Forte Capital LLC ADV Sells 1,550 Shares of Broadcom Inc. (NASDAQ:AVGO)

Forte Capital LLC ADV cut its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,466 shares of the semiconductor manufacturer's stock after selling 1,550 shares during the period. Forte Capital LLC ADV's holdings in Broadcom were worth $3,092,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in AVGO. Barnes Dennig Private Wealth Management LLC bought a new stake in Broadcom during the first quarter worth approximately $25,000. Inlight Wealth Management LLC bought a new stake in Broadcom during the first quarter worth approximately $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom during the fourth quarter worth approximately $28,000. Vermillion Wealth Management Inc. bought a new stake in Broadcom during the fourth quarter worth approximately $30,000. Finally, Wood Tarver Financial Group LLC boosted its holdings in Broadcom by 342.5% during the first quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock worth $30,000 after buying an additional 137 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Down 1.1%

Shares of AVGO traded down $3.11 during mid-day trading on Friday, hitting $283.34. 15,006,524 shares of the company's stock were exchanged, compared to its average volume of 27,818,679. The firm has a fifty day moving average of $254.41 and a two-hundred day moving average of $220.25. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $288.28. The stock has a market cap of $1.33 trillion, a price-to-earnings ratio of 106.12, a P/E/G ratio of 2.02 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 announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the prior year, the business posted $10.96 EPS. Broadcom's quarterly revenue was up 20.2% on a year-over-year basis. On average, sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.83%. Broadcom's payout ratio is presently 88.39%.

Broadcom announced that its board has initiated a stock repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

AVGO has been the subject of a number of research reports. Mizuho raised their target price on shares of Broadcom from $315.00 to $320.00 and gave the stock an "outperform" rating in a report on Wednesday. Rosenblatt Securities upped their price target on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Citigroup upped 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. Wells Fargo & Company upped their price target on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday, June 6th. Finally, Cowen restated a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $292.08.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 50,000 shares of the firm's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the sale, the insider directly owned 415,956 shares in the company, valued at $105,353,335.68. This trade represents a 10.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Henry Samueli sold 473,898 shares of the firm's stock in a transaction on 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 sale, the director owned 38,188,575 shares in the company, 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 sold a total of 830,516 shares of company stock worth $217,224,641 in the last ninety days. 2.00% of the stock is owned by insiders.

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.