Beacon Investment Advisory Services Inc. Reduces Holdings in Broadcom Inc. (NASDAQ:AVGO)

Beacon Investment Advisory Services Inc. lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 14.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 92,276 shares of the semiconductor manufacturer's stock after selling 15,226 shares during the period. Beacon Investment Advisory Services Inc.'s holdings in Broadcom were worth $15,450,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Sunbeam Capital Management LLC purchased a new stake in Broadcom in the fourth quarter worth $28,000. Vermillion Wealth Management Inc. purchased a new stake in Broadcom in the fourth quarter worth $30,000. Sellwood Investment Partners LLC purchased a new stake in Broadcom in the fourth quarter worth $32,000. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Broadcom during the 1st quarter worth $25,000. Finally, Inlight Wealth Management LLC bought a new position in shares of Broadcom during the 1st quarter worth $26,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Stock Performance

AVGO stock traded up $5.02 during trading on Thursday, hitting $288.71. 16,378,941 shares of the company traded hands, compared to its average volume of 27,262,137. The stock's 50-day simple moving average is $257.70 and its 200 day simple moving average is $221.40. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The company has a market cap of $1.36 trillion, a PE ratio of 108.13, a P/E/G ratio of 1.98 and a beta of 1.12. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $291.20.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom's quarterly revenue was up 20.2% on a year-over-year basis. During the same period last year, the business earned $10.96 earnings per share. On average, equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its board has approved a share buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Insiders Place Their Bets

In other news, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the sale, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Kirsten M. Spears sold 36,350 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the sale, the chief financial officer owned 325,587 shares of the company's stock, valued at $85,066,115.49. This trade represents a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on AVGO shares. Wall Street Zen raised Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Redburn Atlantic assumed coverage on Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price objective on the stock. Truist Financial set a $295.00 price objective on Broadcom and gave the company a "buy" rating in a research report on Friday, June 6th. Finally, Morgan Stanley upped their price objective on shares of Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $292.08.

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.