Chesley Taft & Associates LLC Has $46.37 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Chesley Taft & Associates LLC cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 19.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 276,948 shares of the semiconductor manufacturer's stock after selling 65,632 shares during the period. Broadcom makes up about 2.2% of Chesley Taft & Associates LLC's investment portfolio, making the stock its 8th largest holding. Chesley Taft & Associates LLC's holdings in Broadcom were worth $46,369,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Canton Hathaway LLC bought a new stake in shares of Broadcom during the 4th quarter worth about $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom during the fourth quarter valued at approximately $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom during the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. bought a new stake in Broadcom during the fourth quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC acquired a new stake in Broadcom in the fourth quarter worth approximately $32,000. 76.43% of the stock is owned by institutional investors.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of the company's stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares of the company's stock, valued at approximately $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the transaction, the director now owns 26,182 shares of the company's stock, valued at $6,026,834.58. This trade represents a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock valued at $131,249,694 in the last quarter. Corporate insiders own 2.00% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. lifted their price target on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research report on Friday. Cowen restated a "buy" rating on shares of Broadcom in a report on Friday. Rosenblatt Securities lifted their target price on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a report on Friday. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $300.00 price target on shares of Broadcom in a report on Friday. Finally, Redburn Atlantic assumed coverage on shares of Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $270.25.

Broadcom Stock Down 5.0%

Shares of AVGO traded down $12.98 during mid-day trading on Friday, hitting $246.95. 41,055,118 shares of the company's stock were exchanged, compared to its average volume of 30,954,270. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock has a market cap of $1.16 trillion, a price-to-earnings ratio of 201.43, a P/E/G ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. The firm has a fifty day moving average of $202.16 and a two-hundred day moving average of $205.65.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts' consensus estimates 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 28.00% and a net margin of 11.43%. The firm's revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $10.96 EPS. On average, sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its board has authorized a share buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.96%. Broadcom's dividend payout ratio is 113.46%.

About Broadcom

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.