Financial Advisors Network Inc. Sells 2,819 Shares of Broadcom Inc. $AVGO

Key Points

• Financial Advisors Network Inc. reduced its stake in Broadcom Inc. by 34.3% after selling 2,819 shares, leaving them with 5,393 shares valued at approximately $903,000.
• Broadcom reported an earnings per share (EPS) of $1.58 for the last quarter, exceeding analysts' expectations, with revenue reaching $15 billion.
• The company announced a quarterly dividend of $0.59 per share, representing an annualized dividend of $2.36, yielding 0.8%.

Financial Advisors Network Inc. decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 34.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,393 shares of the semiconductor manufacturer's stock after selling 2,819 shares during the period. Financial Advisors Network Inc.'s holdings in Broadcom were worth $903,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Nuveen LLC bought a new position in Broadcom in the 1st quarter worth $6,649,117,000. GAMMA Investing LLC boosted its holdings in Broadcom by 18,179.3% in the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after buying an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Broadcom by 46.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after buying an additional 15,171,849 shares during the period. Northern Trust Corp boosted its holdings in Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after buying an additional 5,258,925 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Broadcom by 16.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 31,854,414 shares of the semiconductor manufacturer's stock valued at $5,333,384,000 after purchasing an additional 4,550,647 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Broadcom Stock Performance

Broadcom stock opened at $306.34 on Monday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a 1-year low of $134.90 and a 1-year high of $317.35. The firm has a market capitalization of $1.44 trillion, a P/E ratio of 114.73, a price-to-earnings-growth ratio of 2.18 and a beta of 1.15. The company's 50-day moving average is $278.27 and its 200 day moving average is $229.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued 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. The business had revenue of $15 billion for the quarter, compared to the consensus estimate 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 period in the prior year, the firm earned $10.96 EPS. Research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Insiders Place Their Bets

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the company's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider directly owned 789,784 shares in the company, valued at $199,720,577.92. This represents a 1.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the transaction, the chief executive officer owned 1,014,152 shares in the company, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 830,516 shares of company stock worth $217,286,457. 2.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on AVGO shares. Oppenheimer increased their price objective on shares of Broadcom from $265.00 to $305.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Redburn Atlantic started coverage on shares of Broadcom in a report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price objective for the company. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Mizuho increased their price objective on shares of Broadcom from $315.00 to $320.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Finally, Morgan Stanley set a $338.00 price objective on shares of Broadcom and gave the company an "overweight" rating in a report on Wednesday, July 30th. One research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $295.96.

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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