Greater Midwest Financial Group LLC Sells 39,381 Shares of Broadcom Inc. (NASDAQ:AVGO)

Greater Midwest Financial Group LLC trimmed its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 93.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,584 shares of the semiconductor manufacturer's stock after selling 39,381 shares during the period. Greater Midwest Financial Group LLC's holdings in Broadcom were worth $433,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Sunbeam Capital Management LLC bought a new position in shares of Broadcom in the fourth quarter valued at $28,000. Vermillion Wealth Management Inc. bought a new position in shares of Broadcom in the fourth quarter valued at $30,000. Sellwood Investment Partners LLC bought a new position in shares of Broadcom in the fourth quarter valued at $32,000. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Broadcom in the first quarter valued at $25,000. Finally, Inlight Wealth Management LLC bought a new position in shares of Broadcom in the first quarter valued at $26,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Up 0.4%

NASDAQ:AVGO traded up $1.22 during trading hours on Monday, reaching $275.60. The company's stock had a trading volume of 11,919,324 shares, compared to its average volume of 28,056,476. The company has a market cap of $1.30 trillion, a price-to-earnings ratio of 103.22, a price-to-earnings-growth ratio of 1.95 and a beta of 1.12. Broadcom Inc. has a one year low of $128.50 and a one year high of $281.18. The business's 50-day moving average is $246.70 and its 200-day moving average is $218.54. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98.

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

Broadcom announced that its board has initiated a share buyback plan on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio is presently 88.39%.

Insider Transactions at Broadcom

In related news, Director Gayla J. Delly sold 3,000 shares of the company's stock in a transaction on Thursday, June 26th. The shares were 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the sale, the insider owned 415,956 shares of the company's stock, valued at $105,353,335.68. This trade represents a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 828,916 shares of company stock valued at $216,785,761 in the last three months. 2.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

AVGO has been the topic of several research reports. Cowen reaffirmed a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Redburn Atlantic initiated coverage on shares of Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 target price on the stock. Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. The Goldman Sachs Group initiated coverage on shares of Broadcom in a research note on Thursday. They set a "buy" rating and a $315.00 target price on the stock. Finally, Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. One 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. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $290.21.

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.