Hohimer Wealth Management LLC Has $7.47 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Hohimer Wealth Management LLC decreased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 44,598 shares of the semiconductor manufacturer's stock after selling 1,938 shares during the period. Broadcom makes up 1.5% of Hohimer Wealth Management LLC's portfolio, making the stock its 9th biggest position. Hohimer Wealth Management LLC's holdings in Broadcom were worth $7,467,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. SlateStone Wealth LLC lifted its stake in Broadcom by 0.3% during the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock valued at $3,207,000 after purchasing an additional 47 shares during the last quarter. True Wealth Design LLC increased its holdings in shares of Broadcom by 7.2% in the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after buying an additional 48 shares in the last quarter. Samalin Investment Counsel LLC lifted its position in shares of Broadcom by 1.0% during the 4th quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer's stock valued at $1,155,000 after acquiring an additional 50 shares during the last quarter. Mizuho Bank Ltd. boosted its stake in shares of Broadcom by 7.1% during the 4th quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer's stock worth $174,000 after acquiring an additional 50 shares in the last quarter. Finally, Fulton Breakefield Broenniman LLC grew its holdings in shares of Broadcom by 2.4% in the 1st quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer's stock worth $357,000 after acquiring an additional 50 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on AVGO. The Goldman Sachs Group assumed coverage on Broadcom in a research report on Thursday. They issued a "buy" rating and a $315.00 price target for the company. Mizuho raised their target price on shares of Broadcom from $310.00 to $315.00 and gave the stock an "outperform" rating in a report on Thursday, July 3rd. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Morgan Stanley boosted their target price on shares of Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Finally, Wall Street Zen upgraded Broadcom from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Broadcom presently has an average rating of "Buy" and an average target price of $290.21.

Broadcom Stock Performance

Shares of AVGO stock traded up $1.22 during mid-day trading on Monday, reaching $275.60. The stock had a trading volume of 11,919,324 shares, compared to its average volume of 27,885,428. Broadcom Inc. has a one year low of $128.50 and a one year high of $281.18. The firm has a market cap of $1.30 trillion, a PE ratio of 103.22, a P/E/G ratio of 1.95 and a beta of 1.12. The firm's 50 day simple moving average is $246.70 and its 200 day simple moving average is $218.54. 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 issued its 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. 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%. Broadcom's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period last year, the business earned $10.96 earnings per share. On average, analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently announced 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. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

Broadcom declared that its board has approved a share buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, CFO Kirsten M. Spears sold 36,350 shares of the company's stock in a transaction that occurred on 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 in the company, valued at approximately $85,066,115.49. This represents a 10.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Mark David Brazeal sold 50,000 shares of the firm's 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 transaction, the insider owned 415,956 shares of the company's stock, valued at $105,353,335.68. This trade represents a 10.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 828,916 shares of company stock valued at $216,785,761 over the last 90 days. Company insiders own 2.00% of the company's stock.

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.