DekaBank Deutsche Girozentrale Sells 3,923 Shares of Broadcom Inc. (NASDAQ:AVGO)

DekaBank Deutsche Girozentrale reduced its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 0.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 753,311 shares of the semiconductor manufacturer's stock after selling 3,923 shares during the period. DekaBank Deutsche Girozentrale's holdings in Broadcom were worth $123,090,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of AVGO. Rialto Wealth Management LLC bought a new position in shares of Broadcom during the fourth quarter valued at approximately $26,000. Sunbeam Capital Management LLC bought a new position in shares of Broadcom during the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. bought a new position in shares of Broadcom during the fourth quarter valued at approximately $30,000. Sellwood Investment Partners LLC bought a new position in shares of Broadcom during the fourth quarter valued at approximately $32,000. Finally, Barnes Dennig Private Wealth Management LLC bought a new position in shares of Broadcom during the first quarter valued at approximately $25,000. 76.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on AVGO. Truist Financial set a $295.00 price target on shares of Broadcom and gave the company a "buy" rating in a research report on Friday, June 6th. Cowen reissued a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Barclays raised their price target on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. UBS Group raised their price target on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Finally, Evercore ISI reissued an "outperform" rating and set a $304.00 price target (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $282.71.

Insiders Place Their Bets

In other news, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction dated 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 sale, the director owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the completion of the sale, the chief financial officer owned 325,587 shares in the company, valued at approximately $85,066,115.49. This trade represents a 10.04% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 854,716 shares of company stock valued at $221,433,761. 2.00% of the stock is owned by company insiders.

Broadcom Stock Up 0.2%

NASDAQ:AVGO traded up $0.59 during midday trading on Tuesday, reaching $274.77. 1,962,996 shares of the stock traded hands, compared to its average volume of 28,424,410. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $277.71. The business has a 50-day moving average of $240.40 and a two-hundred day moving average of $217.54. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The stock has a market capitalization of $1.29 trillion, a PE ratio of 102.95, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 22.64% and a return on equity of 35.49%. The firm's revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the company posted $10.96 earnings per share. On average, equities analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. Broadcom's dividend payout ratio (DPR) is 88.39%.

Broadcom declared that its board has authorized a share repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management 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.

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