GraniteShares Advisors LLC Reduces Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

GraniteShares Advisors LLC trimmed its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.9% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,882 shares of the semiconductor manufacturer's stock after selling 2,151 shares during the period. Broadcom accounts for 1.7% of GraniteShares Advisors LLC's portfolio, making the stock its 24th largest holding. GraniteShares Advisors LLC's holdings in Broadcom were worth $2,659,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of AVGO. Canton Hathaway LLC purchased a new stake in Broadcom during the fourth quarter valued at $26,000. Rialto Wealth Management LLC purchased a new position in Broadcom in the fourth quarter worth about $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom during the fourth quarter worth approximately $28,000. Vermillion Wealth Management Inc. purchased a new stake in Broadcom during the fourth quarter valued at approximately $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in shares of Broadcom in the 4th quarter valued at approximately $32,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Down 2.9%

AVGO traded down $7.37 on Friday, hitting $248.70. The company had a trading volume of 19,002,301 shares, compared to its average volume of 30,540,402. The stock has a market capitalization of $1.17 trillion, a price-to-earnings ratio of 202.86, a P/E/G ratio of 2.29 and a beta of 1.11. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The stock has a fifty day moving average price of $211.15 and a 200-day moving average price of $208.57. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $10.96 EPS. Analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.95%. Broadcom's payout ratio is 88.39%.

Broadcom announced that its Board of Directors has approved a share buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company's board believes its stock is undervalued.

Analyst Ratings Changes

Several research firms have recently weighed in on AVGO. Benchmark boosted their target price on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Wells Fargo & Company boosted their price objective 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. Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Saturday, June 7th. Cowen reaffirmed a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Finally, Morgan Stanley upped their price target on shares of Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Broadcom presently has an average rating of "Moderate Buy" and a consensus target price of $272.71.

Insider Buying and Selling

In other Broadcom news, Director Justine Page sold 800 shares of the firm's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the transaction, the director now owns 25,380 shares of the company's stock, valued at approximately $4,695,300. This trade represents a 3.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the business's stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares in the company, valued at $83,872,080. This trade represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock worth $131,249,694 in the last ninety days. 2.00% of the stock is owned by 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.