Broadcom Inc. (NASDAQ:AVGO) Shares Sold by First Pacific Advisors LP

First Pacific Advisors LP decreased its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 45.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 195,035 shares of the semiconductor manufacturer's stock after selling 163,241 shares during the quarter. First Pacific Advisors LP's holdings in Broadcom were worth $32,655,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Kovack Advisors Inc. boosted its stake in Broadcom by 5.2% during the first quarter. Kovack Advisors Inc. now owns 36,160 shares of the semiconductor manufacturer's stock valued at $6,054,000 after buying an additional 1,780 shares during the last quarter. Carnegie Investment Counsel boosted its stake in Broadcom by 117.3% during the first quarter. Carnegie Investment Counsel now owns 439,930 shares of the semiconductor manufacturer's stock valued at $71,245,000 after buying an additional 237,444 shares during the last quarter. Mendel Money Management boosted its stake in Broadcom by 2.8% during the first quarter. Mendel Money Management now owns 14,295 shares of the semiconductor manufacturer's stock valued at $2,393,000 after buying an additional 390 shares during the last quarter. Machina Capital S.A.S. boosted its stake in Broadcom by 5.0% during the first quarter. Machina Capital S.A.S. now owns 8,066 shares of the semiconductor manufacturer's stock valued at $1,350,000 after buying an additional 387 shares during the last quarter. Finally, Ninepoint Partners LP boosted its stake in Broadcom by 25.1% during the first quarter. Ninepoint Partners LP now owns 5,395 shares of the semiconductor manufacturer's stock valued at $903,000 after buying an additional 1,083 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on AVGO shares. Wall Street Zen raised Broadcom from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Oppenheimer raised their price objective on Broadcom from $265.00 to $305.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Evercore ISI reaffirmed an "outperform" rating and issued a $304.00 price objective (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 24th. Finally, Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. One equities research 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. According to MarketBeat.com, Broadcom currently has an average rating of "Buy" and a consensus target price of $292.08.

Broadcom Stock Up 1.8%

Shares of Broadcom stock traded up $5.02 during trading on Thursday, reaching $288.71. The company's stock had a trading volume of 16,378,941 shares, compared to its average volume of 17,434,116. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The company has a market cap of $1.36 trillion, a price-to-earnings ratio of 108.13, a P/E/G ratio of 2.02 and a beta of 1.12. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $291.20. The company has a 50-day simple moving average of $258.82 and a two-hundred day simple moving average of $221.76.

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, topping 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 firm had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter last year, the firm earned $10.96 EPS. The business's quarterly revenue was up 20.2% on a year-over-year basis. As a group, equities analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently declared 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. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.82%. Broadcom's dividend payout ratio is currently 88.39%.

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

Insider Activity at Broadcom

In other Broadcom news, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the sale, the director owned 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Hock E. Tan sold 40,000 shares of the business'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 completion of the transaction, the chief executive officer directly owned 482,836 shares of the company's stock, valued at approximately $129,540,070.44. This trade represents a 7.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 830,516 shares of company stock worth $217,224,641 in the last quarter. 2.00% of the stock is owned by insiders.

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.