W.G. Shaheen & Associates DBA Whitney & Co Lowers Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

W.G. Shaheen & Associates DBA Whitney & Co trimmed its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 108,457 shares of the semiconductor manufacturer's stock after selling 1,700 shares during the quarter. Broadcom makes up 1.9% of W.G. Shaheen & Associates DBA Whitney & Co's investment portfolio, making the stock its 15th largest position. W.G. Shaheen & Associates DBA Whitney & Co's holdings in Broadcom were worth $18,159,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Barnes Dennig Private Wealth Management LLC acquired a new position in Broadcom during the 1st quarter worth approximately $25,000. Inlight Wealth Management LLC purchased a new position in Broadcom during the 1st quarter valued at about $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom during the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. acquired a new stake in Broadcom during the 4th quarter valued at $30,000. Finally, Wood Tarver Financial Group LLC boosted its stake in shares of Broadcom by 342.5% during the first 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 last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Price Performance

NASDAQ:AVGO traded up $5.10 during mid-day trading on Wednesday, reaching $283.69. The stock had a trading volume of 20,467,451 shares, compared to its average volume of 27,725,330. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $295.19. The stock has a 50-day simple moving average of $257.70 and a two-hundred day simple moving average of $221.40. 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 stock has a market capitalization of $1.33 trillion, a PE ratio of 106.25, a P/E/G ratio of 1.98 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm's revenue was up 20.2% compared to the same quarter last year. During the same period last year, the company earned $10.96 EPS. On average, equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

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

Broadcom declared that its board has authorized a stock buyback program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

AVGO has been the subject of a number of analyst reports. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Rosenblatt Securities raised their target price on Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Mizuho boosted their price target on shares of Broadcom from $315.00 to $320.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Bank of America boosted their target price on shares of Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Finally, Benchmark boosted their target price on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research note on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $292.08.

Insider Activity at Broadcom

In related news, insider Charlie B. Kawwas sold 10,000 shares of the company's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the sale, the insider owned 789,784 shares in the company, valued at $199,720,577.92. This represents a 1.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the completion of the sale, the chief executive officer directly owned 1,014,152 shares of the company's stock, valued at $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock valued at $217,224,641 over the last three months. 2.00% of the stock is currently owned by company insiders.

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.