Broadcom Inc. (NASDAQ:AVGO) Holdings Cut by TBH Global Asset Management LLC

TBH Global Asset Management LLC trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,287 shares of the semiconductor manufacturer's stock after selling 1,094 shares during the period. TBH Global Asset Management LLC's holdings in Broadcom were worth $1,387,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in AVGO. Rialto Wealth Management LLC bought a new stake in Broadcom during the fourth quarter valued at $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom in the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom during the 4th quarter valued at about $30,000. Sellwood Investment Partners LLC bought a new stake in shares of Broadcom during the 4th quarter valued at about $32,000. Finally, Bellevue Asset Management LLC acquired a new stake in Broadcom during the fourth quarter worth about $33,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Price Performance

Shares of NASDAQ AVGO traded up $6.30 during trading on Monday, hitting $275.65. The company had a trading volume of 24,688,481 shares, compared to its average volume of 28,894,153. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $277.66. The business's 50-day moving average is $229.43 and its 200 day moving average is $215.75. The company has a market cap of $1.30 trillion, a P/E ratio of 103.24, a PEG ratio of 1.92 and a beta of 1.11. 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 issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 previous year, the firm posted $10.96 EPS. The company's quarterly revenue was up 20.2% on a year-over-year basis. Equities research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's dividend payout ratio is presently 88.39%.

Broadcom declared that its Board of Directors has authorized a share repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding 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 often a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have commented on AVGO. Benchmark lifted their target price on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Rosenblatt Securities boosted their price objective on Broadcom from $223.00 to $340.00 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, June 24th. Wall Street Zen downgraded shares of Broadcom from a "buy" rating to a "hold" rating in a report on Sunday, June 15th. Finally, Cowen restated a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. 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. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of "Buy" and a consensus price target of $281.25.

Insider Buying and Selling

In related news, Director Henry Samueli sold 473,898 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the sale, the director 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the transaction, the insider directly owned 789,784 shares of the company's stock, valued at $199,720,577.92. This represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 854,716 shares of company stock valued at $221,433,761. Company insiders own 2.00% of the company's stock.

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.