SeaCrest Wealth Management LLC Sells 4,043 Shares of Broadcom Inc. (NASDAQ:AVGO)

SeaCrest Wealth Management LLC lessened its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 78,830 shares of the semiconductor manufacturer's stock after selling 4,043 shares during the period. Broadcom comprises approximately 1.5% of SeaCrest Wealth Management LLC's portfolio, making the stock its 10th largest position. SeaCrest Wealth Management LLC's holdings in Broadcom were worth $13,198,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in AVGO. Canton Hathaway LLC purchased a new stake in shares of Broadcom during the 4th quarter worth $26,000. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom during the 4th quarter worth $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom during the 4th quarter worth $28,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom during the 4th quarter worth $30,000. Finally, Sellwood Investment Partners LLC purchased a new stake in shares of Broadcom during the 4th quarter worth $32,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction that occurred on 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 directly owns 465,956 shares in the company, valued at $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Justine Page sold 800 shares of the stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the sale, the director now owns 26,182 shares in the company, valued at $6,026,834.58. This represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 720,576 shares of company stock valued at $131,249,694. Corporate insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on AVGO. Rosenblatt Securities boosted their price target on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research report on Friday. Cantor Fitzgerald reissued an "overweight" rating and issued a $300.00 price target on shares of Broadcom in a research report on Friday. William Blair reissued an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Susquehanna boosted their price target on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research report on Friday. Finally, Cowen reissued a "buy" rating on shares of Broadcom in a research report on Friday. Two research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $270.25.

Broadcom Stock Performance

NASDAQ AVGO traded down $12.98 during trading hours on Friday, hitting $246.95. 41,055,118 shares of the stock were exchanged, compared to its average volume of 30,998,721. The company has a market cap of $1.16 trillion, a price-to-earnings ratio of 201.43, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.43. The stock has a 50-day moving average of $203.73 and a 200 day moving average of $206.22. 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 (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same period last year, the company posted $10.96 earnings per share. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. As a group, equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its Board of Directors has initiated a share buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.96%. Broadcom's dividend payout ratio (DPR) is presently 113.46%.

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.