Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Park Place Capital Corp

Park Place Capital Corp trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 19.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,509 shares of the semiconductor manufacturer's stock after selling 1,582 shares during the period. Park Place Capital Corp's holdings in Broadcom were worth $1,090,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in AVGO. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom during the 4th quarter valued at approximately $26,000. Inlight Wealth Management LLC acquired a new stake in shares of Broadcom during the 1st quarter valued at approximately $26,000. Sunbeam Capital Management LLC acquired a new stake in shares of Broadcom during the 4th quarter valued at approximately $28,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom during the 4th quarter valued at approximately $30,000. Finally, Sellwood Investment Partners LLC acquired a new stake in shares of Broadcom during the 4th quarter valued at approximately $32,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 117,758 shares of the firm'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 transaction, the chief executive officer now owns 1,014,152 shares of the company's stock, valued at $256,489,182.32. This trade represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the firm's stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the transaction, the insider now directly owns 465,956 shares of the company's stock, valued at $83,872,080. This represents a 5.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold 811,716 shares of company stock valued at $209,906,771 over the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

AVGO has been the topic of several research reports. Mizuho upped 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. Truist Financial set a $295.00 price target on Broadcom and gave the company a "buy" rating in a research report on Friday, June 6th. Hsbc Global Res raised Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, Bank of America upped their price objective on Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Broadcom currently has an average rating of "Buy" and an average target price of $281.25.

Broadcom Trading Down 0.3%

NASDAQ:AVGO opened at $269.35 on Friday. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $271.85. The stock has a market cap of $1.27 trillion, a price-to-earnings ratio of 100.88, a PEG ratio of 1.92 and a beta of 1.11. The business has a fifty day moving average of $229.43 and a 200-day moving average of $215.28. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08.

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

Broadcom announced that its Board of Directors has approved a stock repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.88%. Broadcom's dividend payout ratio is currently 88.39%.

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.

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