Broadcom Inc. (NASDAQ:AVGO) Stock Position Lowered by Convergence Investment Partners LLC

Convergence Investment Partners LLC trimmed its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 21.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 35,265 shares of the semiconductor manufacturer's stock after selling 9,532 shares during the period. Broadcom makes up about 1.6% of Convergence Investment Partners LLC's portfolio, making the stock its 8th largest holding. Convergence Investment Partners LLC's holdings in Broadcom were worth $5,904,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. True Wealth Design LLC lifted its stake in Broadcom by 7.2% in the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after purchasing an additional 48 shares during the last quarter. Mizuho Bank Ltd. raised its holdings in Broadcom by 7.1% in the 4th quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer's stock valued at $174,000 after acquiring an additional 50 shares during the period. Fulton Breakefield Broenniman LLC raised its holdings in Broadcom by 2.4% in the 1st quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer's stock valued at $357,000 after acquiring an additional 50 shares during the period. American Financial Advisors LLC raised its holdings in Broadcom by 3.8% in the 1st quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer's stock valued at $240,000 after acquiring an additional 52 shares during the period. Finally, First Bank & Trust raised its holdings in Broadcom by 1.9% in the 1st quarter. First Bank & Trust now owns 2,945 shares of the semiconductor manufacturer's stock valued at $493,000 after acquiring an additional 55 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Broadcom

In other news, Director Justine Page sold 800 shares of the business's stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $274.30, for a total transaction of $219,440.00. Following the completion of the sale, the director directly owned 24,582 shares of the company's stock, valued at $6,742,842.60. The trade was a 3.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Gayla J. Delly sold 3,000 shares of the business's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $265.13, for a total transaction of $795,390.00. Following the sale, the director directly owned 33,352 shares of the company's stock, valued at approximately $8,842,615.76. The trade was a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is owned by insiders.

Broadcom Trading Up 1.8%

AVGO stock traded up $5.10 during midday trading on Wednesday, hitting $283.69. The stock had a trading volume of 20,467,451 shares, compared to its average volume of 27,725,330. The firm has a market cap of $1.33 trillion, a P/E ratio of 106.25, a price-to-earnings-growth ratio of 1.98 and a beta of 1.12. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $295.19. The business has a fifty day moving average price of $257.70 and a two-hundred day moving average price of $221.40.

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 the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same period last year, the company posted $10.96 EPS. The business's quarterly revenue was up 20.2% on a year-over-year basis. On average, sell-side analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its Board of Directors has initiated a share buyback program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.83%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Benchmark increased their price target on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a report on Friday, June 6th. KeyCorp raised their target price on shares of Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Wells Fargo & Company raised their target price on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Finally, Evercore ISI reaffirmed an "outperform" rating and set a $304.00 target price (up from $267.00) 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 given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $292.08.

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.