Elite Wealth Management Inc. lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,902 shares of the semiconductor manufacturer's stock after selling 1,277 shares during the period. Broadcom accounts for approximately 0.8% of Elite Wealth Management Inc.'s portfolio, making the stock its 11th largest holding. Elite Wealth Management Inc.'s holdings in Broadcom were worth $5,844,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in the stock. Brighton Jones LLC grew its stake in Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after acquiring an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC boosted its holdings in Broadcom by 10.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after purchasing an additional 756 shares during the period. Bank Pictet & Cie Europe AG grew its position in shares of Broadcom by 16.4% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock valued at $51,283,000 after purchasing an additional 31,225 shares in the last quarter. Highview Capital Management LLC DE increased its holdings in shares of Broadcom by 1.3% in the fourth quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock worth $5,917,000 after purchasing an additional 322 shares during the period. Finally, Proficio Capital Partners LLC increased its holdings in shares of Broadcom by 46.2% in the fourth quarter. Proficio Capital Partners LLC now owns 19,529 shares of the semiconductor manufacturer's stock worth $4,528,000 after purchasing an additional 6,168 shares during the period. 76.43% of the stock is owned by institutional investors.
Insider Buying and Selling at Broadcom
In other Broadcom news, CEO Hock E. Tan sold 40,000 shares of the stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total value of $10,731,600.00. Following the completion of the transaction, the chief executive officer owned 482,836 shares in the company, valued at approximately $129,540,070.44. This represents a 7.65% decrease in their ownership of the stock. The transaction 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 firm's stock in a transaction 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 transaction, the director directly 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 828,916 shares of company stock worth $216,785,761. Insiders own 2.00% of the company's stock.
Broadcom Trading Up 0.4%
Shares of AVGO traded up $1.22 during mid-day trading on Monday, hitting $275.60. 11,919,324 shares of the company's stock traded hands, compared to its average volume of 27,885,428. The business's 50-day moving average price is $246.70 and its 200-day moving average price is $218.54. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $281.18. The firm has a market capitalization of $1.30 trillion, a P/E ratio of 103.22, a PEG ratio of 1.95 and a beta of 1.12. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.
Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the previous year, the firm earned $10.96 EPS. The company's quarterly revenue was up 20.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom declared that its Board of Directors has initiated a share repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.
Broadcom Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.86%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.
Analysts Set New Price Targets
Several equities analysts recently commented on the company. Evercore ISI restated an "outperform" rating and set a $304.00 target price (up from $267.00) on shares of Broadcom in a research report on Friday, June 6th. KeyCorp boosted their price objective on Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. HSBC raised shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price on the stock in a research note on Tuesday, June 24th. Citigroup boosted their price target on shares of Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. One investment 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's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $290.21.
Check Out Our Latest Stock Analysis on AVGO
Broadcom Company Profile
(
Free Report)
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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