Broadcom Inc. (NASDAQ:AVGO) Shares Sold by First Horizon Advisors Inc.

First Horizon Advisors Inc. cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 250,301 shares of the semiconductor manufacturer's stock after selling 7,384 shares during the quarter. Broadcom comprises approximately 1.2% of First Horizon Advisors Inc.'s investment portfolio, making the stock its 15th biggest holding. First Horizon Advisors Inc.'s holdings in Broadcom were worth $41,908,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Norges Bank purchased a new position in Broadcom in the 4th quarter valued at approximately $16,893,010,000. GAMMA Investing LLC raised its stake in shares of Broadcom by 18,179.3% in the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after acquiring an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Broadcom by 46.9% during 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 acquiring an additional 15,171,849 shares in the last quarter. GQG Partners LLC raised its holdings in shares of Broadcom by 200.0% in the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after purchasing an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after acquiring an additional 6,573,204 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Bank of America lifted their price target on shares of Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. HSBC upgraded shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target for the company in a research note on Tuesday, June 24th. Truist Financial set a $295.00 target price on shares of Broadcom and gave the stock a "buy" rating in a research report on Friday, June 6th. Wells Fargo & Company raised their target price on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. Finally, Cowen reissued a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $281.46.

Broadcom Stock Performance

Shares of AVGO stock traded up $4.97 on Thursday, hitting $274.87. 10,592,655 shares of the stock were exchanged, compared to its average volume of 28,641,799. The firm's 50 day moving average is $235.38 and its two-hundred day moving average is $216.81. Broadcom Inc. has a one year low of $128.50 and a one year high of $277.71. The firm has a market capitalization of $1.29 trillion, a PE ratio of 102.95, a P/E/G ratio of 1.92 and a beta of 1.12. 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 announced its quarterly 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 business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the previous year, the firm earned $10.96 EPS. The business's quarterly revenue was up 20.2% on a year-over-year basis. Sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

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 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is 88.39%.

Broadcom announced that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Insider Transactions at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction that occurred 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 directly owned 1,014,152 shares in the company, valued at $256,489,182.32. This represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 50,000 shares of the stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the sale, the insider owned 415,956 shares in the company, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 854,716 shares of company stock valued at $221,433,761. 2.00% of the stock is owned by corporate insiders.

Broadcom Company 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.