RWQ Financial Management Services Inc. Trims Stake in Broadcom Inc. (NASDAQ:AVGO)

RWQ Financial Management Services Inc. trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 32.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 54,225 shares of the semiconductor manufacturer's stock after selling 26,463 shares during the quarter. Broadcom makes up 6.0% of RWQ Financial Management Services Inc.'s holdings, making the stock its 7th biggest holding. RWQ Financial Management Services Inc.'s holdings in Broadcom were worth $9,079,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Commerzbank Aktiengesellschaft FI lifted its stake in shares of Broadcom by 1.0% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 1,016,907 shares of the semiconductor manufacturer's stock worth $170,261,000 after acquiring an additional 10,059 shares during the period. Kingsview Wealth Management LLC lifted its stake in shares of Broadcom by 1.5% in the first quarter. Kingsview Wealth Management LLC now owns 113,531 shares of the semiconductor manufacturer's stock worth $19,009,000 after acquiring an additional 1,729 shares during the period. Members Trust Co lifted its stake in shares of Broadcom by 51.7% in the first quarter. Members Trust Co now owns 3,073 shares of the semiconductor manufacturer's stock worth $515,000 after acquiring an additional 1,047 shares during the period. Bailard Inc. lifted its stake in shares of Broadcom by 8.9% in the first quarter. Bailard Inc. now owns 65,718 shares of the semiconductor manufacturer's stock worth $11,003,000 after acquiring an additional 5,387 shares during the period. Finally, Woodward Diversified Capital LLC lifted its stake in shares of Broadcom by 6.2% in the first quarter. Woodward Diversified Capital LLC now owns 4,475 shares of the semiconductor manufacturer's stock worth $749,000 after acquiring an additional 260 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Performance

AVGO stock traded down $3.11 during midday trading on Friday, hitting $283.34. The company's stock had a trading volume of 15,006,524 shares, compared to its average volume of 27,851,948. The stock's 50-day moving average price is $252.91 and its 200 day moving average price is $219.98. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $288.28. The stock has a market cap of $1.33 trillion, a price-to-earnings ratio of 106.12, a PEG ratio of 2.00 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate 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 analysts' expectations of $14.98 billion. During the same quarter in the previous year, the firm earned $10.96 earnings per share. The business's revenue was up 20.2% on a year-over-year basis. On average, equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.83%. Broadcom's payout ratio is 88.39%.

Broadcom declared that its Board of Directors has approved a stock repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. HSBC raised Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective on the stock in a research note on Tuesday, June 24th. The Goldman Sachs Group initiated coverage on Broadcom in a research note on Thursday, July 10th. They issued a "buy" rating and a $315.00 price objective on the stock. Susquehanna lifted their target price on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a report on Friday, June 6th. Mizuho lifted their target price on Broadcom from $315.00 to $320.00 and gave the stock an "outperform" rating in a report on Wednesday. Finally, Benchmark lifted their target price on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom currently has an average rating of "Buy" and a consensus target price of $292.08.

Insider Activity at Broadcom

In other Broadcom news, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the transaction, the director owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gayla J. Delly sold 3,000 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total transaction of $795,390.00. Following the completion of the transaction, the director directly owned 33,352 shares of the company's stock, valued at approximately $8,842,615.76. This represents a 8.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock worth $217,224,641 in the last 90 days. 2.00% of the stock is owned by company insiders.

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.