Code Waechter LLC Sells 1,529 Shares of Broadcom Inc. (NASDAQ:AVGO)

Code Waechter LLC cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 29.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,630 shares of the semiconductor manufacturer's stock after selling 1,529 shares during the quarter. Code Waechter LLC's holdings in Broadcom were worth $608,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Broadcom during the 1st quarter valued at about $25,000. Inlight Wealth Management LLC acquired a new stake in shares of Broadcom during the 1st quarter valued at about $26,000. Sunbeam Capital Management LLC acquired a new stake in shares of Broadcom during the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom during the 4th quarter valued at about $30,000. Finally, Wood Tarver Financial Group LLC lifted its holdings in shares of Broadcom by 342.5% during the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock valued at $30,000 after buying an additional 137 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on AVGO. Redburn Atlantic began coverage on Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective on the stock. Barclays raised their price objective on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Oppenheimer raised their price objective on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Susquehanna raised their price objective on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research note on Friday, June 6th. Finally, Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $290.21.

Broadcom Stock Performance

Shares of AVGO traded down $1.02 on Friday, reaching $274.38. 14,264,387 shares of the stock traded hands, compared to its average volume of 28,121,225. The firm has a market cap of $1.29 trillion, a price-to-earnings ratio of 102.76, a P/E/G ratio of 1.95 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $281.18. The stock's 50-day moving average price is $246.70 and its 200-day moving average price is $218.54.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (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 analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom's quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the business posted $10.96 earnings per share. Equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders 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 0.86%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is presently 88.39%.

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

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 50,000 shares of the business's stock in a transaction that occurred on 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 sale, the insider directly owned 415,956 shares in the company, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Gayla J. Delly sold 3,000 shares of the business's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $265.13, for a total value of $795,390.00. Following the completion of the sale, the director directly owned 33,352 shares in the company, valued at approximately $8,842,615.76. This represents a 8.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 829,716 shares of company stock valued at $216,933,761 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

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.