Pacific Heights Asset Management LLC Has $32.65 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Pacific Heights Asset Management LLC cut its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 195,000 shares of the semiconductor manufacturer's stock after selling 25,000 shares during the period. Broadcom makes up 2.2% of Pacific Heights Asset Management LLC's investment portfolio, making the stock its 7th largest position. Pacific Heights Asset Management LLC's holdings in Broadcom were worth $32,649,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Broadcom in the first quarter worth approximately $25,000. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom in the fourth quarter worth approximately $26,000. Inlight Wealth Management LLC acquired a new stake in shares of Broadcom in the first quarter worth approximately $26,000. Sunbeam Capital Management LLC acquired a new stake in shares of Broadcom in the fourth quarter worth approximately $28,000. Finally, Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom in the fourth quarter worth approximately $30,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Down 0.4%

Shares of NASDAQ AVGO traded down $1.00 during trading on Monday, reaching $274.18. 16,743,337 shares of the stock were exchanged, compared to its average volume of 28,527,862. The business's 50-day moving average price is $240.40 and its 200 day moving average price is $217.54. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $277.71. 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 company has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.69, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12.

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

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.86%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

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

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on AVGO. Oppenheimer raised their target price on shares of Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Truist Financial set a $295.00 price target on shares of Broadcom and gave the company a "buy" rating in a research report on Friday, June 6th. Mizuho lifted their price target on shares of Broadcom from $310.00 to $315.00 and gave the company an "outperform" rating in a research report on Thursday. Citigroup lifted their price target on shares of Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a research report on Monday. Finally, Benchmark lifted their price target on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $282.71.

Insiders Place Their Bets

In related news, Director Gayla J. Delly sold 3,000 shares of Broadcom stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $265.13, for a total value of $795,390.00. Following the completion of the sale, the director owned 33,352 shares in the company, valued at approximately $8,842,615.76. The trade was a 8.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction on 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 sale, the director owned 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 854,716 shares of company stock valued at $221,433,761. 2.00% of the stock is owned by insiders.

About Broadcom

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.