Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Bridges Investment Management Inc.

Bridges Investment Management Inc. reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 400,230 shares of the semiconductor manufacturer's stock after selling 27,186 shares during the quarter. Bridges Investment Management Inc.'s holdings in Broadcom were worth $67,011,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom in the 4th quarter valued at approximately $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom in the fourth quarter worth $30,000. Sellwood Investment Partners LLC acquired a new stake in shares of Broadcom during the fourth quarter worth $32,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Broadcom during the first quarter valued at $25,000. Finally, Inlight Wealth Management LLC purchased a new stake in shares of Broadcom during the first quarter valued at $26,000. Institutional investors own 76.43% of the company's stock.

Wall Street Analyst Weigh In

AVGO has been the subject of a number of research reports. Mizuho lifted their price target on Broadcom from $310.00 to $315.00 and gave the stock an "outperform" rating in a research report on Thursday, July 3rd. Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday. Bank of America lifted their price objective on shares of Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Evercore ISI reiterated an "outperform" rating and issued a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Finally, Redburn Atlantic started coverage on shares of Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $285.00.

Insider Activity at Broadcom

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

Broadcom Price Performance

Broadcom stock traded up $6.10 during midday trading on Wednesday, reaching $277.90. The company had a trading volume of 20,105,827 shares, compared to its average volume of 28,370,631. 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 Inc. has a 12-month low of $128.50 and a 12-month high of $279.37. The company has a market capitalization of $1.31 trillion, a P/E ratio of 104.08, a P/E/G ratio of 1.93 and a beta of 1.12. The firm's fifty day simple moving average is $242.02 and its 200-day simple moving average is $217.92.

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, 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 net margin of 22.64% and a return on equity of 35.49%. The firm's quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $10.96 EPS. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.85%. Broadcom's payout ratio is 88.39%.

Broadcom declared that its board has approved a share repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board believes its stock is undervalued.

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.