Consolidated Capital Management LLC Sells 19,695 Shares of Broadcom Inc. (NASDAQ:AVGO)

Consolidated Capital Management LLC decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 93.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,278 shares of the semiconductor manufacturer's stock after selling 19,695 shares during the period. Consolidated Capital Management LLC's holdings in Broadcom were worth $214,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Broadcom during the first quarter valued at approximately $25,000. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom during the fourth quarter valued at approximately $26,000. Inlight Wealth Management LLC purchased a new stake in shares of Broadcom during the first quarter valued at approximately $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom during the fourth quarter valued at $28,000. Finally, Vermillion Wealth Management Inc. bought a new position in Broadcom during the fourth quarter valued at $30,000. Institutional investors own 76.43% of the company's stock.

Broadcom Trading Down 0.8%

NASDAQ:AVGO traded down $2.35 during mid-day trading on Thursday, reaching $275.55. 12,118,872 shares of the company's stock traded hands, compared to its average volume of 28,309,649. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $281.42. The firm has a market capitalization of $1.30 trillion, a price-to-earnings ratio of 103.30, a PEG ratio of 1.93 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The company has a 50 day moving average price of $243.73 and a 200-day moving average price of $218.33.

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 (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the previous year, the business earned $10.96 EPS. Broadcom's revenue was up 20.2% compared to the same quarter last year. On average, sell-side analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its Board of Directors has approved a share repurchase program 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 programs are generally an indication that the company's leadership believes its stock is undervalued.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a dividend of $0.59 per share. 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 is presently 88.39%.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the transaction, the chief executive officer owned 1,014,152 shares in the company, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Henry Samueli sold 473,898 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the transaction, the director owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 854,716 shares of company stock worth $221,433,761 over the last 90 days. 2.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on AVGO shares. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. KeyCorp raised their price target on Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a research report on Tuesday. UBS Group raised their price target on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Friday, June 6th. HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target on the stock in a research report on Tuesday, June 24th. Finally, Benchmark raised their price target on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. One equities 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 company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price 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.