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 its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,278 shares of the semiconductor manufacturer's stock after selling 19,695 shares during the quarter. Consolidated Capital Management LLC's holdings in Broadcom were worth $214,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Broadcom during the first quarter worth approximately $25,000. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom in the fourth quarter worth $26,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom during the 1st quarter valued at $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom in the fourth quarter worth $28,000. Finally, Vermillion Wealth Management Inc. bought a new stake in Broadcom during the fourth quarter valued at about $30,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Buying and Selling at Broadcom

In other news, 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 approximately $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 40,000 shares of the firm's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the transaction, the chief executive officer owned 482,836 shares of the company's stock, valued at $129,540,070.44. This trade represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 854,716 shares of company stock valued at $221,433,761 in the last three months. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AVGO. Cowen reaffirmed a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Rosenblatt Securities lifted their price target on shares of Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. HSBC upgraded shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target on the stock in a research note on Tuesday, June 24th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $285.00.

Broadcom Stock Up 2.2%

NASDAQ AVGO traded up $6.10 on Wednesday, hitting $277.90. 20,105,827 shares of the company were exchanged, compared to its average volume of 28,370,631. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The stock has a fifty day moving average of $242.02 and a 200-day moving average of $217.92. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $279.37. The company has a market cap of $1.31 trillion, a PE ratio of 104.08, a PEG ratio of 1.93 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share 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 firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the prior year, the company posted $10.96 earnings per share. The business's revenue was up 20.2% on a year-over-year basis. As a group, analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board of directors believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 0.85%. Broadcom's dividend payout ratio is currently 88.39%.

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.