Hardy Reed LLC Decreases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Hardy Reed LLC reduced its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 9.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,051 shares of the semiconductor manufacturer's stock after selling 1,035 shares during the quarter. Hardy Reed LLC's holdings in Broadcom were worth $1,683,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. True Wealth Design LLC grew its holdings in Broadcom by 7.2% during the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after buying an additional 48 shares in the last quarter. Samalin Investment Counsel LLC grew its holdings in Broadcom by 1.0% during the 4th quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer's stock valued at $1,155,000 after buying an additional 50 shares in the last quarter. Mizuho Bank Ltd. grew its holdings in Broadcom by 7.1% during the 4th quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer's stock valued at $174,000 after buying an additional 50 shares in the last quarter. Fulton Breakefield Broenniman LLC grew its holdings in Broadcom by 2.4% during the 1st quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer's stock valued at $357,000 after buying an additional 50 shares in the last quarter. Finally, American Financial Advisors LLC grew its holdings in Broadcom by 3.8% during the 1st quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer's stock valued at $240,000 after buying an additional 52 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Insider Buying and Selling at Broadcom

In related news, CFO Kirsten M. Spears sold 36,350 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the sale, the chief financial officer owned 325,587 shares in the company, valued at $85,066,115.49. This represents a 10.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Justine Page sold 800 shares of the company's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $274.30, for a total value of $219,440.00. Following the completion of the sale, the director owned 24,582 shares in the company, valued at approximately $6,742,842.60. This represents a 3.15% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 830,516 shares of company stock valued at $217,224,641. Insiders own 2.00% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on AVGO. Morgan Stanley raised their target price on shares of Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a report on Friday, June 6th. The Goldman Sachs Group began coverage on shares of Broadcom in a report on Thursday, July 10th. They issued a "buy" rating and a $315.00 target price for the company. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Cantor Fitzgerald reissued an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a report on Friday, June 6th. Finally, Citigroup lifted their price objective on shares of Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $292.08.

Broadcom Stock Down 1.1%

Shares of AVGO stock traded down $3.11 on Friday, hitting $283.34. The stock had a trading volume of 15,006,524 shares, compared to its average volume of 27,818,679. 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 business has a 50 day moving average price of $254.41 and a 200 day moving average price of $220.25. The company has a market cap of $1.33 trillion, a PE ratio of 106.12, a P/E/G ratio of 2.02 and a beta of 1.12. Broadcom Inc. has a one year low of $128.50 and a one year high of $288.28.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced 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. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm's revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the company posted $10.96 earnings per share. Research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has initiated a share 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 purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.83%. Broadcom's payout ratio 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.