LRI Investments LLC Sells 1,069 Shares of Broadcom Inc. (NASDAQ:AVGO)

LRI Investments LLC lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 5.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,226 shares of the semiconductor manufacturer's stock after selling 1,069 shares during the period. LRI Investments LLC's holdings in Broadcom were worth $3,386,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in AVGO. Sunbeam Capital Management LLC bought a new stake in Broadcom in the fourth quarter valued at $28,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom in the 4th quarter worth about $30,000. Sellwood Investment Partners LLC purchased a new stake in shares of Broadcom in the 4th quarter worth about $32,000. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Broadcom during the 1st quarter valued at about $25,000. Finally, Inlight Wealth Management LLC purchased a new position in shares of Broadcom during the first quarter valued at about $26,000. Institutional investors own 76.43% of the company's stock.

Insider Transactions at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction dated 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 sale, the chief executive officer directly owned 1,014,152 shares in the company, valued at $256,489,182.32. The trade was a 10.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the company's stock in a transaction dated 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. The trade was a 1.23% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 829,716 shares of company stock worth $216,933,761. Company insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on AVGO shares. JPMorgan Chase & Co. raised their price objective on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Redburn Atlantic began coverage on Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price for the company. Barclays lifted their price target on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. Mizuho upped their price target on Broadcom from $310.00 to $315.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. Finally, Wells Fargo & Company increased their price objective on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $290.21.

Broadcom Stock Performance

NASDAQ:AVGO traded down $1.02 during mid-day trading on Friday, reaching $274.38. The company's stock had a trading volume of 14,264,387 shares, compared to its average volume of 28,121,225. 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 stock has a market cap of $1.29 trillion, a P/E ratio of 102.76, a PEG ratio of 1.95 and a beta of 1.12. The firm's fifty day moving average price is $246.70 and its two-hundred day moving average price is $218.72. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $281.18.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating 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 during the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the previous year, the company earned $10.96 earnings per share. The firm's quarterly revenue was up 20.2% on a year-over-year basis. On average, equities analysts forecast that Broadcom Inc. will post 5.38 EPS 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 shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. 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.