Freedom Day Solutions LLC Has $2.99 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Freedom Day Solutions LLC lessened its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 20.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,851 shares of the semiconductor manufacturer's stock after selling 4,507 shares during the period. Broadcom comprises approximately 0.9% of Freedom Day Solutions LLC's portfolio, making the stock its 27th biggest position. Freedom Day Solutions LLC's holdings in Broadcom were worth $2,989,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Broadcom in the first quarter worth $25,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom during the 1st quarter valued at $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom during the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom during the fourth quarter worth $30,000. Finally, Wood Tarver Financial Group LLC raised its holdings in shares of 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 acquiring an additional 137 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Buying and Selling at Broadcom

In other news, CFO Kirsten M. Spears sold 56,310 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the completion of the transaction, the chief financial officer owned 361,937 shares of the company's stock, valued at approximately $91,117,639.75. This represents a 13.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the transaction, the insider directly owned 789,784 shares of the company's stock, valued at $199,720,577.92. This trade represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 829,716 shares of company stock valued at $216,933,761 in the last three months. Company insiders own 2.00% of the company's stock.

Broadcom Stock Performance

AVGO stock traded down $1.02 during mid-day trading on Friday, reaching $274.38. 14,264,387 shares of the stock traded hands, compared to its average volume of 28,121,225. 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 52 week low of $128.50 and a 52 week high of $281.18. The business has a 50-day moving average of $246.70 and a two-hundred day moving average of $218.72. The firm has a market capitalization of $1.29 trillion, a PE ratio of 102.76, a P/E/G ratio of 1.95 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm's revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $10.96 earnings per share. As a group, equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom declared that its board has initiated a stock buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a dividend of $0.59 per share. 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 is currently 88.39%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AVGO. The Goldman Sachs Group began coverage on Broadcom in a report on Thursday. They set a "buy" rating and a $315.00 price objective for the company. Susquehanna increased their price objective on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a report on Friday, June 6th. Wall Street Zen upgraded Broadcom from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Redburn Atlantic began coverage on Broadcom in a report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price objective for the company. Finally, Bank of America increased their price objective on Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a report on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $290.21.

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.