Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Connective Portfolio Management LLC

Connective Portfolio Management LLC trimmed its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 60.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,295 shares of the semiconductor manufacturer's stock after selling 6,625 shares during the quarter. Broadcom makes up 2.4% of Connective Portfolio Management LLC's holdings, making the stock its 19th largest holding. Connective Portfolio Management LLC's holdings in Broadcom were worth $719,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Canton Hathaway LLC acquired a new position in shares of Broadcom in the 4th quarter worth $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom in the 4th quarter worth $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom in the 4th quarter worth $28,000. Vermillion Wealth Management Inc. acquired a new position in shares of Broadcom in the 4th quarter worth $30,000. Finally, Sellwood Investment Partners LLC acquired a new position in shares of Broadcom in the 4th quarter worth $32,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the business's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the sale, the insider now owns 789,784 shares of the company's stock, valued at $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the business's stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. This represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold 849,134 shares of company stock valued at $163,760,949 over the last quarter. Insiders own 2.00% of the company's stock.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $249.99 on Friday. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.43. The business has a 50-day moving average of $220.48 and a two-hundred day moving average of $212.17. The stock has a market capitalization of $1.18 trillion, a P/E ratio of 93.63, a P/E/G ratio of 1.79 and a beta of 1.11. 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 (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, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter in the previous year, the firm earned $10.96 earnings per share. The business's quarterly revenue was up 20.2% compared to the same quarter last year. On average, equities research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.94%. Broadcom's dividend payout ratio is currently 88.39%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. UBS Group lifted their target price on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Mizuho lifted their price target on Broadcom from $300.00 to $310.00 and gave the company an "outperform" rating in a report on Friday, June 6th. Redburn Atlantic initiated coverage on Broadcom in a report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target on the stock. Barclays lifted their price target on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Finally, Oppenheimer lifted their price target on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Three analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $276.09.

About Broadcom

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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