Geneva Partners LLC Has $9.39 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Geneva Partners LLC decreased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 9.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 56,055 shares of the semiconductor manufacturer's stock after selling 5,746 shares during the period. Broadcom accounts for about 4.8% of Geneva Partners LLC's portfolio, making the stock its 6th biggest holding. Geneva Partners LLC's holdings in Broadcom were worth $9,385,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Garrett Wealth Advisory Group LLC boosted its stake in Broadcom by 3.9% during the first quarter. Garrett Wealth Advisory Group LLC now owns 3,109 shares of the semiconductor manufacturer's stock valued at $521,000 after buying an additional 117 shares during the last quarter. Sigma Investment Counselors Inc. raised its position in Broadcom by 6.5% during the first quarter. Sigma Investment Counselors Inc. now owns 16,041 shares of the semiconductor manufacturer's stock valued at $2,686,000 after purchasing an additional 973 shares during the period. Ninety One UK Ltd raised its position in Broadcom by 8.6% during the first quarter. Ninety One UK Ltd now owns 3,291,690 shares of the semiconductor manufacturer's stock valued at $551,128,000 after purchasing an additional 262,051 shares during the period. China Universal Asset Management Co. Ltd. raised its position in Broadcom by 14.9% during the first quarter. China Universal Asset Management Co. Ltd. now owns 167,320 shares of the semiconductor manufacturer's stock valued at $28,014,000 after purchasing an additional 21,726 shares during the period. Finally, Alpha Cubed Investments LLC raised its position in Broadcom by 66.8% during the first quarter. Alpha Cubed Investments LLC now owns 27,966 shares of the semiconductor manufacturer's stock valued at $4,682,000 after purchasing an additional 11,199 shares during the period. Institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on AVGO shares. Wall Street Zen upgraded Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday. Cowen restated a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Redburn Atlantic assumed coverage on Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price target on the stock. HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target on the stock in a report on Tuesday, June 24th. Finally, Citigroup increased their price target on Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a report on Monday. One research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom has a consensus rating of "Buy" and an average price target of $282.71.

Insider Activity at Broadcom

In other Broadcom news, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction dated 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 of the company's stock, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the sale, the chief financial officer directly owned 325,587 shares of the company's stock, valued at approximately $85,066,115.49. This represents a 10.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 854,716 shares of company stock worth $221,433,761 in the last quarter. 2.00% of the stock is owned by insiders.

Broadcom Stock Down 0.4%

Broadcom stock opened at $274.18 on Tuesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The stock has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.69, a PEG ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $277.71. The business has a fifty day moving average price of $240.40 and a 200-day moving average price of $217.54.

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

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom declared that its board has authorized a share buyback plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.

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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