Bay Rivers Group Sells 6,740 Shares of Broadcom Inc. (NASDAQ:AVGO)

Bay Rivers Group decreased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 10.5% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 57,743 shares of the semiconductor manufacturer's stock after selling 6,740 shares during the quarter. Broadcom accounts for approximately 5.1% of Bay Rivers Group's holdings, making the stock its 3rd largest position. Bay Rivers Group's holdings in Broadcom were worth $9,668,000 as of its most recent SEC filing.

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

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 720,576 shares of company stock valued at $131,249,694. Insiders own 2.00% of the company's stock.

Broadcom Trading Down 5.0%

AVGO stock traded down $12.98 during midday trading on Friday, hitting $246.95. 41,055,118 shares of the company's stock were exchanged, compared to its average volume of 30,954,185. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The company has a market cap of $1.16 trillion, a PE ratio of 201.43, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The stock's fifty day moving average price is $202.16 and its 200-day moving average price is $205.65.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm's revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $10.96 EPS. Research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its board has approved a share repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is currently 113.46%.

Analysts Set New Price Targets

A number of research firms have issued reports on AVGO. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Wells Fargo & Company raised their price target on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research note on Friday. UBS Group boosted their target price on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research note on Friday. Barclays decreased their price target on Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Finally, Redburn Atlantic initiated coverage on shares of Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective for the company. Three investment 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, Broadcom presently has an average rating of "Moderate Buy" and an average price target of $270.25.

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.