Broadcom Inc. (NASDAQ:AVGO) Stake Reduced by Rakuten Securities Inc.

Rakuten Securities Inc. lowered its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 76.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,296 shares of the semiconductor manufacturer's stock after selling 36,918 shares during the quarter. Broadcom makes up 1.0% of Rakuten Securities Inc.'s investment portfolio, making the stock its 26th largest holding. Rakuten Securities Inc.'s holdings in Broadcom were worth $1,891,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Canton Hathaway LLC purchased a new position in Broadcom during the 4th quarter valued at about $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom during the 4th quarter valued at about $26,000. Sunbeam Capital Management LLC acquired a new stake in Broadcom in the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. acquired a new stake in Broadcom in the 4th quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC acquired a new stake in Broadcom in the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on AVGO. Barclays upped their price target on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Susquehanna boosted their price objective on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research note on Friday, June 6th. Oppenheimer upped their price target on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Morgan Stanley increased their target price on Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Finally, Mizuho increased their price target on Broadcom from $300.00 to $310.00 and gave the stock an "outperform" rating in a report on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $276.09.

Broadcom Stock Up 1.4%

AVGO stock opened at $252.10 on Tuesday. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. The company has a market cap of $1.19 trillion, a price-to-earnings ratio of 205.63, a P/E/G ratio of 2.29 and a beta of 1.11. The business has a 50 day moving average price of $214.93 and a two-hundred day moving average price of $210.47. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same period last year, the firm posted $10.96 earnings per share. The business's revenue was up 20.2% on a year-over-year basis. Analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.94%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

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

Insider Activity at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares of the company's stock, valued at $95,564,585.40. This represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold 848,334 shares of company stock worth $163,560,669 in the last ninety days. 2.00% of the stock is owned by company insiders.

About Broadcom

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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