Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Eastern Bank

Key Points

• Eastern Bank reduced its stake in Broadcom Inc. by 8.4%, owning 614,103 shares valued at $102.8 million after selling 56,074 shares in Q1.
• Several large investors have increased their holdings in Broadcom, with Coppell Advisory Solutions increasing their stake by an impressive 1,512.3% in the fourth quarter.
• Broadcom reported a revenue of $15 billion for the quarter, exceeding estimates, and has seen a 20.2% year-over-year increase in revenue, alongside a quarterly dividend of $0.59.

Eastern Bank reduced its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 8.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 614,103 shares of the semiconductor manufacturer's stock after selling 56,074 shares during the quarter. Broadcom comprises 2.0% of Eastern Bank's holdings, making the stock its 13th largest holding. Eastern Bank's holdings in Broadcom were worth $102,819,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in AVGO. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Broadcom in the first quarter valued at $25,000. Inlight Wealth Management LLC bought a new position in shares of Broadcom in the first quarter valued at $26,000. Sunbeam Capital Management LLC bought a new position in shares of Broadcom during the fourth quarter valued at about $28,000. Vermillion Wealth Management Inc. bought a new position in shares of Broadcom during the fourth quarter valued at about $30,000. Finally, Wood Tarver Financial Group LLC lifted its position 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 valued at $30,000 after purchasing an additional 137 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Performance

NASDAQ AVGO traded down $5.06 on Friday, reaching $288.64. 21,405,316 shares of the stock were exchanged, compared to its average volume of 26,886,023. Broadcom Inc. has a one year low of $128.50 and a one year high of $306.95. The firm has a market capitalization of $1.36 trillion, a PE ratio of 108.10, a PEG ratio of 2.15 and a beta of 1.12. The company's 50-day simple moving average is $265.36 and its two-hundred day simple moving average is $224.11. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion for 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 company's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter last year, the business posted $10.96 earnings per share. Analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.8%. Broadcom's payout ratio is presently 88.39%.

Broadcom declared that its Board of Directors has authorized 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 buy up to 1.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on AVGO shares. Cowen reissued a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Citigroup raised their price target 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. Benchmark raised their price target on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Finally, HSBC upgraded shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective for the company in a report on Tuesday, June 24th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Broadcom has an average rating of "Buy" and a consensus target price of $294.92.

Insider Activity at Broadcom

In other news, CFO Kirsten M. Spears sold 56,310 shares of the business's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the completion of the sale, the chief financial officer directly owned 361,937 shares of the company's stock, valued at approximately $91,117,639.75. The trade was a 13.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the transaction, the director owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock worth $217,224,641 over the last quarter. 2.00% of the stock is owned by insiders.

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.