Bard Financial Services Inc. Decreases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Bard Financial Services Inc. lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 8.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,775 shares of the semiconductor manufacturer's stock after selling 1,375 shares during the period. Bard Financial Services Inc.'s holdings in Broadcom were worth $2,474,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Canton Hathaway LLC acquired a new position in shares of Broadcom in the 4th quarter valued at about $26,000. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom in the fourth quarter worth approximately $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom in the fourth quarter worth approximately $28,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom in the fourth quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC bought a new position in shares of Broadcom in the fourth quarter valued at approximately $32,000. Institutional investors own 76.43% of the company's stock.

Insider Activity

In other Broadcom news, Director Justine Page sold 800 shares of the company's stock in a transaction dated Monday, April 14th. The stock was 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 in the company, valued at $4,695,300. This represents a 3.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction that occurred 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 transaction, the insider now owns 490,956 shares of the company's stock, valued at $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 730,576 shares of company stock valued at $133,778,494 over the last ninety days. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Down 2.9%

Shares of NASDAQ:AVGO traded down $7.37 during trading on Friday, hitting $248.70. The stock had a trading volume of 19,002,301 shares, compared to its average volume of 30,383,406. 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 Inc. has a 12 month low of $128.50 and a 12 month high of $265.43. The company has a market capitalization of $1.17 trillion, a PE ratio of 202.86, a PEG ratio of 2.29 and a beta of 1.11. The firm's fifty day moving average is $213.01 and its 200 day moving average is $209.50.

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, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $14.98 billion. During the same period in the previous year, the company posted $10.96 earnings per share. The firm's revenue was up 20.2% on a year-over-year basis. Analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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

Broadcom Dividend Announcement

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Evercore ISI reaffirmed an "outperform" rating and issued a $304.00 target price (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Redburn Atlantic began coverage on Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price target for the company. UBS Group lifted their price target on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Friday, June 6th. KeyCorp boosted their target price on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Finally, JPMorgan Chase & Co. upped their price objective on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Two research 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. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $276.09.

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.