Country Club Bank Sells 23,791 Shares of Broadcom Inc. (NASDAQ:AVGO)

Country Club Bank cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 26.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 67,304 shares of the semiconductor manufacturer's stock after selling 23,791 shares during the period. Country Club Bank's holdings in Broadcom were worth $11,382,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Fidelis Capital Partners LLC boosted its position in Broadcom by 0.4% during the 1st quarter. Fidelis Capital Partners LLC now owns 49,156 shares of the semiconductor manufacturer's stock worth $8,230,000 after buying an additional 188 shares during the period. Seamount Financial Group Inc. boosted its position in Broadcom by 2.3% during the 1st quarter. Seamount Financial Group Inc. now owns 7,058 shares of the semiconductor manufacturer's stock worth $1,182,000 after buying an additional 161 shares during the period. Genus Capital Management Inc. boosted its position in Broadcom by 113.1% during the 1st quarter. Genus Capital Management Inc. now owns 8,935 shares of the semiconductor manufacturer's stock worth $1,496,000 after buying an additional 77,401 shares during the period. Joseph Group Capital Management boosted its position in Broadcom by 7.0% during the 1st quarter. Joseph Group Capital Management now owns 19,035 shares of the semiconductor manufacturer's stock worth $3,187,000 after buying an additional 1,245 shares during the period. Finally, Burford Brothers Inc. lifted its position in shares of Broadcom by 14.6% in the 1st quarter. Burford Brothers Inc. now owns 1,330 shares of the semiconductor manufacturer's stock worth $223,000 after purchasing an additional 169 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on AVGO shares. JPMorgan Chase & Co. boosted their price target on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. UBS Group boosted their target price on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Citigroup boosted their target price on shares of Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a research report on Monday. Oppenheimer boosted their target price on shares of Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Finally, Redburn Atlantic started coverage on shares of Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target for the company. One research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $290.21.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 50,000 shares of the firm's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the sale, the insider owned 415,956 shares of the company's stock, valued at $105,353,335.68. This trade represents a 10.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Henry Samueli sold 473,898 shares of the firm's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the sale, the director directly owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 829,716 shares of company stock valued at $216,933,761 over the last three months. Insiders own 2.00% of the company's stock.

Broadcom Stock Performance

NASDAQ AVGO traded down $1.02 during trading on Friday, hitting $274.38. 14,264,387 shares of the company's stock traded hands, compared to its average volume of 28,130,551. The stock has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.76, a PEG ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $281.18. 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 business has a 50 day moving average of $245.29 and a 200-day moving average of $218.63.

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

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is 88.39%.

Broadcom announced that its board has initiated a stock buyback program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's management believes its stock is undervalued.

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.