Howe & Rusling Inc. Sells 22,064 Shares of Broadcom Inc. $AVGO

Key Points

• Howe & Rusling Inc. reduced its stake in Broadcom Inc. by 11.0%, selling 22,064 shares during the first quarter, leaving it with $29.89 million in Broadcom stock.
• Broadcom reported earnings of $1.69 EPS for the last quarter, exceeding analysts' estimates, and achieved a year-over-year revenue increase of 22.0%.
• The company announced a quarterly dividend of $0.59 per share, with a dividend yield of 0.7%, to be paid on September 30th.

Howe & Rusling Inc. cut its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 178,490 shares of the semiconductor manufacturer's stock after selling 22,064 shares during the period. Broadcom accounts for about 2.5% of Howe & Rusling Inc.'s investment portfolio, making the stock its 9th largest position. Howe & Rusling Inc.'s holdings in Broadcom were worth $29,885,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Waddell & Associates LLC raised its stake in shares of Broadcom by 2.1% during the 1st quarter. Waddell & Associates LLC now owns 2,091 shares of the semiconductor manufacturer's stock worth $350,000 after purchasing an additional 43 shares in the last quarter. Challenger Wealth Management raised its stake in shares of Broadcom by 1.3% during the 1st quarter. Challenger Wealth Management now owns 3,504 shares of the semiconductor manufacturer's stock worth $587,000 after purchasing an additional 45 shares in the last quarter. True Wealth Design LLC raised its stake in shares of Broadcom by 7.2% during the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock worth $165,000 after purchasing an additional 48 shares in the last quarter. Wescott Financial Advisory Group LLC raised its stake in shares of Broadcom by 3.8% during the 1st quarter. Wescott Financial Advisory Group LLC now owns 1,326 shares of the semiconductor manufacturer's stock worth $222,000 after purchasing an additional 48 shares in the last quarter. Finally, Martingale Asset Management L P raised its stake in shares of Broadcom by 1.3% during the 1st quarter. Martingale Asset Management L P now owns 3,876 shares of the semiconductor manufacturer's stock worth $649,000 after purchasing an additional 48 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Broadcom

In other news, Director Gayla J. Delly sold 3,000 shares of Broadcom stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total transaction of $795,390.00. Following the sale, the director owned 33,352 shares of the company's stock, valued at approximately $8,842,615.76. This trade represents a 8.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Harry L. You acquired 500 shares of the firm's stock in a transaction dated Wednesday, September 10th. The shares were purchased at an average cost of $363.38 per share, for a total transaction of $181,690.00. Following the acquisition, the director directly owned 35,602 shares in the company, valued at $12,937,054.76. This represents a 1.42% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 3,550 shares of company stock worth $1,227,869 and have sold 850,912 shares worth $234,854,489. 2.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on AVGO. Susquehanna raised their price objective on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research note on Friday, June 6th. Deutsche Bank Aktiengesellschaft raised their price objective on Broadcom from $300.00 to $350.00 and gave the company a "buy" rating in a research note on Friday, September 5th. Wells Fargo & Company raised their price objective on Broadcom from $255.00 to $345.00 and gave the company an "equal weight" rating in a research note on Friday, September 5th. TD Cowen raised their price objective on Broadcom from $355.00 to $370.00 and gave the company a "buy" rating in a research note on Friday, September 5th. Finally, UBS Group raised their price objective on Broadcom from $290.00 to $345.00 and gave the company a "buy" rating in a research note on Monday, August 25th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $354.04.

Broadcom Stock Performance

AVGO traded up $0.24 during midday trading on Friday, reaching $359.87. The company's stock had a trading volume of 31,929,014 shares, compared to its average volume of 25,328,086. The stock has a market cap of $1.69 trillion, a P/E ratio of 91.80, a PEG ratio of 1.99 and a beta of 1.16. The company has a fifty day simple moving average of $300.31 and a 200 day simple moving average of $242.19. The company has a current ratio of 1.50, a quick ratio of 1.37 and a debt-to-equity ratio of 0.86. Broadcom Inc. has a twelve month low of $138.10 and a twelve month high of $374.23.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Thursday, September 4th. The semiconductor manufacturer reported $1.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.66 by $0.03. The firm had revenue of $15.95 billion for the quarter, compared to analyst estimates of $15.82 billion. Broadcom had a return on equity of 36.60% and a net margin of 31.59%.The company's revenue was up 22.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.24 EPS. Broadcom has set its Q4 2025 guidance at EPS. Research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 22nd will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, September 22nd. Broadcom's dividend payout ratio (DPR) is presently 60.20%.

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.