Broadcom Inc. (NASDAQ:AVGO) Shares Sold by KBC Group NV

KBC Group NV trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 8.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,164,828 shares of the semiconductor manufacturer's stock after selling 300,509 shares during the period. Broadcom comprises 1.6% of KBC Group NV's investment portfolio, making the stock its 7th largest position. KBC Group NV owned 0.07% of Broadcom worth $529,887,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of AVGO. Rialto Wealth Management LLC purchased a new stake in Broadcom during the 4th quarter worth $26,000. Inlight Wealth Management LLC purchased a new stake in shares of Broadcom during the first quarter worth about $26,000. Sunbeam Capital Management LLC purchased a new position in Broadcom in the fourth quarter valued at about $28,000. Vermillion Wealth Management Inc. acquired a new stake in Broadcom during the 4th quarter valued at approximately $30,000. Finally, Sellwood Investment Partners LLC purchased a new stake in Broadcom during the 4th quarter worth approximately $32,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Broadcom

In related news, insider Charlie B. Kawwas sold 10,000 shares of the company's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the sale, the insider owned 789,784 shares of the company's stock, valued at $199,720,577.92. This represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the completion of the transaction, the chief executive officer owned 1,014,152 shares of the company's stock, valued at $256,489,182.32. This represents a 10.40% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 854,716 shares of company stock valued at $221,433,761. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Performance

Shares of NASDAQ:AVGO traded up $6.30 during trading hours on Monday, hitting $275.65. The stock had a trading volume of 24,688,481 shares, compared to its average volume of 28,894,153. The stock's fifty day simple moving average is $229.43 and its 200 day simple moving average is $215.75. The firm has a market capitalization of $1.30 trillion, a price-to-earnings ratio of 103.24, a PEG ratio of 1.92 and a beta of 1.11. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $277.66.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) 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 analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the prior year, the company posted $10.96 EPS. Sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its board has approved a share 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 buy up to 1.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. Broadcom's payout ratio is 88.39%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Mizuho increased their target price on Broadcom from $300.00 to $310.00 and gave the company an "outperform" rating in a research note on Friday, June 6th. Susquehanna upped their price target on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a report on Friday, June 6th. Citigroup raised their price objective on shares of Broadcom from $276.00 to $285.00 and gave the stock a "buy" rating in a report on Monday, June 9th. Truist Financial set a $295.00 target price on shares of Broadcom and gave the stock a "buy" rating in a research report on Friday, June 6th. Finally, Barclays upped their target price on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Two analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $281.25.

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.