Broadcom Inc. (NASDAQ:AVGO) is Ferguson Wellman Capital Management Inc.'s 8th Largest Position

Ferguson Wellman Capital Management Inc. lowered its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 786,424 shares of the semiconductor manufacturer's stock after selling 23,031 shares during the quarter. Broadcom makes up about 2.6% of Ferguson Wellman Capital Management Inc.'s investment portfolio, making the stock its 8th largest holding. Ferguson Wellman Capital Management Inc.'s holdings in Broadcom were worth $131,671,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of AVGO. Canton Hathaway LLC purchased a new position in shares of Broadcom in the 4th quarter valued at approximately $26,000. Rialto Wealth Management LLC purchased a new position in Broadcom during the fourth quarter valued at $26,000. Sunbeam Capital Management LLC purchased a new position in Broadcom during the fourth quarter valued at $28,000. Vermillion Wealth Management Inc. purchased a new position in Broadcom during the fourth quarter valued at $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in Broadcom during the fourth quarter valued at $32,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insider Buying and Selling

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the company'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 sale, the insider now directly owns 789,784 shares in the company, valued at $199,720,577.92. This represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Justine Page sold 800 shares of the stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the sale, the director now owns 26,182 shares in the company, valued at approximately $6,026,834.58. The trade was a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 730,576 shares of company stock worth $133,778,494. Corporate insiders own 2.00% of the company's stock.

Analyst Ratings Changes

AVGO has been the subject of a number of recent research reports. KeyCorp lifted their price objective on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Citigroup lifted their price objective on Broadcom from $276.00 to $285.00 and gave the company a "buy" rating in a research note on Monday, June 9th. Wells Fargo & Company lifted their target price on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. Oppenheimer lifted their target price on Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Finally, Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Three analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and a consensus target price of $276.09.

Broadcom Price Performance

Broadcom stock traded down $7.37 during mid-day trading on Friday, hitting $248.70. The stock had a trading volume of 19,002,301 shares, compared to its average volume of 30,383,406. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $1.17 trillion, a P/E ratio of 202.86, a P/E/G ratio of 2.29 and a beta of 1.11. The firm's 50 day moving average is $213.01 and its 200 day moving average is $209.50.

Broadcom (NASDAQ:AVGO - Get Free Report) last released 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. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $10.96 earnings per share. On average, sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has initiated a stock repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its shares are undervalued.

Broadcom Announces Dividend

The company 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. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.95%. Broadcom's dividend payout ratio is currently 88.39%.

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.