Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Greater Midwest Financial Group LLC

Greater Midwest Financial Group LLC cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 93.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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.

Other large investors also recently modified their holdings of the company. Barnes Dennig Private Wealth Management LLC acquired a new position in Broadcom in the first quarter worth about $25,000. Inlight Wealth Management LLC acquired a new position in Broadcom in the first quarter worth about $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom in the fourth quarter worth about $28,000. Vermillion Wealth Management Inc. acquired a new position in Broadcom in the fourth quarter worth about $30,000. Finally, Wood Tarver Financial Group LLC grew its stake in Broadcom by 342.5% in the first quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock worth $30,000 after purchasing an additional 137 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently commented on AVGO shares. Citigroup lifted their price target on Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a research note on Monday. JPMorgan Chase & Co. raised their target price on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Cantor Fitzgerald reissued an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a report on Friday, June 6th. Benchmark raised their target price on shares of Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Finally, Barclays lifted their price target on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a report on Monday, June 9th. One investment analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $290.21.

Insider Activity

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction that occurred 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 transaction, the insider directly owned 789,784 shares in the company, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the sale, the director directly owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 829,716 shares of company stock worth $216,933,761. 2.00% of the stock is owned by corporate insiders.

Broadcom Trading Down 0.9%

Broadcom stock opened at $275.40 on Friday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The firm has a market cap of $1.30 trillion, a price-to-earnings ratio of 103.15, a price-to-earnings-growth ratio of 1.98 and a beta of 1.12. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $281.18. The firm's 50 day moving average price is $245.29 and its two-hundred day moving average price is $218.63.

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 the consensus estimate 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 for the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the previous year, the company posted $10.96 EPS. The company's quarterly revenue was up 20.2% compared to the same quarter last year. On average, research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

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 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is 88.39%.

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

About Broadcom

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.

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