Burney Co. Decreases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Burney Co. reduced its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 180,601 shares of the semiconductor manufacturer's stock after selling 7,758 shares during the quarter. Broadcom comprises 1.1% of Burney Co.'s portfolio, making the stock its 16th biggest holding. Burney Co.'s holdings in Broadcom were worth $30,238,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. True Wealth Design LLC raised its holdings in shares of Broadcom by 7.2% during the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after purchasing an additional 48 shares during the period. Mizuho Bank Ltd. raised its holdings in shares of Broadcom by 7.1% during the fourth quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer's stock valued at $174,000 after purchasing an additional 50 shares during the period. Fulton Breakefield Broenniman LLC raised its holdings in shares of Broadcom by 2.4% during the first quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer's stock valued at $357,000 after purchasing an additional 50 shares during the period. American Financial Advisors LLC raised its holdings in shares of Broadcom by 3.8% during the first quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer's stock valued at $240,000 after purchasing an additional 52 shares during the period. Finally, First Bank & Trust raised its holdings in shares of Broadcom by 1.9% during the first quarter. First Bank & Trust now owns 2,945 shares of the semiconductor manufacturer's stock valued at $493,000 after purchasing an additional 55 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $274.30, for a total transaction of $219,440.00. Following the sale, the director owned 24,582 shares of the company's stock, valued at approximately $6,742,842.60. The trade was a 3.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Gayla J. Delly sold 3,000 shares of Broadcom stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $265.13, for a total transaction of $795,390.00. Following the sale, the director directly owned 33,352 shares in the company, valued at $8,842,615.76. The trade was a 8.25% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 830,516 shares of company stock worth $217,224,641. 2.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently commented on AVGO shares. Cowen reissued a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. UBS Group boosted their target price on shares of Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Benchmark boosted their target price on shares of Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Finally, Mizuho boosted their target price on shares of Broadcom from $315.00 to $320.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $292.08.

Broadcom Price Performance

Shares of NASDAQ AVGO traded up $5.10 during mid-day trading on Wednesday, reaching $283.69. 20,467,451 shares of the company were exchanged, compared to its average volume of 27,725,330. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $295.19. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $1.33 trillion, a PE ratio of 106.25, a PEG ratio of 1.98 and a beta of 1.12. The company's 50 day moving average price is $257.70 and its 200 day moving average price is $221.40.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results 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 company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter last year, the firm earned $10.96 EPS. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. Sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has initiated a share repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

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.