Buffington Mohr McNeal Trims Position in Broadcom Inc. (NASDAQ:AVGO)

Buffington Mohr McNeal decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 34,778 shares of the semiconductor manufacturer's stock after selling 1,038 shares during the quarter. Broadcom comprises about 1.1% of Buffington Mohr McNeal's investment portfolio, making the stock its 29th biggest position. Buffington Mohr McNeal's holdings in Broadcom were worth $5,823,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Banco Bilbao Vizcaya Argentaria S.A. increased its holdings in shares of Broadcom by 3.8% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock worth $120,070,000 after buying an additional 18,845 shares during the last quarter. Nebula Research & Development LLC lifted its stake in shares of Broadcom by 1,100.8% in the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock valued at $3,642,000 after purchasing an additional 14,399 shares in the last quarter. SOA Wealth Advisors LLC. grew its holdings in shares of Broadcom by 50.6% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer's stock worth $245,000 after purchasing an additional 355 shares during the period. Coppell Advisory Solutions LLC increased its position in Broadcom by 1,512.3% during the 4th quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer's stock worth $21,660,000 after purchasing an additional 86,884 shares in the last quarter. Finally, Colonial Trust Co SC raised its holdings in Broadcom by 14.6% in the fourth quarter. Colonial Trust Co SC now owns 10,085 shares of the semiconductor manufacturer's stock valued at $2,338,000 after buying an additional 1,285 shares during the period. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

AVGO has been the subject of several research reports. Wall Street Zen downgraded shares of Broadcom from a "buy" rating to a "hold" rating in a research note on Sunday, June 15th. Citigroup raised their price objective on Broadcom from $276.00 to $285.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Cowen restated a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Redburn Atlantic started coverage on Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price for the company. Finally, Hsbc Global Res raised Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. Two research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Broadcom currently has an average rating of "Buy" and an average target price of $281.46.

Broadcom Stock Up 1.8%

NASDAQ:AVGO opened at $274.87 on Friday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The company has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.95, a price-to-earnings-growth ratio of 1.92 and a beta of 1.12. Broadcom Inc. has a one year low of $128.50 and a one year high of $277.71. The stock has a 50-day simple moving average of $237.12 and a 200 day simple moving average of $216.98.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter last year, the firm earned $10.96 EPS. The business's revenue was up 20.2% on a year-over-year basis. Sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.86%. Broadcom's payout ratio is 88.39%.

Broadcom announced that its Board of Directors has authorized a share repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 50,000 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the sale, the insider directly owned 415,956 shares of the company's stock, valued at $105,353,335.68. This trade represents a 10.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Hock E. Tan sold 40,000 shares of the stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the sale, the chief executive officer directly owned 482,836 shares in the company, valued at approximately $129,540,070.44. This trade represents a 7.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold 854,716 shares of company stock valued at $221,433,761 in the last ninety days. 2.00% of the stock is owned by insiders.

Broadcom Company 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.

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