Turtle Creek Wealth Advisors LLC Sells 8,862 Shares of Broadcom Inc. (NASDAQ:AVGO)

Turtle Creek Wealth Advisors LLC lessened its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 17.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 41,443 shares of the semiconductor manufacturer's stock after selling 8,862 shares during the quarter. Turtle Creek Wealth Advisors LLC's holdings in Broadcom were worth $6,939,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Sunbeam Capital Management LLC bought a new position in Broadcom during the 4th quarter worth $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom during the 4th quarter worth $30,000. Sellwood Investment Partners LLC bought a new position in Broadcom during the 4th quarter worth $32,000. Barnes Dennig Private Wealth Management LLC bought a new position in Broadcom during the 1st quarter worth $25,000. Finally, Inlight Wealth Management LLC bought a new position in Broadcom during the 1st quarter worth $26,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of NASDAQ AVGO traded up $5.34 during midday trading on Tuesday, reaching $280.94. The company's stock had a trading volume of 17,895,803 shares, compared to its average volume of 28,036,148. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $283.24. The firm has a 50 day moving average price of $248.20 and a 200-day moving average price of $218.77. The stock has a market capitalization of $1.32 trillion, a P/E ratio of 105.22, a PEG ratio of 1.96 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its 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. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the previous year, the business earned $10.96 EPS. The company's revenue was up 20.2% compared to the same quarter last year. As a group, 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 initiated a share repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a $0.59 dividend. 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 0.84%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 50,000 shares of Broadcom stock in a transaction that occurred on 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 sale, the insider owned 415,956 shares of the company's stock, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the sale, the chief executive officer directly owned 482,836 shares in the company, valued at $129,540,070.44. This trade represents a 7.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 828,916 shares of company stock worth $216,785,761 in the last three months. Insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

AVGO has been the subject of several research analyst reports. Citigroup lifted their price objective on Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. HSBC raised Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective for the company in a research report on Tuesday, June 24th. 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. Rosenblatt Securities lifted 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. Finally, Oppenheimer lifted their price objective on Broadcom from $265.00 to $305.00 and gave the stock an "outperform" rating in a research report on Tuesday. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, Broadcom presently has a consensus rating of "Buy" and a consensus price target of $291.88.

Broadcom 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.