Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Financial & Tax Architects LLC

Financial & Tax Architects LLC reduced its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 22.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,179 shares of the semiconductor manufacturer's stock after selling 2,101 shares during the period. Financial & Tax Architects LLC's holdings in Broadcom were worth $1,202,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Barnes Dennig Private Wealth Management LLC purchased a new position in Broadcom during the first quarter valued at $25,000. Inlight Wealth Management LLC purchased a new position in Broadcom during the first quarter valued at $26,000. Sunbeam Capital Management LLC purchased a new position in Broadcom during the fourth quarter valued at $28,000. Vermillion Wealth Management Inc. purchased a new position in Broadcom during the fourth quarter valued at $30,000. Finally, Wood Tarver Financial Group LLC lifted its position in 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 currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the sale, the chief executive officer owned 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kirsten M. Spears sold 56,310 shares of the company's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the sale, the chief financial officer directly owned 361,937 shares in the company, valued at $91,117,639.75. This represents a 13.46% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is owned by company insiders.

Broadcom Trading Up 0.5%

NASDAQ AVGO traded up $1.47 on Friday, reaching $290.18. The stock had a trading volume of 12,031,575 shares, compared to its average volume of 17,076,324. The firm has a market capitalization of $1.36 trillion, a price-to-earnings ratio of 108.68, a P/E/G ratio of 2.06 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 Inc. has a 12-month low of $128.50 and a 12-month high of $292.59. The stock has a fifty day moving average price of $260.05 and a two-hundred day moving average price of $222.13.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results 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. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $10.96 earnings per share. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom announced that its board has authorized a share repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's management believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.81%. The ex-dividend date was Friday, June 20th. Broadcom's payout ratio is 88.39%.

Analyst Ratings Changes

A number of analysts have recently issued reports on AVGO shares. Rosenblatt Securities increased their price objective on shares of Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Morgan Stanley increased their price objective on shares of Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. Redburn Atlantic started coverage on Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective on the stock. Cowen restated a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Finally, JPMorgan Chase & Co. boosted their price objective on 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 stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target 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.