Janney Montgomery Scott LLC Sells 32,178 Shares of Broadcom Inc. (NASDAQ:AVGO)

Janney Montgomery Scott LLC cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,670,718 shares of the semiconductor manufacturer's stock after selling 32,178 shares during the quarter. Broadcom accounts for about 0.8% of Janney Montgomery Scott LLC's portfolio, making the stock its 19th largest position. Janney Montgomery Scott LLC's holdings in Broadcom were worth $279,728,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after buying an additional 6,573,204 shares in the last quarter. Geode Capital Management LLC grew its position in Broadcom by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock worth $23,647,209,000 after acquiring an additional 3,018,294 shares during the last quarter. FMR LLC increased its holdings in Broadcom by 3.2% in the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after purchasing an additional 2,873,809 shares in the last quarter. Norges Bank bought a new position in Broadcom in the fourth quarter valued at about $16,893,010,000. Finally, Northern Trust Corp raised its position in Broadcom by 12.0% in the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after purchasing an additional 5,258,925 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Up 1.4%

AVGO traded up $3.40 during midday trading on Monday, hitting $252.10. The company had a trading volume of 20,301,307 shares, compared to its average volume of 30,343,084. The stock's 50 day moving average price is $213.01 and its 200 day moving average price is $209.85. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43. The company has a market capitalization of $1.19 trillion, a price-to-earnings ratio of 205.63, a PEG ratio of 2.29 and a beta of 1.11. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter last year, the firm posted $10.96 EPS. Broadcom's revenue was up 20.2% compared to the same quarter last year. On average, research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom announced that its Board of Directors has approved a stock repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

AVGO has been the topic of several research reports. Redburn Atlantic started coverage on Broadcom in a report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target on the stock. Bank of America boosted their target price on shares of Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Wells Fargo & Company upped their price target on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday, June 6th. Citigroup lifted their price target on shares of Broadcom from $276.00 to $285.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Finally, Truist Financial set a $295.00 price objective on Broadcom and gave the company a "buy" rating in a report on Friday, June 6th. Three research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $276.09.

Insider Transactions at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Justine Page sold 800 shares of the company's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the transaction, the director now owns 25,380 shares of the company's stock, valued at $4,695,300. This trade represents a 3.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 730,576 shares of company stock valued at $133,778,494 over the last ninety days. 2.00% of the stock is currently owned by insiders.

Broadcom Company 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.