Beese Fulmer Investment Management Inc. Decreases Stake in Broadcom Inc. (NASDAQ:AVGO)

Beese Fulmer Investment Management Inc. lowered its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 173,520 shares of the semiconductor manufacturer's stock after selling 3,117 shares during the quarter. Broadcom comprises approximately 2.5% of Beese Fulmer Investment Management Inc.'s investment portfolio, making the stock its 6th largest holding. Beese Fulmer Investment Management Inc.'s holdings in Broadcom were worth $29,052,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Tallon Kerry Patrick purchased a new position in Broadcom during the 4th quarter worth $357,000. Capital & Planning LLC boosted its holdings in Broadcom by 15.3% during the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock worth $969,000 after acquiring an additional 554 shares during the last quarter. LaFleur & Godfrey LLC boosted its holdings in Broadcom by 18.7% during the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock worth $18,145,000 after acquiring an additional 12,345 shares during the last quarter. Brighton Jones LLC boosted its holdings in Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after acquiring an additional 5,322 shares during the last quarter. Finally, Union Bancaire Privee UBP SA purchased a new position in Broadcom during the 4th quarter worth $71,312,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Activity at Broadcom

In other news, Director Justine Page sold 800 shares of the company's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the sale, the director now directly owns 25,380 shares in the company, valued at $4,695,300. This represents a 3.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 25,000 shares of the company's stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the sale, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 720,576 shares of company stock worth $131,249,694. Company insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Benchmark reaffirmed a "buy" rating and set a $255.00 price objective on shares of Broadcom in a report on Friday, March 7th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a report on Friday, March 7th. 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. Redburn Atlantic started coverage on shares of Broadcom in a report on Wednesday. They issued a "buy" rating and a $301.00 price target on the stock. Finally, Bank of America cut their price target on shares of Broadcom from $260.00 to $240.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Three equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $238.77.

Broadcom Stock Performance

Broadcom stock traded down $2.47 during midday trading on Friday, reaching $239.50. The stock had a trading volume of 27,045,094 shares, compared to its average volume of 30,873,614. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $251.88. The firm's 50-day moving average price is $195.38 and its 200 day moving average price is $203.43. The firm has a market capitalization of $1.13 trillion, a PE ratio of 195.35, a P/E/G ratio of 2.29 and a beta of 1.04. 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 announced that its Board of Directors has authorized a stock buyback plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.99%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom's dividend payout ratio is currently 113.46%.

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.