Gilliland Jeter Wealth Management LLC Sells 1,508 Shares of Broadcom Inc. (NASDAQ:AVGO)

Gilliland Jeter Wealth Management LLC lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 10.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,314 shares of the semiconductor manufacturer's stock after selling 1,508 shares during the period. Gilliland Jeter Wealth Management LLC's holdings in Broadcom were worth $2,062,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Brighton Jones LLC raised its holdings in Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after purchasing an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC grew its position in Broadcom by 10.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock worth $1,854,000 after buying an additional 756 shares during the last quarter. Bank Pictet & Cie Europe AG grew its position in Broadcom by 16.4% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock worth $51,283,000 after buying an additional 31,225 shares during the last quarter. Highview Capital Management LLC DE grew its position in Broadcom by 1.3% in the fourth quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock worth $5,917,000 after buying an additional 322 shares during the last quarter. Finally, Proficio Capital Partners LLC grew its position in Broadcom by 46.2% in the fourth quarter. Proficio Capital Partners LLC now owns 19,529 shares of the semiconductor manufacturer's stock worth $4,528,000 after buying an additional 6,168 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Insider Buying and Selling

In other news, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction 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 owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the business's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the transaction, the insider directly owned 789,784 shares of the company's stock, valued at $199,720,577.92. This trade represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 854,716 shares of company stock worth $221,433,761 over the last ninety days. Insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on AVGO. Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Susquehanna lifted their price objective on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research note on Friday, June 6th. Mizuho lifted their price objective on shares of Broadcom from $310.00 to $315.00 and gave the company an "outperform" rating in a research note on Thursday, July 3rd. Benchmark upped their price objective on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Finally, Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Broadcom presently has an average rating of "Buy" and a consensus price target of $285.00.

Broadcom Trading Up 2.2%

AVGO traded up $6.02 during trading on Wednesday, reaching $277.82. 10,432,473 shares of the company's stock were exchanged, compared to its average volume of 28,371,641. The company's fifty day moving average price is $242.02 and its 200-day moving average price is $217.92. 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 fifty-two week low of $128.50 and a fifty-two week high of $279.37. The firm has a market capitalization of $1.31 trillion, a PE ratio of 104.15, a P/E/G ratio of 1.95 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the previous year, the business earned $10.96 EPS. The business's quarterly revenue was up 20.2% compared to the same quarter last year. As a group, equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

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

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. This represents a $2.36 annualized dividend and a dividend yield of 0.85%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is 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.