Broadcom Inc. (NASDAQ:AVGO) Shares Sold by M3 Advisory Group LLC

M3 Advisory Group LLC reduced its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 25.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,136 shares of the semiconductor manufacturer's stock after selling 1,764 shares during the period. Broadcom makes up approximately 0.7% of M3 Advisory Group LLC's portfolio, making the stock its 29th largest position. M3 Advisory Group LLC's holdings in Broadcom were worth $860,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Centerpoint Advisory Group lifted its holdings in Broadcom by 20.9% in the first quarter. Centerpoint Advisory Group now owns 7,941 shares of the semiconductor manufacturer's stock valued at $1,330,000 after acquiring an additional 1,371 shares during the period. Flagship Harbor Advisors LLC increased its holdings in shares of Broadcom by 7.5% in the 1st quarter. Flagship Harbor Advisors LLC now owns 48,789 shares of the semiconductor manufacturer's stock valued at $8,169,000 after purchasing an additional 3,407 shares in the last quarter. Ridgecrest Wealth Partners LLC increased its holdings in shares of Broadcom by 737.3% in the 1st quarter. Ridgecrest Wealth Partners LLC now owns 28,402 shares of the semiconductor manufacturer's stock valued at $4,755,000 after purchasing an additional 25,010 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Broadcom by 3.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 653,773 shares of the semiconductor manufacturer's stock valued at $109,461,000 after purchasing an additional 22,779 shares during the period. Finally, 1858 Wealth Management LLC boosted its holdings in Broadcom by 8.9% during the first quarter. 1858 Wealth Management LLC now owns 5,295 shares of the semiconductor manufacturer's stock worth $887,000 after buying an additional 432 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on AVGO. Rosenblatt Securities increased their target price on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a report on Friday, June 6th. Redburn Atlantic initiated coverage on Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective for the company. William Blair reaffirmed an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Wall Street Zen lowered Broadcom from a "buy" rating to a "hold" rating in a report on Sunday, June 15th. Finally, Mizuho raised their price target on Broadcom from $300.00 to $310.00 and gave the company an "outperform" rating in a research 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 given a strong buy rating to the stock. According to MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and a consensus target price of $276.09.

Insider Activity

In other news, insider Mark David Brazeal sold 25,000 shares of the business's stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the sale, the insider now directly owns 465,956 shares of the company's stock, valued at $83,872,080. The trade was a 5.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Justine Page sold 800 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $250.35, for a total value of $200,280.00. Following the sale, the director now owns 25,382 shares of the company's stock, valued at approximately $6,354,383.70. The trade was a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 819,134 shares of company stock valued at $157,921,449 in the last 90 days. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Down 0.5%

AVGO stock opened at $249.99 on Monday. The company has a 50 day moving average price of $220.48 and a two-hundred day moving average price of $212.76. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The stock has a market capitalization of $1.18 trillion, a P/E ratio of 93.63, a PEG ratio of 1.78 and a beta of 1.11. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43.

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

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.94%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is 88.39%.

Broadcom declared that its board has approved a share repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board of directors believes its stock is undervalued.

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.

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