Ibex Wealth Advisors Has $25.43 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Ibex Wealth Advisors decreased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 10.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 151,869 shares of the semiconductor manufacturer's stock after selling 18,308 shares during the quarter. Broadcom comprises about 3.4% of Ibex Wealth Advisors' portfolio, making the stock its 4th biggest position. Ibex Wealth Advisors' holdings in Broadcom were worth $25,427,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. SJS Investment Consulting Inc. increased its stake in shares of Broadcom by 158.5% in the 1st quarter. SJS Investment Consulting Inc. now owns 1,207 shares of the semiconductor manufacturer's stock valued at $202,000 after purchasing an additional 740 shares in the last quarter. Sonora Investment Management Group LLC grew its position in Broadcom by 2.0% in the first quarter. Sonora Investment Management Group LLC now owns 125,154 shares of the semiconductor manufacturer's stock worth $20,955,000 after acquiring an additional 2,457 shares during the period. Paragon Advisors LLC increased its position in shares of Broadcom by 1.1% during the 1st quarter. Paragon Advisors LLC now owns 18,959 shares of the semiconductor manufacturer's stock worth $3,174,000 after purchasing an additional 200 shares during the last quarter. MADDEN SECURITIES Corp raised its stake in shares of Broadcom by 116.9% in the 1st quarter. MADDEN SECURITIES Corp now owns 13,975 shares of the semiconductor manufacturer's stock valued at $2,340,000 after acquiring an additional 7,532 shares during the period. Finally, Accurate Wealth Management LLC lifted its stake in Broadcom by 10.5% during the first quarter. Accurate Wealth Management LLC now owns 20,706 shares of the semiconductor manufacturer's stock worth $3,765,000 after purchasing an additional 1,963 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the business's 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 transaction, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. This represents a 5.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock valued at $131,249,694 over the last three months. 2.00% of the stock is currently owned by insiders.

Broadcom Price Performance

Shares of AVGO stock traded down $3.31 during trading on Friday, hitting $252.76. The company had a trading volume of 7,232,201 shares, compared to its average volume of 30,727,523. The stock's 50-day moving average price is $211.15 and its 200 day moving average price is $208.57. 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 firm has a market capitalization of $1.19 trillion, a P/E ratio of 206.32, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11.

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. The business had revenue of $15 billion for 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%. Broadcom's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $10.96 EPS. Equities analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom announced that its Board of Directors has initiated a stock buyback 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 repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.93%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on AVGO. Susquehanna increased their price objective on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research note on Friday, June 6th. Benchmark upped their price objective on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Finally, Oppenheimer lifted their target price 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 investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $272.71.

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.