Stephens Inc. AR Cuts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Stephens Inc. AR reduced its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 397,934 shares of the semiconductor manufacturer's stock after selling 19,820 shares during the quarter. Broadcom comprises about 1.0% of Stephens Inc. AR's portfolio, making the stock its 13th biggest position. Stephens Inc. AR's holdings in Broadcom were worth $66,626,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Broadcom in the 1st quarter valued at $25,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom in the 1st quarter valued at $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom in the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom in the 4th quarter valued at $30,000. Finally, Wood Tarver Financial Group LLC increased its holdings in shares of Broadcom by 342.5% in the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock valued at $30,000 after acquiring an additional 137 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Performance

Shares of NASDAQ AVGO traded down $1.02 during trading on Friday, reaching $274.38. 14,264,387 shares of the company traded hands, compared to its average volume of 28,121,225. The firm's fifty day simple moving average is $246.70 and its 200 day simple moving average is $218.72. The stock has a market cap of $1.29 trillion, a P/E ratio of 102.76, a PEG ratio of 1.95 and a beta of 1.12. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $281.18. 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 released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company's revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the business posted $10.96 EPS. As a group, 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 authorized a stock buyback 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 leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The firm 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 annualized dividend and a dividend yield of 0.86%. Broadcom's dividend payout ratio is presently 88.39%.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 117,758 shares of Broadcom stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the completion of the transaction, the chief executive officer owned 1,014,152 shares in the company, valued at $256,489,182.32. The trade was a 10.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 50,000 shares of Broadcom stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the transaction, the insider owned 415,956 shares of the company's stock, valued at approximately $105,353,335.68. This represents a 10.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 829,716 shares of company stock worth $216,933,761 over the last quarter. Company insiders own 2.00% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Benchmark lifted their price target on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a report on Friday, June 6th. Cowen reiterated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Rosenblatt Securities raised their price objective on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Truist Financial set a $295.00 price objective on Broadcom and gave the stock a "buy" rating in a research report on Friday, June 6th. Finally, Redburn Atlantic initiated coverage on Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective for the company. One research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $290.21.

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.