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Inspire Advisors LLC Sells 13,540 Shares of Broadcom Inc. (NASDAQ:AVGO)

Broadcom logo with Computer and Technology background

Key Points

  • Inspire Advisors LLC has significantly reduced its holdings in Broadcom Inc. by selling 13,540 shares, resulting in a total ownership of only 1,860 shares valued at $311,000.
  • Wall Street analysts are optimistic about Broadcom, with multiple firms raising their price targets, including Bank of America increasing theirs from $240 to $300 and JPMorgan raising theirs from $250 to $325.
  • Broadcom announced a quarterly dividend of $0.59, translating to an annualized yield of 0.79% and a share buyback program authorizing up to $10 billion to purchase outstanding shares, indicating confidence in the company’s valuation.
  • MarketBeat previews top five stocks to own in September.

Inspire Advisors LLC cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 87.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,860 shares of the semiconductor manufacturer's stock after selling 13,540 shares during the quarter. Inspire Advisors LLC's holdings in Broadcom were worth $311,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of AVGO. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Broadcom during the first quarter valued at approximately $25,000. Inlight Wealth Management LLC bought a new stake in shares of Broadcom during the first quarter valued at approximately $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom during the fourth quarter valued at approximately $30,000. Finally, Wood Tarver Financial Group LLC grew its position in Broadcom by 342.5% in the first quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock valued at $30,000 after acquiring an additional 137 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Down 1.9%

Shares of NASDAQ AVGO traded down $5.51 during mid-day trading on Friday, reaching $288.19. 11,189,826 shares of the company's stock were exchanged, compared to its average volume of 26,811,488. The firm has a market capitalization of $1.36 trillion, a price-to-earnings ratio of 108.02, a PEG ratio of 2.15 and a beta of 1.12. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The business has a fifty day simple moving average of $265.36 and a 200 day simple moving average of $224.11. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $306.95.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly 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 company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom's revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the firm posted $10.96 earnings per share. As a group, equities analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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 given 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 0.8%. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

Broadcom declared that its board has authorized 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 stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts have weighed in on AVGO shares. Susquehanna upped their price target on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research report on Friday, June 6th. Redburn Atlantic started coverage on Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price target on the stock. Oppenheimer upped their price target on Broadcom from $265.00 to $305.00 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Morgan Stanley set a $338.00 price target on Broadcom and gave the company an "overweight" rating in a research report on Wednesday. Finally, Bank of America upped their price target on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research report on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, Broadcom presently has an average rating of "Buy" and an average price target of $294.92.

View Our Latest Stock Analysis on AVGO

Insider Activity at Broadcom

In related news, Director Henry Samueli sold 473,898 shares of the stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the transaction, the director directly owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kirsten M. Spears sold 36,350 shares of the stock in a transaction dated 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 transaction, the chief financial officer owned 325,587 shares of the company's stock, valued at approximately $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 830,516 shares of company stock valued at $217,224,641 over the last 90 days. Insiders own 2.00% of the company's stock.

Broadcom Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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