Modera Wealth Management LLC Has $68.02 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Modera Wealth Management LLC has decreased its stake in **Broadcom Inc.** by **5.1%**, owning **406,234 shares** valued at **$68 million** after selling nearly 22,000 shares in the first quarter.
• Insider activity included **CEO Hock E. Tan** selling **117,758 shares** for about **$29.78 million**, reducing his ownership by **10.40%**, while other insiders also made significant share sales totaling over **$217 million** in the last 90 days.
• Broadcom announced a **$10 billion** share repurchase plan, indicative of management's belief that the stock is undervalued, along with a **quarterly dividend** of **$0.59** per share, yielding **0.79%**.

Modera Wealth Management LLC decreased its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 5.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 406,234 shares of the semiconductor manufacturer's stock after selling 21,919 shares during the quarter. Modera Wealth Management LLC's holdings in Broadcom were worth $68,016,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after purchasing an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after acquiring an additional 15,171,849 shares in the last quarter. Northern Trust Corp grew 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 acquiring an additional 5,258,925 shares in the last quarter. APG Asset Management N.V. grew its position in Broadcom by 609.4% in the fourth quarter. APG Asset Management N.V. now owns 4,379,348 shares of the semiconductor manufacturer's stock valued at $980,500,000 after acquiring an additional 3,762,034 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Broadcom by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock valued at $23,647,209,000 after acquiring an additional 3,018,294 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. The Goldman Sachs Group assumed coverage on shares of Broadcom in a research report on Thursday, July 10th. They set a "buy" rating and a $315.00 price target for the company. Citigroup raised their price target on shares of Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Finally, Benchmark raised their price objective on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Broadcom has a consensus rating of "Buy" and an average price target of $294.92.

Broadcom Price Performance

NASDAQ:AVGO traded down $5.06 during trading hours on Friday, reaching $288.64. 21,405,316 shares of the company's stock were exchanged, compared to its average volume of 26,886,023. The company has a market capitalization of $1.36 trillion, a P/E ratio of 108.10, a price-to-earnings-growth ratio of 2.15 and a beta of 1.12. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $306.95. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The business's 50-day simple moving average is $265.36 and its two-hundred day simple moving average is $224.11.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The firm 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%. Broadcom's revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the business posted $10.96 EPS. Sell-side analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is 88.39%.

Broadcom announced that its Board of Directors has initiated a share repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Insider Activity at Broadcom

In other news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the sale, the insider directly owned 789,784 shares in the company, valued at $199,720,577.92. The trade was a 1.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hock E. Tan sold 117,758 shares of Broadcom stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the sale, the chief executive officer 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 830,516 shares of company stock worth $217,224,641. Company insiders own 2.00% of the company's stock.

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.