Cary Street Partners Financial LLC Trims Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Cary Street Partners Financial LLC reduced its holdings in Broadcom Inc. by 4.4%, ending the quarter with 41,732 shares valued at $6,987,000.
• Insider Mark David Brazeal sold 50,000 shares of Broadcom for approximately $12.66 million, while Henry Samueli sold 473,898 shares valued at around $125.74 million.
• Analysts have recently increased their price targets for Broadcom, with Citigroup raising it from $285 to $315 and Mizuho from $315 to $320, highlighting a strong consensus rating of "Buy."

Cary Street Partners Financial LLC reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 41,732 shares of the semiconductor manufacturer's stock after selling 1,934 shares during the quarter. Cary Street Partners Financial LLC's holdings in Broadcom were worth $6,987,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in AVGO. Barnes Dennig Private Wealth Management LLC bought a new position in Broadcom in the first quarter worth about $25,000. Cheviot Value Management LLC bought a new position in Broadcom in the first quarter worth about $25,000. Inlight Wealth Management LLC acquired a new position in shares of Broadcom during the first quarter valued at about $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom during the fourth quarter valued at about $28,000. Finally, Vermillion Wealth Management Inc. acquired a new position in shares of Broadcom during the fourth quarter valued at about $30,000. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on AVGO. JPMorgan Chase & Co. upped their price objective on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Barclays upped their price objective on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the company a "buy" rating in a report on Friday, June 6th. Susquehanna upped their price objective on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a report on Friday, June 6th. Finally, Wells Fargo & Company upped their price objective on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a report on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, Broadcom currently has an average rating of "Buy" and a consensus price target of $294.92.

Insider Activity

In related news, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the transaction, the chief financial officer owned 325,587 shares in the company, valued at $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction that occurred on 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 transaction, the chief executive officer owned 482,836 shares of the company's stock, valued at $129,540,070.44. This represents a 7.65% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 830,516 shares of company stock worth $217,224,641. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Trading Up 3.0%

Shares of NASDAQ AVGO traded up $8.74 during trading on Wednesday, hitting $301.67. 17,275,421 shares of the company were exchanged, compared to its average volume of 17,267,806. Broadcom Inc. has a 12-month low of $134.90 and a 12-month 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 fifty day moving average price of $269.08 and a 200-day moving average price of $225.39. The firm has a market capitalization of $1.42 trillion, a PE ratio of 112.99, a P/E/G ratio of 2.08 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly 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. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $10.96 EPS. As a group, equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

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.