Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Concord Asset Management LLC VA

Concord Asset Management LLC VA lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 30.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,785 shares of the semiconductor manufacturer's stock after selling 12,782 shares during the quarter. Broadcom comprises about 1.2% of Concord Asset Management LLC VA's holdings, making the stock its 21st largest position. Concord Asset Management LLC VA's holdings in Broadcom were worth $5,269,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Broadcom during the 1st quarter worth about $25,000. Inlight Wealth Management LLC purchased a new position in Broadcom in the 1st quarter worth approximately $26,000. Sunbeam Capital Management LLC purchased a new position in Broadcom in the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. purchased a new position in Broadcom in the 4th quarter worth approximately $30,000. Finally, Wood Tarver Financial Group LLC boosted its holdings in Broadcom by 342.5% in the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock worth $30,000 after acquiring an additional 137 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Trading Up 0.4%

NASDAQ:AVGO opened at $275.60 on Tuesday. 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 $281.18. The firm has a market capitalization of $1.30 trillion, a price-to-earnings ratio of 103.22, a price-to-earnings-growth ratio of 1.95 and a beta of 1.12. The stock has a fifty day simple moving average of $248.20 and a 200 day simple moving average of $218.77.

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, beating analysts' consensus estimates of $1.57 by $0.01. The business 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 for the quarter was up 20.2% on a year-over-year basis. During the same quarter last year, the company posted $10.96 EPS. Sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its Board of Directors has authorized a share 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 shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are 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. This represents a $2.36 annualized dividend and a yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 50,000 shares of the firm's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the firm'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 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 828,916 shares of company stock worth $216,785,761. 2.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

AVGO has been the subject of several research analyst reports. UBS Group increased their target price on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Redburn Atlantic initiated coverage on Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 target price for the company. Bank of America upped their price target on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Finally, Barclays upped their price target on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $290.21.

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.

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