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Bulltick Wealth Management LLC Sells 949 Shares of Broadcom Inc. (NASDAQ:AVGO)

Broadcom logo with Computer and Technology background

Key Points

  • Bulltick Wealth Management LLC has reduced its position in Broadcom Inc. by 10.3%, selling 949 shares, and now owns 8,302 shares valued at approximately $1.39 million.
  • Analysts have generally rated Broadcom positively, with a consensus target price of $294.92, indicating substantial potential for growth.
  • Broadcom recently announced a quarterly dividend of $0.59, leading to an annual payout of $2.36 and a dividend yield of 0.8%.
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Bulltick Wealth Management LLC lessened its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 10.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 8,302 shares of the semiconductor manufacturer's stock after selling 949 shares during the period. Bulltick Wealth Management LLC's holdings in Broadcom were worth $1,390,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in AVGO. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Broadcom during the 1st quarter worth about $25,000. Cheviot Value Management LLC bought a new position in Broadcom during the 1st quarter valued at $25,000. Inlight Wealth Management LLC bought a new position in Broadcom during the 1st quarter valued at $26,000. Sunbeam Capital Management LLC bought a new position in shares of Broadcom in the 4th quarter worth about $28,000. Finally, Vermillion Wealth Management Inc. bought a new position in shares of Broadcom in the 4th quarter worth about $30,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Activity at Broadcom

In other news, CFO Kirsten M. Spears sold 36,350 shares of the business's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the sale, the chief financial officer directly owned 325,587 shares in the company, valued at approximately $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Henry Samueli sold 473,898 shares of the company's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the sale, the director owned 38,188,575 shares in the company, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 830,516 shares of company stock valued at $217,224,641. Corporate insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. boosted their price target on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Redburn Atlantic began coverage on Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target for the company. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Barclays upped 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, Evercore ISI restated an "outperform" rating and issued a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of "Buy" and a consensus target price of $294.92.

Get Our Latest Stock Report on Broadcom

Broadcom Price Performance

NASDAQ AVGO traded up $8.93 during trading on Tuesday, hitting $312.83. 17,604,553 shares of the company's stock were exchanged, compared to its average volume of 16,984,464. 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 company has a market cap of $1.47 trillion, a PE ratio of 117.16, a P/E/G ratio of 2.16 and a beta of 1.15. Broadcom Inc. has a fifty-two week low of $134.90 and a fifty-two week high of $313.44. The stock's 50 day moving average price is $275.10 and its two-hundred day moving average price is $227.64.

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, topping the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the business posted $10.96 earnings per share. Research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

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

Broadcom Profile

(Free Report)

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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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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