CVA Family Office LLC Sells 3,187 Shares of Broadcom Inc. (NASDAQ:AVGO)

CVA Family Office LLC cut its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 12.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 22,359 shares of the semiconductor manufacturer's stock after selling 3,187 shares during the period. CVA Family Office LLC's holdings in Broadcom were worth $3,744,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in AVGO. Canton Hathaway LLC acquired a new stake in Broadcom in the 4th quarter worth $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom during the fourth quarter valued at about $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom during the fourth quarter valued at about $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom in the fourth quarter valued at about $30,000. Finally, Sellwood Investment Partners LLC acquired a new stake in Broadcom during the fourth quarter worth about $32,000. 76.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AVGO. Oppenheimer boosted their price target on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Morgan Stanley lifted their price objective on Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Rosenblatt Securities upped their target price on Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Susquehanna raised their target price on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research report on Friday, June 6th. Finally, Wall Street Zen downgraded shares of Broadcom from a "buy" rating to a "hold" rating in a research note on Sunday. Three equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $276.09.

Insiders Place Their Bets

In other Broadcom news, Director Justine Page sold 800 shares of the business's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the transaction, the director now directly owns 25,380 shares of the company's stock, valued at approximately $4,695,300. The trade was a 3.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 1,014,152 shares in the company, valued at $256,489,182.32. This trade represents a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 848,334 shares of company stock valued at $163,560,669 in the last 90 days. 2.00% of the stock is currently owned by insiders.

Broadcom Price Performance

Shares of NASDAQ:AVGO traded down $2.73 during trading on Tuesday, reaching $249.37. The stock had a trading volume of 21,975,061 shares, compared to its average volume of 30,081,367. The stock has a market capitalization of $1.17 trillion, a PE ratio of 93.40, a P/E/G ratio of 1.79 and a beta of 1.11. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43. The business's 50-day moving average price is $216.21 and its 200 day moving average price is $210.74.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business's revenue was up 20.2% on a year-over-year basis. During the same period last year, the firm posted $10.96 EPS. As a group, equities analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.95%. Broadcom's dividend payout ratio is 88.39%.

Broadcom declared that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

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.