United Advisor Group LLC cut its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 35.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,971 shares of the semiconductor manufacturer's stock after selling 2,201 shares during the period. United Advisor Group LLC's holdings in Broadcom were worth $665,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in AVGO. ORG Wealth Partners LLC grew its stake in Broadcom by 1,211.9% in the first quarter. ORG Wealth Partners LLC now owns 879 shares of the semiconductor manufacturer's stock worth $148,000 after purchasing an additional 812 shares in the last quarter. Plimoth Trust Co. LLC acquired a new position in shares of Broadcom in the 1st quarter worth approximately $2,862,000. Compass Capital Corp MA ADV increased its holdings in shares of Broadcom by 69.6% in the 1st quarter. Compass Capital Corp MA ADV now owns 4,074 shares of the semiconductor manufacturer's stock valued at $669,000 after acquiring an additional 1,672 shares during the last quarter. HCR Wealth Advisors raised its position in shares of Broadcom by 1.6% during the 1st quarter. HCR Wealth Advisors now owns 12,518 shares of the semiconductor manufacturer's stock valued at $2,096,000 after acquiring an additional 196 shares in the last quarter. Finally, Sterling Investment Counsel LLC raised its position in shares of Broadcom by 166.1% during the 1st quarter. Sterling Investment Counsel LLC now owns 6,100 shares of the semiconductor manufacturer's stock valued at $1,021,000 after acquiring an additional 3,808 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.
Broadcom Trading Up 0.8%
Shares of NASDAQ:AVGO opened at $251.26 on Friday. The company has a 50 day moving average of $219.11 and a 200-day moving average of $211.61. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The firm has a market cap of $1.18 trillion, a P/E ratio of 94.10, a P/E/G ratio of 1.79 and a beta of 1.11. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43.
Broadcom (NASDAQ:AVGO - Get Free Report) last announced 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 firm had revenue of $15 billion for 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%. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $10.96 earnings per share. As a group, analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.
Broadcom Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio is presently 88.39%.
Broadcom announced that its board has authorized a stock repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's leadership believes its stock is undervalued.
Analyst Ratings Changes
A number of equities analysts have commented on the stock. Oppenheimer lifted their price objective on shares of Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. KeyCorp lifted their price target on shares of Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the stock a "buy" rating in a research note on Friday, June 6th. Barclays lifted their target price on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Finally, Redburn Atlantic started coverage on Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target on the stock. Three investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $276.09.
Read Our Latest Stock Report on AVGO
Insider Activity
In related news, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the sale, the insider now directly owns 789,784 shares in the company, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the transaction, the director now owns 25,380 shares in the company, valued at approximately $4,695,300. This trade represents a 3.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 849,134 shares of company stock worth $163,760,949 over the last 90 days. 2.00% of the stock is currently owned by company insiders.
About Broadcom
(
Free Report)
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.
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