Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Courier Capital LLC

Courier Capital LLC reduced its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 23.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,496 shares of the semiconductor manufacturer's stock after selling 1,662 shares during the quarter. Courier Capital LLC's holdings in Broadcom were worth $920,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in AVGO. Tallon Kerry Patrick acquired a new stake in shares of Broadcom in the 4th quarter worth $357,000. Capital & Planning LLC increased its stake in shares of Broadcom by 15.3% in the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock worth $969,000 after acquiring an additional 554 shares during the last quarter. LaFleur & Godfrey LLC increased its stake in shares of Broadcom by 18.7% in the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock worth $18,145,000 after acquiring an additional 12,345 shares during the last quarter. Brighton Jones LLC increased its stake in shares of Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after acquiring an additional 5,322 shares during the last quarter. Finally, Union Bancaire Privee UBP SA acquired a new stake in shares of Broadcom in the 4th quarter worth $71,312,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of the business'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 sale, the insider now directly owns 465,956 shares in the company, valued at approximately $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the business's 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 sale, the insider now owns 789,784 shares in the company, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 730,576 shares of company stock valued at $133,778,494 over the last quarter. Company insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

AVGO has been the subject of a number of research analyst reports. Citigroup increased their price target on Broadcom from $276.00 to $285.00 and gave the stock a "buy" rating in a report on Monday. Truist Financial set a $295.00 price target on Broadcom and gave the stock a "buy" rating in a report on Friday, June 6th. Oppenheimer increased their price target on Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 price target on shares of Broadcom in a report on Friday, June 6th. Finally, Morgan Stanley raised their target price on Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $272.71.

Broadcom Stock Down 2.9%

Shares of NASDAQ AVGO traded down $7.37 during midday trading on Friday, hitting $248.70. 19,002,301 shares of the company's stock were exchanged, compared to its average volume of 30,540,402. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. The company has a market cap of $1.17 trillion, a PE ratio of 202.86, a P/E/G ratio of 2.29 and a beta of 1.11. The firm's fifty day simple moving average is $211.15 and its 200-day simple moving average is $208.57.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results 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. 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 28.00% and a net margin of 11.43%. The business's quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the company earned $10.96 EPS. Research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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

Broadcom Dividend Announcement

The company also recently declared 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 (DPR) is 88.39%.

Broadcom 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.