Conning Inc. Sells 5,711 Shares of Broadcom Inc. (NASDAQ:AVGO)

Conning Inc. decreased its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 15.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 30,616 shares of the semiconductor manufacturer's stock after selling 5,711 shares during the quarter. Conning Inc.'s holdings in Broadcom were worth $5,126,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Rialto Wealth Management LLC bought a new stake in shares of Broadcom during the 4th quarter worth about $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom during the fourth quarter worth approximately $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom during the 4th quarter worth $30,000. Sellwood Investment Partners LLC bought a new stake in Broadcom during the fourth quarter valued at about $32,000. Finally, Bellevue Asset Management LLC bought a new stake in Broadcom during the fourth quarter valued at about $33,000. Institutional investors own 76.43% of the company's stock.

Broadcom Price Performance

Shares of NASDAQ AVGO traded up $4.97 during midday trading on Friday, reaching $274.87. 10,592,655 shares of the company traded hands, compared to its average volume of 28,575,138. The firm has a market cap of $1.29 trillion, a PE ratio of 102.95, a PEG ratio of 1.96 and a beta of 1.12. The stock's 50-day simple moving average is $238.77 and its 200-day simple moving average is $217.17. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $277.71. 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 announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $14.98 billion. During the same period last year, the firm posted $10.96 EPS. The firm's quarterly revenue was up 20.2% on a year-over-year basis. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its board has authorized 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 stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a $0.59 dividend. 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 (DPR) is currently 88.39%.

Insider Buying and Selling

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the transaction, the insider owned 789,784 shares in the company, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the transaction, the director owned 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 854,716 shares of company stock valued at $221,433,761 in the last ninety days. 2.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

AVGO has been the subject of a number of recent analyst reports. William Blair restated an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Morgan Stanley increased their price objective on Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Redburn Atlantic initiated coverage on Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective for the company. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Finally, Cowen reissued a "buy" rating on shares of Broadcom in a report on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $281.46.

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.