Denali Advisors LLC Sells 2,146 Shares of Broadcom Inc. (NASDAQ:AVGO)

Denali Advisors LLC reduced its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,260 shares of the semiconductor manufacturer's stock after selling 2,146 shares during the quarter. Broadcom comprises approximately 1.1% of Denali Advisors LLC's portfolio, making the stock its 13th biggest holding. Denali Advisors LLC's holdings in Broadcom were worth $9,922,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Broadcom during the first quarter worth approximately $25,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom during the first quarter worth approximately $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom during the fourth quarter worth approximately $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom during the fourth quarter worth approximately $30,000. Finally, Wood Tarver Financial Group LLC raised its stake in shares of Broadcom by 342.5% during the first quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock worth $30,000 after acquiring an additional 137 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Henry Samueli sold 473,898 shares of the stock in a transaction that occurred 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 sale, the director directly owned 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Hock E. Tan sold 40,000 shares of the stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the sale, the chief executive officer directly owned 482,836 shares of the company's stock, valued at $129,540,070.44. This represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock worth $217,224,641 in the last ninety days. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Performance

Shares of NASDAQ AVGO traded down $3.11 during midday trading on Friday, hitting $283.34. 15,006,524 shares of the company's stock traded hands, compared to its average volume of 27,818,679. The firm has a fifty day moving average of $254.41 and a 200 day moving average of $220.25. The stock has a market capitalization of $1.33 trillion, a price-to-earnings ratio of 106.12, a price-to-earnings-growth ratio of 2.02 and a beta of 1.12. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $288.28. 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 released 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 company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $10.96 EPS. On average, analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its board has authorized a stock buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are often 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. Investors of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.83%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is 88.39%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on AVGO shares. Benchmark lifted their price target on shares of Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Citigroup boosted their price objective on shares of Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Cowen reissued a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Finally, UBS Group upped their price target on shares of Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Broadcom presently has a consensus rating of "Buy" and a consensus target price 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.