Chapin Davis Inc. Cuts Stake in Broadcom Inc. (NASDAQ:AVGO)

Chapin Davis Inc. cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,218 shares of the semiconductor manufacturer's stock after selling 1,195 shares during the quarter. Broadcom makes up 0.8% of Chapin Davis Inc.'s portfolio, making the stock its 26th largest position. Chapin Davis Inc.'s holdings in Broadcom were worth $2,380,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. SlateStone Wealth LLC boosted its position in shares of Broadcom by 0.3% during the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock valued at $3,207,000 after acquiring an additional 47 shares during the last quarter. True Wealth Design LLC lifted its position in Broadcom by 7.2% during the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after purchasing an additional 48 shares during the last quarter. Global Strategic Investment Solutions LLC grew its stake in Broadcom by 1.5% in the 4th quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer's stock worth $782,000 after buying an additional 50 shares in the last quarter. Cascade Financial Partners LLC increased its holdings in shares of Broadcom by 1.8% in the 4th quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer's stock worth $668,000 after buying an additional 50 shares during the last quarter. Finally, Samalin Investment Counsel LLC raised its position in shares of Broadcom by 1.0% during the 4th quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer's stock valued at $1,155,000 after buying an additional 50 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Trading Up 0.3%

AVGO stock traded up $0.88 on Wednesday, reaching $264.65. The company's stock had a trading volume of 18,860,226 shares, compared to its average volume of 29,176,002. The firm has a market cap of $1.24 trillion, a PE ratio of 99.12, a PEG ratio of 1.88 and a beta of 1.11. The business has a fifty day simple moving average of $225.48 and a two-hundred day simple moving average of $213.98. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $269.87. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08.

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

Broadcom declared that its Board of Directors has initiated a share buyback plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are undervalued.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.89%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Insider Activity

In related news, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $262.17, for a total transaction of $10,486,800.00. Following the completion of the transaction, the chief executive officer now directly owns 974,152 shares of the company's stock, valued at $255,393,429.84. This trade represents a 3.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the sale, the insider now owns 415,956 shares in the company, valued at approximately $105,353,335.68. This trade represents a 10.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 301,468 shares of company stock worth $74,670,250 in the last quarter. 2.00% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Mizuho upped their target price on shares of Broadcom from $300.00 to $310.00 and gave the stock an "outperform" rating in a research report on Friday, June 6th. Evercore ISI reiterated an "outperform" rating and set a $304.00 price objective (up from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a report on Friday, June 6th. Rosenblatt Securities upped their target price on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Finally, William Blair reiterated an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Two analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Broadcom currently has an average rating of "Buy" and an average target price of $281.25.

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.