Sendero Wealth Management LLC Increases Stake in Broadcom Inc. (NASDAQ:AVGO)

Sendero Wealth Management LLC lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 624.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,749 shares of the semiconductor manufacturer's stock after purchasing an additional 12,713 shares during the quarter. Sendero Wealth Management LLC's holdings in Broadcom were worth $2,469,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tallon Kerry Patrick bought a new position in shares of Broadcom during the fourth quarter valued at $357,000. Capital & Planning LLC grew its position in Broadcom by 15.3% during the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock valued at $969,000 after purchasing an additional 554 shares during the last quarter. LaFleur & Godfrey LLC increased its stake in Broadcom by 18.7% during the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock valued at $18,145,000 after purchasing an additional 12,345 shares in the last quarter. Brighton Jones LLC raised its holdings in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after buying an additional 5,322 shares during the last quarter. Finally, Union Bancaire Privee UBP SA bought a new position in shares of Broadcom in the fourth quarter worth approximately $71,312,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. William Blair reiterated an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Rosenblatt Securities reissued a "buy" rating and issued a $250.00 target price on shares of Broadcom in a research report on Friday, March 7th. Benchmark reaffirmed a "buy" rating and set a $255.00 target price on shares of Broadcom in a report on Friday, March 7th. Barclays lowered their target price on Broadcom from $260.00 to $215.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Finally, Bank of America reduced their price target on Broadcom from $260.00 to $240.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Three analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $246.00.

Broadcom Price Performance

Shares of Broadcom stock traded down $1.15 on Thursday, hitting $259.93. The company's stock had a trading volume of 41,745,758 shares, compared to its average volume of 30,922,784. The company has a market capitalization of $1.22 trillion, a price-to-earnings ratio of 212.02, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The firm has a fifty day moving average price of $200.31 and a 200-day moving average price of $205.00. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.33 earnings per share for the quarter, missing the consensus estimate of $1.57 by ($0.24). Broadcom had a return on equity of 28.00% and a net margin of 11.43%. As a group, sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.91%. Broadcom's dividend payout ratio (DPR) is 113.46%.

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

Insider Transactions at Broadcom

In related news, insider Mark David Brazeal sold 25,000 shares of the firm's stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the sale, the insider now directly owns 465,956 shares of the company's stock, valued at approximately $83,872,080. This trade represents a 5.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Justine Page sold 800 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The shares were 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 directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. The trade was a 2.96% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 720,576 shares of company stock valued at $131,249,694. Corporate insiders own 2.00% of the company's stock.

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.