Centennial Bank AR Decreases Holdings in Broadcom Inc. (NASDAQ:AVGO)

Centennial Bank AR lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,555 shares of the semiconductor manufacturer's stock after selling 1,086 shares during the quarter. Broadcom makes up about 1.7% of Centennial Bank AR's holdings, making the stock its 15th largest holding. Centennial Bank AR's holdings in Broadcom were worth $3,609,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in AVGO. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom in the fourth quarter valued at approximately $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom in the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. purchased a new position in Broadcom in the fourth quarter worth approximately $30,000. Sellwood Investment Partners LLC purchased a new position in Broadcom in the fourth quarter worth approximately $32,000. Finally, Barnes Dennig Private Wealth Management LLC purchased a new position in Broadcom in the first quarter worth approximately $25,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Analyst Ratings Changes

AVGO has been the subject of several analyst reports. JPMorgan Chase & Co. increased their price objective on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Barclays increased their price objective on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $300.00 price objective on shares of Broadcom in a research report on Friday, June 6th. Wall Street Zen upgraded Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Benchmark increased their price objective on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $282.71.

Broadcom Stock Down 0.4%

NASDAQ:AVGO traded down $1.00 during midday trading on Monday, reaching $274.18. The company had a trading volume of 16,743,337 shares, compared to its average volume of 28,527,821. The firm has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.69, a PEG ratio of 1.96 and a beta of 1.12. The stock's fifty day simple moving average is $238.77 and its 200-day simple moving average is $217.17. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $277.71. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

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

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Broadcom announced that its Board of Directors has initiated a share buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the sale, the insider directly owned 789,784 shares of the company's stock, valued at $199,720,577.92. The trade was a 1.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Mark David Brazeal sold 50,000 shares of Broadcom stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the sale, the insider directly owned 415,956 shares of the company's stock, valued at $105,353,335.68. This trade represents a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 854,716 shares of company stock valued at $221,433,761 in the last 90 days. Insiders own 2.00% of the company's stock.

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.