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Capstone Financial Advisors Inc. Has $305,000 Position in Broadcom Inc. (NASDAQ:AVGO)

Broadcom logo with Computer and Technology background

Key Points

  • Capstone Financial Advisors Inc. reduced its holdings in Broadcom Inc. by 40% during the first quarter, owning 1,822 shares valued at $305,000 after selling 1,215 shares.
  • Broadcom's price targets have been significantly raised by several analysts, including Oppenheimer, which increased their target from $265 to $305, and Bank of America, which raised theirs from $240 to $300.
  • The company declared a quarterly dividend of $0.59, representing an annualized yield of 0.8%, and announced a stock repurchase program permitting the buyback of up to $10 billion in shares.
  • Five stocks to consider instead of Broadcom.

Capstone Financial Advisors Inc. cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 40.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,822 shares of the semiconductor manufacturer's stock after selling 1,215 shares during the quarter. Capstone Financial Advisors Inc.'s holdings in Broadcom were worth $305,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in AVGO. Brighton Jones LLC boosted its stake 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 purchasing an additional 5,322 shares during the period. Revolve Wealth Partners LLC boosted its stake in Broadcom by 10.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after purchasing an additional 756 shares during the period. Bank Pictet & Cie Europe AG boosted its stake in Broadcom by 16.4% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock valued at $51,283,000 after purchasing an additional 31,225 shares during the period. Highview Capital Management LLC DE boosted its stake in Broadcom by 1.3% in the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock valued at $5,917,000 after purchasing an additional 322 shares during the period. Finally, Landscape Capital Management L.L.C. bought a new stake in Broadcom in the 4th quarter valued at $727,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Wells Fargo & Company boosted their price target on Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research note on Friday, June 6th. Oppenheimer lifted their price objective on Broadcom from $265.00 to $305.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Cowen reaffirmed a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Bank of America lifted their price objective on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a report on Friday, June 6th. Finally, Wall Street Zen raised Broadcom from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. One analyst has rated the stock with a hold rating, twenty-seven have issued 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 an average price target of $294.92.

View Our Latest Stock Report on Broadcom

Insider Buying and Selling

In related news, Director Justine Page sold 800 shares of the business's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $274.30, for a total transaction of $219,440.00. Following the completion of the transaction, the director owned 24,582 shares of the company's stock, valued at approximately $6,742,842.60. The trade was a 3.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 40,000 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the transaction, the chief executive officer directly owned 482,836 shares of the company's stock, valued at approximately $129,540,070.44. This represents a 7.65% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 830,516 shares of company stock valued at $217,224,641. Corporate insiders own 2.00% of the company's stock.

Broadcom Trading Down 1.7%

Shares of AVGO stock opened at $288.64 on Monday. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $306.95. 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 50-day simple moving average of $266.56 and a two-hundred day simple moving average of $224.50. The company has a market capitalization of $1.36 trillion, a price-to-earnings ratio of 108.10, a PEG ratio of 2.05 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion during 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 firm's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $10.96 EPS. Research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

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

Broadcom declared that its board has approved a stock repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

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.

See Also

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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.

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