Broadcom Inc. (NASDAQ:AVGO) Position Cut by Consolidated Capital Management LLC

Consolidated Capital Management LLC reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 93.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after buying an additional 6,573,204 shares during the period. Geode Capital Management LLC raised its holdings in shares of Broadcom by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock worth $23,647,209,000 after purchasing an additional 3,018,294 shares during the period. FMR LLC raised its holdings in shares of Broadcom by 3.2% in the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after purchasing an additional 2,873,809 shares during the period. Norges Bank purchased a new position in shares of Broadcom in the 4th quarter worth about $16,893,010,000. Finally, Northern Trust Corp raised its holdings in shares of Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after purchasing an additional 5,258,925 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on AVGO shares. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the stock a "buy" rating in a research note on Friday, June 6th. Wells Fargo & Company raised their price objective on Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday, June 6th. Wall Street Zen raised Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Mizuho raised their price objective on Broadcom from $310.00 to $315.00 and gave the company an "outperform" rating in a research report on Thursday, July 3rd. Finally, Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, Broadcom presently has an average rating of "Buy" and an average price target of $290.21.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 40,000 shares of the firm's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the transaction, the chief executive officer directly owned 482,836 shares in the company, valued at approximately $129,540,070.44. This trade represents a 7.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, 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 transaction, the insider owned 415,956 shares in the company, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 829,716 shares of company stock worth $216,933,761. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Down 0.3%

Shares of AVGO stock traded down $0.75 during trading hours on Friday, hitting $274.65. 5,018,121 shares of the company were exchanged, compared to its average volume of 28,187,039. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a one year low of $128.50 and a one year high of $281.18. The business's 50-day simple moving average is $245.29 and its two-hundred day simple moving average is $218.63. The stock has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.75, a P/E/G ratio of 1.98 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter last year, the company posted $10.96 earnings per share. The company's quarterly revenue was up 20.2% compared to the same quarter last year. Sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

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

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

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.