Broadcom Inc. (NASDAQ:AVGO) is Beech Hill Advisors Inc.'s 7th Largest Position

Beech Hill Advisors Inc. reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 10.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 36,982 shares of the semiconductor manufacturer's stock after selling 4,349 shares during the quarter. Broadcom accounts for 2.5% of Beech Hill Advisors Inc.'s portfolio, making the stock its 7th largest position. Beech Hill Advisors Inc.'s holdings in Broadcom were worth $6,192,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Canton Hathaway LLC acquired a new position in shares of Broadcom during the fourth quarter worth $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom during the fourth quarter worth $26,000. Inlight Wealth Management LLC acquired a new position in shares of Broadcom during the first quarter worth $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom during the fourth quarter worth $28,000. Finally, Vermillion Wealth Management Inc. acquired a new position in shares of Broadcom during the fourth quarter worth $30,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on AVGO shares. Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 target price on shares of Broadcom in a research report on Friday, June 6th. Truist Financial set a $295.00 target price on shares of Broadcom and gave the stock a "buy" rating in a research report on Friday, June 6th. Evercore ISI reaffirmed an "outperform" rating and issued a $304.00 price target (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Finally, Oppenheimer upped their price target on shares of Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Two equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $281.25.

Broadcom Stock Up 2.1%

AVGO stock opened at $270.17 on Friday. 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 1-year low of $128.50 and a 1-year high of $271.67. The firm has a fifty day moving average price of $227.46 and a two-hundred day moving average price of $214.61. The firm has a market cap of $1.27 trillion, a price-to-earnings ratio of 101.19, a PEG ratio of 1.88 and a beta of 1.11.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion during 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 company's quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $10.96 earnings per share. Research analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.87%. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom declared that its Board of Directors has initiated a share buyback plan 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 stock through open market purchases. Stock repurchase plans are often a sign that the company's leadership believes its stock is undervalued.

Insider Transactions at Broadcom

In related news, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the transaction, the insider now owns 465,956 shares in the company, valued at $83,872,080. This represents a 5.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Hock E. Tan sold 40,000 shares of the stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $262.17, for a total transaction of $10,486,800.00. Following the completion of the transaction, the chief executive officer now owns 974,152 shares of the company's stock, valued at $255,393,429.84. This represents a 3.94% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 337,818 shares of company stock worth $84,167,415. Insiders own 2.00% of the company's stock.

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.

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