Ascent Wealth Partners LLC Sells 7,151 Shares of Broadcom Inc. (NASDAQ:AVGO)

Ascent Wealth Partners LLC trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 24.0% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 22,626 shares of the semiconductor manufacturer's stock after selling 7,151 shares during the quarter. Ascent Wealth Partners LLC's holdings in Broadcom were worth $3,788,000 as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. Sunbeam Capital Management LLC bought a new position in shares of Broadcom during the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. bought a new position in shares of Broadcom during the 4th quarter worth approximately $30,000. Sellwood Investment Partners LLC bought a new position in shares of Broadcom during the 4th quarter worth approximately $32,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Broadcom in the 1st quarter valued at approximately $25,000. Finally, Inlight Wealth Management LLC acquired a new stake in shares of Broadcom in the 1st quarter valued at approximately $26,000. 76.43% of the stock is owned by institutional investors.

Insider Transactions at Broadcom

In other Broadcom news, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the transaction, the director directly owned 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. The trade was a 1.23% 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 Charlie B. Kawwas sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the transaction, the insider directly owned 789,784 shares in the company, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several recent analyst reports. JPMorgan Chase & Co. increased their price objective on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Evercore ISI reissued an "outperform" rating and issued a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. Redburn Atlantic initiated coverage on Broadcom in a report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target for the company. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Finally, Hsbc Global Res raised Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 24th. One investment 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 stock. According to MarketBeat.com, Broadcom has an average rating of "Buy" and an average target price of $292.08.

Broadcom Price Performance

Shares of AVGO stock traded down $3.11 on Friday, reaching $283.34. The company had a trading volume of 15,006,524 shares, compared to its average volume of 27,811,482. The stock has a market capitalization of $1.33 trillion, a PE ratio of 106.12, a price-to-earnings-growth ratio of 2.04 and a beta of 1.12. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a one year low of $128.50 and a one year high of $288.28. The business's 50-day moving average is $254.41 and its 200 day moving average is $220.33.

Broadcom (NASDAQ:AVGO - Get Free Report) last released 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 business's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the business posted $10.96 earnings per share. Equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom announced that its Board of Directors has initiated a stock buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.83%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

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.