Broadcom Inc. (NASDAQ:AVGO) is Consolidated Investment Group LLC's 6th Largest Position

Consolidated Investment Group LLC lowered its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 8.7% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 99,300 shares of the semiconductor manufacturer's stock after selling 9,440 shares during the period. Broadcom accounts for approximately 2.5% of Consolidated Investment Group LLC's portfolio, making the stock its 6th biggest holding. Consolidated Investment Group LLC's holdings in Broadcom were worth $16,626,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AVGO. Canton Hathaway LLC purchased a new position in shares of Broadcom during the 4th quarter worth $26,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom during the 4th quarter worth $26,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom during the 1st quarter worth $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom during the 4th quarter worth $28,000. Finally, Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom during the 4th quarter worth about $30,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on AVGO shares. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Cowen reissued a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. JPMorgan Chase & Co. raised their price objective on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Bank of America raised their price objective on Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Finally, UBS Group raised their price objective on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Three investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $276.09.

Insider Activity

In related news, insider Charlie B. Kawwas sold 10,000 shares of the business's stock in a transaction that occurred 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 sale, the insider now owns 789,784 shares in the company, valued at $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the sale, the chief executive officer now owns 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. The trade was a 10.40% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 849,134 shares of company stock worth $163,760,949. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Down 0.5%

Shares of AVGO traded down $1.27 during midday trading on Friday, hitting $249.99. The company had a trading volume of 42,100,140 shares, compared to its average volume of 29,469,720. The company's 50-day simple moving average is $220.48 and its 200-day simple moving average is $212.76. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The firm has a market capitalization of $1.18 trillion, a P/E ratio of 93.63, a P/E/G ratio of 1.78 and a beta of 1.11. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion during 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 quarter last year, the business posted $10.96 EPS. As a group, sell-side analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.94%. The ex-dividend date is Friday, June 20th. Broadcom's payout ratio is presently 88.39%.

Broadcom announced that its board has authorized a stock repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are 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.