Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Palisade Capital Management LP

Palisade Capital Management LP lessened its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 20.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 115,906 shares of the semiconductor manufacturer's stock after selling 29,245 shares during the period. Palisade Capital Management LP's holdings in Broadcom were worth $19,406,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of AVGO. Brighton Jones LLC increased its holdings in shares of Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after acquiring an additional 5,322 shares during the period. Revolve Wealth Partners LLC increased its stake in Broadcom by 10.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after buying an additional 756 shares during the period. SOA Wealth Advisors LLC. increased its stake in Broadcom by 50.6% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer's stock valued at $245,000 after buying an additional 355 shares during the period. Bank Pictet & Cie Europe AG increased its stake in Broadcom by 16.4% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock valued at $51,283,000 after buying an additional 31,225 shares during the period. Finally, Highview Capital Management LLC DE increased its stake in Broadcom by 1.3% during the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock valued at $5,917,000 after buying an additional 322 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Transactions at Broadcom

In other news, Director Gayla J. Delly sold 3,000 shares of the business's 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 directly 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 can be accessed through this hyperlink. Also, CFO Kirsten M. Spears sold 36,350 shares of the business's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the completion of the sale, the chief financial officer owned 325,587 shares of the company's stock, valued at $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 854,716 shares of company stock valued at $221,433,761. Insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

AVGO has been the topic of several research analyst reports. Mizuho raised their target price on shares of Broadcom from $310.00 to $315.00 and gave the company an "outperform" rating in a research note on Thursday. Oppenheimer lifted their price objective on shares of Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Wall Street Zen cut shares of Broadcom from a "buy" rating to a "hold" rating in a research note on Sunday, June 15th. Evercore ISI reaffirmed an "outperform" rating and issued a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Finally, Redburn Atlantic started coverage on shares of Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective on the stock. Two analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $281.46.

Broadcom Stock Performance

AVGO stock opened at $274.87 on Friday. 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 cap of $1.29 trillion, a P/E ratio of 102.95, a P/E/G ratio of 1.92 and a beta of 1.12. The firm has a 50 day simple moving average of $237.12 and a 200 day simple moving average of $216.98. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $277.71.

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

Broadcom declared that its Board of Directors has initiated a share repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Broadcom Announces Dividend

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 $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.