Aviance Capital Partners LLC Cuts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Aviance Capital Partners LLC lowered its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 113,229 shares of the semiconductor manufacturer's stock after selling 4,314 shares during the quarter. Broadcom makes up approximately 2.7% of Aviance Capital Partners LLC's investment portfolio, making the stock its 7th largest position. Aviance Capital Partners LLC's holdings in Broadcom were worth $18,958,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in AVGO. Barnes Dennig Private Wealth Management LLC acquired a new position in Broadcom in the 1st quarter valued at about $25,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom during the 4th quarter worth approximately $26,000. Inlight Wealth Management LLC acquired a new position in shares of Broadcom during the 1st quarter worth approximately $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom during the 4th quarter worth approximately $28,000. Finally, Vermillion Wealth Management Inc. acquired a new position in shares of Broadcom during the 4th quarter worth approximately $30,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Buying and Selling

In related news, CFO Kirsten M. Spears sold 36,350 shares of the business's stock in a transaction 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 sale, the chief financial officer owned 325,587 shares of the company's stock, valued at $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the sale, the insider owned 415,956 shares in the company, valued at $105,353,335.68. This trade represents a 10.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 854,716 shares of company stock valued at $221,433,761 over the last quarter. 2.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on AVGO shares. JPMorgan Chase & Co. increased their price target on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. William Blair reissued an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Benchmark increased 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. Cowen reissued a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Finally, KeyCorp increased their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $281.46.

Broadcom Price Performance

Shares of NASDAQ AVGO traded up $4.97 during mid-day trading on Friday, hitting $274.87. 10,592,655 shares of the stock traded hands, compared to its average volume of 28,575,138. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $277.71. The company has a market cap of $1.29 trillion, a PE ratio of 102.95, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. The firm has a 50 day simple moving average of $238.77 and a two-hundred day simple moving average of $217.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results 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 company had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the previous year, the business posted $10.96 earnings per share. The business's quarterly revenue was up 20.2% compared to the same quarter last year. As a group, equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. Broadcom's dividend payout ratio is 88.39%.

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.