owns 5,397 shares of the semiconductor manufacturer's stock worth $1,251,000 after acquiring an additional 50 shares during the last quarter. Bfsg LLC boosted its stake in shares of Broadcom by 12.5% in the 4th quarter. Bfsg LLC now owns 451 shares of the semiconductor manufacturer's stock valued at $105,000 after purchasing an additional 50 shares in the last quarter. Finally, Global Strategic Investment Solutions LLC grew its holdings in shares of Broadcom by 1.5% during the 4th quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer's stock valued at $782,000 after purchasing an additional 50 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Insider Activity

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the transaction, the insider now owns 789,784 shares in the company, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 730,576 shares of company stock worth $133,778,494. Corporate insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of analyst reports. Evercore ISI reiterated an "outperform" rating and issued a $304.00 target price (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Truist Financial set a $295.00 price objective on Broadcom and gave the stock a "buy" rating in a report on Friday, June 6th. Cowen restated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Mizuho lifted their price target on Broadcom from $300.00 to $310.00 and gave the stock an "outperform" rating in a research note on Friday, June 6th. Finally, Susquehanna boosted their price objective on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research report on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $276.09.

Broadcom Stock Down 2.9%

AVGO traded down $7.37 on Friday, hitting $248.70. The company had a trading volume of 19,002,301 shares, compared to its average volume of 30,383,406. The stock has a fifty day simple moving average of $213.01 and a 200-day simple moving average of $209.50. 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 firm has a market capitalization of $1.17 trillion, a P/E 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.

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

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

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.95%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

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.