SeaBridge Investment Advisors LLC Has $4.55 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

SeaBridge Investment Advisors LLC cut its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,159 shares of the semiconductor manufacturer's stock after selling 1,257 shares during the quarter. Broadcom comprises approximately 1.0% of SeaBridge Investment Advisors LLC's holdings, making the stock its 29th biggest position. SeaBridge Investment Advisors LLC's holdings in Broadcom were worth $4,547,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in AVGO. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Broadcom in the first quarter valued at $25,000. Inlight Wealth Management LLC bought a new position in shares of Broadcom in the first quarter valued at $26,000. Sunbeam Capital Management LLC bought a new position in shares of Broadcom in the fourth quarter valued at $28,000. Vermillion Wealth Management Inc. bought a new position in shares of Broadcom in the fourth quarter valued at $30,000. Finally, Wood Tarver Financial Group LLC boosted its position in Broadcom by 342.5% during the first quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock worth $30,000 after purchasing an additional 137 shares during the period. 76.43% of the stock is owned by institutional investors.

Broadcom Trading Down 1.0%

AVGO stock traded down $2.74 during trading on Friday, hitting $283.71. The company had a trading volume of 7,450,928 shares, compared to its average volume of 27,824,067. The business has a 50-day moving average of $252.91 and a 200-day moving average of $219.98. Broadcom Inc. has a one year low of $128.50 and a one year high of $288.28. The stock has a market cap of $1.33 trillion, a PE ratio of 106.29, a PEG ratio of 2.00 and a beta of 1.12. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating 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 business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the prior year, the business posted $10.96 earnings per share. The firm's revenue was up 20.2% on a year-over-year basis. Research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has authorized a share repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to purchase 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.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is 88.39%.

Insider Activity

In other Broadcom news, Director Henry Samueli sold 473,898 shares of the stock in a transaction that occurred 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 transaction, the director directly owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider owned 789,784 shares in the company, valued at $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 830,516 shares of company stock worth $217,224,641. Company insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Morgan Stanley lifted their target price on Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Redburn Atlantic assumed coverage on Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price target for the company. Finally, Wells Fargo & Company boosted their price target on Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research note on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Broadcom has a consensus rating of "Buy" and an average target price of $292.08.

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.