Columbus Macro LLC Sells 3,941 Shares of Broadcom Inc. (NASDAQ:AVGO)

Columbus Macro LLC trimmed its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 30,851 shares of the semiconductor manufacturer's stock after selling 3,941 shares during the period. Columbus Macro LLC's holdings in Broadcom were worth $5,165,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Canton Hathaway LLC purchased a new stake in Broadcom in the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom in the fourth quarter worth approximately $26,000. Sunbeam Capital Management LLC purchased a new stake in Broadcom in the fourth quarter worth approximately $28,000. Vermillion Wealth Management Inc. purchased a new stake in Broadcom in the fourth quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC purchased a new stake in Broadcom in the fourth quarter worth approximately $32,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of Broadcom stock opened at $248.70 on Monday. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $1.17 trillion, a P/E ratio of 202.86, a P/E/G ratio of 2.29 and a beta of 1.11. The business has a fifty day simple moving average of $213.01 and a two-hundred day simple moving average of $209.85. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $265.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion during 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 company's revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter last year, the firm posted $10.96 earnings per share. On average, equities analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.95%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom declared that its board has initiated a stock repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts have issued reports on AVGO shares. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. KeyCorp increased their price objective on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research note on Friday, June 6th. Oppenheimer increased 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. Finally, Benchmark increased their price objective on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Three analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $276.09.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 25,000 shares of the firm's stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the transaction, the insider now directly owns 465,956 shares in the company, valued at $83,872,080. This trade represents a 5.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the transaction, the director now directly owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 730,576 shares of company stock valued at $133,778,494. 2.00% of the stock is currently owned by company insiders.

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.

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