Broadcom Inc. (NASDAQ:AVGO) Stock Position Trimmed by Leigh Baldwin & CO. LLC

Key Points

• Leigh Baldwin & CO. LLC reduced its stake in Broadcom Inc. by 19% in Q1, owning 4,472 shares valued at approximately $749,000 after selling 1,049 shares.
• Insider activity saw significant sales, with CFO Kirsten M. Spears selling 36,350 shares and Director Henry Samueli selling 473,898 shares, representing a decrease in ownership.
• Broadcom posted an earnings beat with $1.58 EPS for the quarter, exceeding estimates and showing a 20.2% year-over-year revenue increase.

Leigh Baldwin & CO. LLC decreased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 19.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,472 shares of the semiconductor manufacturer's stock after selling 1,049 shares during the period. Leigh Baldwin & CO. LLC's holdings in Broadcom were worth $749,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Sunbeam Capital Management LLC purchased a new stake in Broadcom in the fourth quarter valued at $28,000. Vermillion Wealth Management Inc. purchased a new stake in Broadcom in the fourth quarter valued at $30,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Broadcom in the first quarter valued at about $25,000. Cheviot Value Management LLC purchased a new stake in shares of Broadcom in the first quarter valued at about $25,000. Finally, Inlight Wealth Management LLC purchased a new stake in shares of Broadcom in the first quarter valued at about $26,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on AVGO. Susquehanna upped their target price on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a report on Friday, June 6th. Oppenheimer upped 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. Arete Research raised shares of Broadcom to a "strong-buy" rating in a report on Monday, July 28th. Mizuho upped their target price on shares of Broadcom from $315.00 to $320.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Finally, HSBC raised shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price for the company in a report on Tuesday, June 24th. Two investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $295.96.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the firm's stock in a transaction on 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 directly owned 1,014,152 shares of the company's stock, valued at $256,489,182.32. This trade represents a 10.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction of $125,739,356.34. Following the transaction, the director directly owned 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock worth $217,286,457 over the last 90 days. Company insiders own 2.00% of the company's stock.

Broadcom Stock Down 1.6%

AVGO traded down $4.89 during trading hours on Friday, reaching $306.34. 22,795,520 shares of the stock traded hands, compared to its average volume of 17,011,082. The firm's fifty day simple moving average is $278.27 and its two-hundred day simple moving average is $229.63. The company has a market cap of $1.44 trillion, a price-to-earnings ratio of 114.73, a PEG ratio of 2.21 and a beta of 1.15. Broadcom Inc. has a fifty-two week low of $134.90 and a fifty-two week high of $317.35. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating 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 net margin of 22.64% and a return on equity of 35.49%. The business's revenue was up 20.2% on a year-over-year basis. During the same period last year, the business earned $10.96 EPS. As a group, analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

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.