Broadcom Inc. (NASDAQ:AVGO) Stock Position Lowered by Naviter Wealth LLC

Naviter Wealth LLC lessened its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 39,612 shares of the semiconductor manufacturer's stock after selling 1,359 shares during the quarter. Broadcom makes up about 0.8% of Naviter Wealth LLC's holdings, making the stock its 24th biggest holding. Naviter Wealth LLC's holdings in Broadcom were worth $6,723,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom in the 4th quarter valued at approximately $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom in the 4th quarter valued at approximately $28,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom in the 4th quarter valued at approximately $30,000. Sellwood Investment Partners LLC purchased a new stake in shares of Broadcom in the 4th quarter valued at approximately $32,000. Finally, Bellevue Asset Management LLC purchased a new stake in shares of Broadcom in the 4th quarter valued at approximately $33,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insider Activity

In other news, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the sale, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. The trade was a 2.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction 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 trade 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 811,716 shares of company stock worth $209,906,771. Corporate insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

AVGO has been the subject of a number of research reports. Morgan Stanley lifted their target price on shares of Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Mizuho lifted their target price on shares of Broadcom from $300.00 to $310.00 and gave the company an "outperform" rating in a research note on Friday, June 6th. Wells Fargo & Company lifted their target price on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research note on Friday, June 6th. Barclays lifted 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. Finally, Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. Two equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $281.25.

Broadcom Stock Performance

NASDAQ:AVGO opened at $269.35 on Monday. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $274.26. The firm's fifty day simple moving average is $229.43 and its 200 day simple moving average is $215.75. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $1.27 trillion, a PE ratio of 100.88, a PEG ratio of 1.92 and a beta of 1.11.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion for 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 quarterly revenue was up 20.2% on a year-over-year basis. During the same period last year, the business posted $10.96 EPS. On average, sell-side analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

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

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.88%. Broadcom's dividend payout ratio (DPR) is currently 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.

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.