Seascape Capital Management Reduces Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Seascape Capital Management lowered its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 8.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,996 shares of the semiconductor manufacturer's stock after selling 1,157 shares during the quarter. Seascape Capital Management's holdings in Broadcom were worth $2,176,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of AVGO. SlateStone Wealth LLC grew its stake in Broadcom by 0.3% during the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock worth $3,207,000 after buying an additional 47 shares during the last quarter. True Wealth Design LLC lifted its position in Broadcom by 7.2% during the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock worth $165,000 after acquiring an additional 48 shares during the period. Cascade Financial Partners LLC lifted its position in Broadcom by 1.8% during the 4th quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer's stock worth $668,000 after acquiring an additional 50 shares during the period. Samalin Investment Counsel LLC lifted its position in Broadcom by 1.0% during the 4th quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer's stock worth $1,155,000 after acquiring an additional 50 shares during the period. Finally, Mizuho Bank Ltd. lifted its position in Broadcom by 7.1% during the 4th quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer's stock worth $174,000 after acquiring an additional 50 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Buying and Selling at Broadcom

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 completion of the transaction, the director owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kirsten M. Spears sold 56,310 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the transaction, the chief financial officer directly owned 361,937 shares of the company's stock, valued at $91,117,639.75. The trade was a 13.46% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 854,716 shares of company stock valued at $221,433,761. 2.00% of the stock is owned by insiders.

Analyst Ratings Changes

AVGO has been the subject of a number of research reports. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 price target on shares of Broadcom in a research report on Friday, June 6th. Truist Financial set a $295.00 price target on Broadcom and gave the stock a "buy" rating in a research report on Friday, June 6th. Wall Street Zen raised Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Finally, Rosenblatt Securities lifted their price target on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. One equities 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, the company currently has an average rating of "Buy" and an average target price of $282.71.

Broadcom Price Performance

NASDAQ AVGO traded down $0.96 during trading hours on Monday, reaching $274.22. The company's stock had a trading volume of 11,553,862 shares, compared to its average volume of 28,508,432. The firm has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.70, a P/E/G ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $277.71. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The company's 50-day moving average is $238.77 and its two-hundred day moving average is $217.17.

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 for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion during 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 quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $10.96 EPS. On average, equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its Board of Directors has approved a share repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Broadcom Announces Dividend

The company also recently announced 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. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.86%. Broadcom's payout ratio is currently 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.