Fi3 FINANCIAL ADVISORS LLC Sells 2,230 Shares of Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Fi3 Financial Advisors LLC reduced its stake in Broadcom by 26.4% during the first quarter, now holding 6,223 shares, valued at approximately $1,042,000.
• Multiple institutional investors have recently initiated new stakes in Broadcom, with 76.43% of the stock owned by such entities as of the latest reporting period.
• Analysts have a consensus rating of "Buy" for Broadcom, with price targets raised by various firms, suggesting optimism for future growth.

Fi3 FINANCIAL ADVISORS LLC reduced its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 26.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,223 shares of the semiconductor manufacturer's stock after selling 2,230 shares during the quarter. Broadcom makes up about 0.4% of Fi3 FINANCIAL ADVISORS LLC's holdings, making the stock its 27th largest position. Fi3 FINANCIAL ADVISORS LLC's holdings in Broadcom were worth $1,042,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of AVGO. Barnes Dennig Private Wealth Management LLC purchased a new stake in Broadcom in the first quarter worth $25,000. Cheviot Value Management LLC purchased a new stake in Broadcom in the first quarter worth $25,000. Inlight Wealth Management LLC purchased a new stake in Broadcom in the first quarter worth $26,000. Sunbeam Capital Management LLC bought a new position in shares of Broadcom in the fourth quarter worth $28,000. Finally, Vermillion Wealth Management Inc. bought a new position in shares of Broadcom in the fourth quarter worth $30,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Trading Up 3.0%

NASDAQ:AVGO traded up $8.74 during mid-day trading on Wednesday, reaching $301.67. 17,275,421 shares of the company's stock traded hands, compared to its average volume of 17,267,806. The company has a 50 day moving average price of $270.33 and a 200-day moving average price of $225.92. 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 firm has a market capitalization of $1.42 trillion, a price-to-earnings ratio of 112.99, a PEG ratio of 2.08 and a beta of 1.15. Broadcom Inc. has a 12-month low of $134.90 and a 12-month high of $306.95.

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

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is presently 88.39%.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 40,000 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total value of $10,731,600.00. Following the sale, the chief executive officer directly owned 482,836 shares of the company's stock, valued at $129,540,070.44. The trade was a 7.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Gayla J. Delly sold 3,000 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total value of $795,390.00. Following the completion of the sale, the director directly owned 33,352 shares in the company, valued at approximately $8,842,615.76. This represents a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 830,516 shares of company stock worth $217,224,641. Insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of analyst reports. Evercore ISI reaffirmed an "outperform" rating and issued a $304.00 price target (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Barclays raised their price target on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $300.00 price target on shares of Broadcom in a report on Friday, June 6th. Susquehanna lifted their price objective on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research note on Friday, June 6th. Finally, Rosenblatt Securities lifted their price objective on Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research note on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat.com, Broadcom presently has a consensus rating of "Buy" and an average price target of $294.92.

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.