Horizon Investment Services LLC Sells 4,263 Shares of Broadcom Inc. (NASDAQ:AVGO)

Horizon Investment Services LLC decreased its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 32,675 shares of the semiconductor manufacturer's stock after selling 4,263 shares during the period. Broadcom makes up approximately 2.7% of Horizon Investment Services LLC's holdings, making the stock its 9th biggest position. Horizon Investment Services LLC's holdings in Broadcom were worth $5,471,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. True Wealth Design LLC increased its position in shares of Broadcom by 7.2% in the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after acquiring an additional 48 shares during the period. Samalin Investment Counsel LLC raised its holdings in shares of Broadcom by 1.0% during the fourth quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer's stock valued at $1,155,000 after purchasing an additional 50 shares during the last quarter. Mizuho Bank Ltd. increased its holdings in Broadcom by 7.1% during the fourth quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer's stock valued at $174,000 after buying an additional 50 shares during the last quarter. Fulton Breakefield Broenniman LLC increased its holdings in Broadcom by 2.4% during the first 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 during the last quarter. Finally, American Financial Advisors LLC boosted its position in shares of Broadcom by 3.8% in the first quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer's stock worth $240,000 after purchasing an additional 52 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Performance

NASDAQ AVGO traded up $4.87 during trading on Monday, hitting $288.21. The company's stock had a trading volume of 17,706,689 shares, compared to its average volume of 27,778,305. The firm has a market cap of $1.36 trillion, a P/E ratio of 107.94, a price-to-earnings-growth ratio of 2.02 and a beta of 1.12. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $290.40. The firm has a 50 day moving average price of $254.41 and a 200 day moving average price of $220.17.

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

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

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.82%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the completion of the transaction, the chief executive officer directly owned 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kirsten M. Spears sold 56,310 shares of the stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the completion of the sale, the chief financial officer owned 361,937 shares in the company, valued at $91,117,639.75. This trade represents a 13.46% decrease in their position. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock worth $217,224,641 over the last three months. Insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. UBS Group raised their target price on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Friday, June 6th. JPMorgan Chase & Co. lifted their target price on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Barclays increased their target price on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. Hsbc Global Res upgraded shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. Finally, Redburn Atlantic began coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price objective for the company. 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's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $292.08.

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.