Evolution Wealth Advisors LLC Reduces Holdings in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Evolution Wealth Advisors LLC sold 2,820 shares of Broadcom Inc., reducing its stake by 63.4%, and now holds 1,630 shares valued at approximately $273,000.
• CEO Hock E. Tan sold 117,758 shares of Broadcom, decreasing his ownership by 10.40%, while total insider sales amounted to 830,516 shares worth over $217 million in the last quarter.
• Several analysts raised their price targets for Broadcom, with Oppenheimer increasing it from $265 to $305, reflecting an overall positive outlook on the stock.

Evolution Wealth Advisors LLC decreased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 63.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 1,630 shares of the semiconductor manufacturer's stock after selling 2,820 shares during the period. Evolution Wealth Advisors LLC's holdings in Broadcom were worth $273,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. ASR Vermogensbeheer N.V. bought a new stake in shares of Broadcom during the 1st quarter worth approximately $115,976,000. Citizens Financial Group Inc. RI increased its position in Broadcom by 47.1% during the 1st quarter. Citizens Financial Group Inc. RI now owns 170,524 shares of the semiconductor manufacturer's stock worth $28,551,000 after purchasing an additional 54,563 shares in the last quarter. Cornerstone Advisors LLC increased its position in Broadcom by 2.6% during the 1st quarter. Cornerstone Advisors LLC now owns 172,400 shares of the semiconductor manufacturer's stock worth $28,865,000 after purchasing an additional 4,300 shares in the last quarter. Greykasell Wealth Strategies Inc. increased its position in Broadcom by 2.9% during the 1st quarter. Greykasell Wealth Strategies Inc. now owns 7,987 shares of the semiconductor manufacturer's stock worth $1,337,000 after purchasing an additional 225 shares in the last quarter. Finally, Hemington Wealth Management increased its position in Broadcom by 4.7% during the 1st quarter. Hemington Wealth Management now owns 3,742 shares of the semiconductor manufacturer's stock worth $626,000 after purchasing an additional 167 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Broadcom Stock Performance

NASDAQ:AVGO traded up $1.21 during mid-day trading on Friday, hitting $304.97. The stock had a trading volume of 12,439,353 shares, compared to its average volume of 17,052,154. The stock has a market cap of $1.43 trillion, a price-to-earnings ratio of 114.22, a PEG ratio of 2.16 and a beta of 1.15. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The company's 50 day simple moving average is $271.57 and its 200 day simple moving average is $226.37. Broadcom Inc. has a twelve month low of $134.90 and a twelve month high of $310.34.

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. The business had revenue of $15 billion during 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%. Broadcom's quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the firm earned $10.96 earnings per share. On average, equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.8%. Broadcom's payout ratio is presently 88.39%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Arete Research upgraded shares of Broadcom to a "strong-buy" rating in a research report on Monday, July 28th. Evercore ISI reaffirmed an "outperform" rating and issued a $304.00 price objective (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Susquehanna raised their price objective on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research note on Friday, June 6th. Finally, Oppenheimer increased their target price on shares of Broadcom from $265.00 to $305.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $294.92.

Insider Transactions at Broadcom

In other news, CFO Kirsten M. Spears sold 56,310 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the sale, the chief financial officer directly owned 361,937 shares of the company's stock, valued at $91,117,639.75. This represents a 13.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction dated 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 sale, the insider directly owned 789,784 shares in the company, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 830,516 shares of company stock valued at $217,224,641. Company insiders own 2.00% of the company's stock.

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.