Edgemoor Investment Advisors Inc. Decreases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Edgemoor Investment Advisors Inc. cut its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 0.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 174,207 shares of the semiconductor manufacturer's stock after selling 1,234 shares during the period. Broadcom comprises 2.7% of Edgemoor Investment Advisors Inc.'s portfolio, making the stock its 9th biggest position. Edgemoor Investment Advisors Inc.'s holdings in Broadcom were worth $29,168,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the stock. Barnes Dennig Private Wealth Management LLC acquired a new stake in Broadcom during the first quarter worth $25,000. Inlight Wealth Management LLC acquired a new position in Broadcom during the 1st quarter worth approximately $26,000. Sunbeam Capital Management LLC acquired a new stake in shares of Broadcom in the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom during the fourth quarter worth $30,000. Finally, Wood Tarver Financial Group LLC raised its position in shares of Broadcom by 342.5% in the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock worth $30,000 after buying an additional 137 shares during the period. 76.43% of the stock is owned by institutional investors.

Broadcom Trading Up 1.7%

Shares of AVGO traded up $4.87 during trading hours on Monday, hitting $288.21. 17,706,689 shares of the stock traded hands, compared to its average volume of 27,778,305. The firm has a market capitalization of $1.36 trillion, a PE ratio of 107.94, a price-to-earnings-growth ratio of 2.02 and a beta of 1.12. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The business has a fifty day moving average of $254.41 and a 200-day moving average of $220.17. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $290.40.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the previous year, the company posted $10.96 EPS. Broadcom's quarterly revenue was up 20.2% compared to the same quarter last year. Analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its board has initiated a share buyback program 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 programs are often an indication that the company's board 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. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.82%. Broadcom's payout ratio is presently 88.39%.

Insider Transactions at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction 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 transaction, the insider directly owned 789,784 shares of the company's stock, valued at approximately $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 can be accessed through the SEC website. Also, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the completion of the transaction, the chief executive officer owned 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. This trade represents a 10.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock worth $217,224,641 in the last quarter. Company insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several research analyst reports. Barclays boosted their price target on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a report on Friday, June 6th. Cowen reissued a "buy" rating on shares of Broadcom in a report on Friday, June 6th. UBS Group increased their target price on shares of Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Finally, Benchmark raised their price objective on shares of Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a report on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, Broadcom has an average rating of "Buy" and an average target price of $292.08.

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.