Beverly Hills Private Wealth LLC Sells 1,662 Shares of Broadcom Inc. (NASDAQ:AVGO)

Beverly Hills Private Wealth LLC decreased its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 5.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 28,630 shares of the semiconductor manufacturer's stock after selling 1,662 shares during the period. Broadcom accounts for about 0.9% of Beverly Hills Private Wealth LLC's holdings, making the stock its 23rd biggest position. Beverly Hills Private Wealth LLC's holdings in Broadcom were worth $4,794,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in AVGO. Barnes Dennig Private Wealth Management LLC bought a new stake in Broadcom in the first quarter worth about $25,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the fourth quarter worth about $26,000. Inlight Wealth Management LLC bought a new stake in Broadcom in the first quarter worth about $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom in the fourth quarter worth about $28,000. Finally, Vermillion Wealth Management Inc. bought a new stake in Broadcom in the fourth quarter worth about $30,000. Institutional investors own 76.43% of the company's stock.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the sale, the insider owned 415,956 shares of the company's stock, valued at approximately $105,353,335.68. This represents a 10.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kirsten M. Spears sold 56,310 shares of the company's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the completion of the sale, the chief financial officer directly owned 361,937 shares of the company's stock, valued at $91,117,639.75. This trade represents a 13.46% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 854,716 shares of company stock worth $221,433,761. Company insiders own 2.00% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on AVGO. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $300.00 price objective on shares of Broadcom in a research report on Friday, June 6th. HSBC upgraded shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price for the company in a research note on Tuesday, June 24th. Mizuho lifted their target price on shares of Broadcom from $310.00 to $315.00 and gave the stock an "outperform" rating in a research note on Thursday. Oppenheimer lifted their target price on shares of Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Finally, Benchmark lifted their target price on shares of Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Broadcom currently has a consensus rating of "Buy" and a consensus price target of $281.46.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $274.87 on Monday. The company's fifty day moving average price is $238.77 and its 200-day moving average price is $217.17. The firm has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.95, a PEG ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a one year low of $128.50 and a one year high of $277.71. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The firm 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%. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $10.96 EPS. On average, equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its Board of Directors has initiated a share buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is 88.39%.

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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