Broadcom Inc. (NASDAQ:AVGO) Holdings Lowered by Community Financial Services Group LLC

Community Financial Services Group LLC lessened its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 5.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 68,289 shares of the semiconductor manufacturer's stock after selling 3,611 shares during the quarter. Broadcom makes up about 2.5% of Community Financial Services Group LLC's portfolio, making the stock its 10th biggest holding. Community Financial Services Group LLC's holdings in Broadcom were worth $11,434,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the stock. Canton Hathaway LLC purchased a new stake in shares of Broadcom during the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom during the fourth quarter worth $26,000. Inlight Wealth Management LLC acquired a new stake in shares of Broadcom in the first quarter valued at about $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom in the fourth quarter worth about $28,000. Finally, Vermillion Wealth Management Inc. acquired a new position in Broadcom during the fourth quarter worth about $30,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the completion of the transaction, the chief executive officer now owns 1,014,152 shares in the company, valued at approximately $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 50,000 shares of the stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the transaction, the insider now directly owns 415,956 shares in the company, valued at $105,353,335.68. This trade represents a 10.73% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 301,468 shares of company stock worth $74,670,250. Company insiders own 2.00% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on AVGO. Wall Street Zen lowered shares of Broadcom from a "buy" rating to a "hold" rating in a research note on Sunday, June 15th. Susquehanna lifted their price objective on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research report on Friday, June 6th. Cantor Fitzgerald restated an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a report on Friday, June 6th. Redburn Atlantic began coverage on Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price for the company. Finally, Benchmark boosted their price target on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $281.25.

Broadcom Stock Up 2.1%

AVGO traded up $5.52 during trading hours on Thursday, hitting $270.17. 23,540,196 shares of the company's stock were exchanged, compared to its average volume of 29,153,647. The firm has a market cap of $1.27 trillion, a P/E ratio of 101.19, a price-to-earnings-growth ratio of 1.88 and a beta of 1.11. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $271.62. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The firm has a 50 day moving average of $225.48 and a 200 day moving average of $213.98.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping 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 35.49% and a net margin of 22.64%. The company's revenue was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $10.96 earnings per share. Analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.87%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's dividend payout ratio is presently 88.39%.

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.