Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Financial Advisory Partners LLC

Financial Advisory Partners LLC lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 18.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,736 shares of the semiconductor manufacturer's stock after selling 7,493 shares during the quarter. Broadcom accounts for about 1.8% of Financial Advisory Partners LLC's holdings, making the stock its 11th biggest holding. Financial Advisory Partners LLC's holdings in Broadcom were worth $5,481,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Tallon Kerry Patrick purchased a new stake in Broadcom during the fourth quarter worth about $357,000. Capital & Planning LLC grew its holdings in shares of Broadcom by 15.3% in the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock valued at $969,000 after purchasing an additional 554 shares in the last quarter. LaFleur & Godfrey LLC grew its holdings in shares of Broadcom by 18.7% in the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock valued at $18,145,000 after purchasing an additional 12,345 shares in the last quarter. Brighton Jones LLC increased its stake in Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after buying an additional 5,322 shares during the period. Finally, Union Bancaire Privee UBP SA acquired a new stake in Broadcom during the 4th quarter worth approximately $71,312,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Down 5.1%

Shares of AVGO traded down $13.28 during mid-day trading on Friday, reaching $246.66. 32,684,425 shares of the stock traded hands, compared to its average volume of 29,092,594. The firm has a market cap of $1.16 trillion, a price-to-earnings ratio of 200.88, a P/E/G ratio of 2.29 and a beta of 1.11. The stock has a fifty day simple moving average of $202.16 and a 200 day simple moving average of $205.65. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results 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. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period last year, the firm earned $10.96 earnings per share. The company's revenue was up 20.2% on a year-over-year basis. Sell-side analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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

Broadcom Announces Dividend

The firm also recently announced 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. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.96%. Broadcom's payout ratio is 113.46%.

Insider Activity

In other news, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. The trade was a 5.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Justine Page sold 800 shares of the firm's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the transaction, the director now owns 26,182 shares in the company, valued at $6,026,834.58. This trade represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on AVGO. Mizuho lifted their target price on Broadcom from $300.00 to $310.00 and gave the company an "outperform" rating in a report on Friday. Cowen restated a "buy" rating on shares of Broadcom in a report on Friday. Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday. Truist Financial set a $295.00 price target on shares of Broadcom and gave the stock a "buy" rating in a research note on Friday. Finally, Evercore ISI increased their target price on shares of Broadcom from $267.00 to $304.00 and gave the company an "outperform" rating in a report on Friday. Three equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Broadcom presently has an average rating of "Moderate Buy" and a consensus price target of $270.25.

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.