Diversified Trust Co Cuts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Diversified Trust Co cut its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 17.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 151,002 shares of the semiconductor manufacturer's stock after selling 31,264 shares during the period. Broadcom makes up approximately 0.6% of Diversified Trust Co's holdings, making the stock its 24th biggest position. Diversified Trust Co's holdings in Broadcom were worth $25,282,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. Beacon Financial Advisory LLC boosted its holdings in Broadcom by 16.4% in the 1st quarter. Beacon Financial Advisory LLC now owns 4,142 shares of the semiconductor manufacturer's stock valued at $693,000 after purchasing an additional 584 shares during the period. Hidden Cove Wealth Management LLC raised its stake in shares of Broadcom by 19.5% in the 1st quarter. Hidden Cove Wealth Management LLC now owns 3,313 shares of the semiconductor manufacturer's stock valued at $555,000 after buying an additional 541 shares in the last quarter. Board of the Pension Protection Fund raised its stake in shares of Broadcom by 36.4% in the 1st quarter. Board of the Pension Protection Fund now owns 4,500 shares of the semiconductor manufacturer's stock valued at $753,000 after buying an additional 1,200 shares in the last quarter. Tanager Wealth Management LLP acquired a new position in shares of Broadcom in the 1st quarter valued at $448,000. Finally, TFC Financial Management Inc. raised its stake in shares of Broadcom by 2.8% in the 1st quarter. TFC Financial Management Inc. now owns 2,254 shares of the semiconductor manufacturer's stock valued at $377,000 after buying an additional 61 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Insider Buying and Selling at Broadcom

In related news, insider Mark David Brazeal sold 25,000 shares of the company's stock in a transaction dated 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 transaction, the insider now directly owns 465,956 shares of the company's stock, valued at $83,872,080. This represents a 5.09% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction dated 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 directly owns 789,784 shares in the company, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 811,716 shares of company stock valued at $209,906,771 in the last ninety days. Corporate insiders own 2.00% of the company's stock.

Wall Street Analyst Weigh In

AVGO has been the subject of a number of recent research reports. Oppenheimer increased their price objective on shares of Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. JPMorgan Chase & Co. increased their price objective on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Barclays increased their target price on shares of Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. Redburn Atlantic began coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 target price for the company. Finally, Cowen reiterated a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $281.25.

Broadcom Price Performance

NASDAQ:AVGO traded down $0.82 during trading hours on Friday, reaching $269.35. The stock had a trading volume of 27,450,264 shares, compared to its average volume of 29,072,851. 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 Inc. has a 52 week low of $128.50 and a 52 week high of $271.85. The company has a 50 day moving average price of $229.43 and a two-hundred day moving average price of $215.28. The stock has a market capitalization of $1.27 trillion, a PE ratio of 100.88, a PEG ratio of 1.92 and a beta of 1.11.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $14.98 billion. During the same quarter in the previous year, the business earned $10.96 EPS. The company's quarterly revenue was up 20.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its Board of Directors has authorized a share buyback plan 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 plans are usually a sign that the company's management believes its stock is undervalued.

Broadcom Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a yield of 0.88%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 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.