Cantor Fitzgerald Investment Advisors L.P. Cuts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Cantor Fitzgerald Investment Advisors L.P. trimmed its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 79.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,805 shares of the semiconductor manufacturer's stock after selling 81,415 shares during the quarter. Cantor Fitzgerald Investment Advisors L.P.'s holdings in Broadcom were worth $3,483,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Tallon Kerry Patrick acquired a new position in Broadcom during the 4th quarter worth approximately $357,000. Capital & Planning LLC boosted its stake in shares of Broadcom by 15.3% in the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock valued at $969,000 after purchasing an additional 554 shares during the period. LaFleur & Godfrey LLC lifted its holdings in Broadcom by 18.7% in the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock worth $18,145,000 after buying an additional 12,345 shares in the last quarter. Brighton Jones LLC boosted its position in Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after buying an additional 5,322 shares during the last quarter. Finally, Union Bancaire Privee UBP SA acquired a new stake in shares of Broadcom during the fourth quarter valued at about $71,312,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Up 0.8%

AVGO stock opened at $251.26 on Friday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The firm has a market capitalization of $1.18 trillion, a P/E ratio of 94.10, a P/E/G ratio of 1.79 and a beta of 1.11. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43. The company's 50 day simple moving average is $219.11 and its 200-day simple moving average is $211.61.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company's revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the business earned $10.96 EPS. As a group, equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

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 given 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 0.94%. Broadcom's payout ratio is 88.39%.

Broadcom declared that its Board of Directors has approved a share buyback plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling at Broadcom

In related news, Director Justine Page sold 800 shares of the stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the transaction, the director now owns 25,380 shares in the company, valued at approximately $4,695,300. This represents a 3.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. This represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold 849,134 shares of company stock valued at $163,760,949 in the last quarter. Company insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on AVGO shares. Benchmark boosted their price target on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Truist Financial set a $295.00 target price on Broadcom and gave the company a "buy" rating in a research note on Friday, June 6th. Redburn Atlantic started coverage on shares of Broadcom in a report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price objective for the company. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Finally, Bank of America upped their price objective on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $276.09.

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.

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