Independent Advisor Alliance Sells 2,295 Shares of Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Independent Advisor Alliance holds approximately $34.34 million in Broadcom Inc., making it the 14th largest position in their portfolio after a 1.1% cut in shares during the first quarter.
• Insider trading activity has been notable, with CEO Hock E. Tan selling 117,758 shares for approximately $29.78 million, resulting in a 10.40% decrease in his ownership stake.
• Broadcom recently reported a 20.2% year-over-year revenue increase to $15 billion, and analysts have raised their price targets for the stock, signaling strong future growth potential.

Independent Advisor Alliance cut its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 205,115 shares of the semiconductor manufacturer's stock after selling 2,295 shares during the quarter. Broadcom comprises 1.1% of Independent Advisor Alliance's portfolio, making the stock its 14th largest position. Independent Advisor Alliance's holdings in Broadcom were worth $34,342,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Banco Bilbao Vizcaya Argentaria S.A. lifted its position in Broadcom by 3.8% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after acquiring an additional 18,845 shares in the last quarter. PARUS FINANCE UK Ltd lifted its position in Broadcom by 175.3% in the 1st quarter. PARUS FINANCE UK Ltd now owns 100,578 shares of the semiconductor manufacturer's stock valued at $16,840,000 after acquiring an additional 64,038 shares in the last quarter. Nebula Research & Development LLC lifted its position in Broadcom by 1,100.8% in the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock valued at $3,642,000 after acquiring an additional 14,399 shares in the last quarter. Keener Financial Planning LLC lifted its position in Broadcom by 34.8% in the 1st quarter. Keener Financial Planning LLC now owns 890 shares of the semiconductor manufacturer's stock valued at $149,000 after acquiring an additional 230 shares in the last quarter. Finally, Diversify Wealth Management LLC lifted its position in Broadcom by 5.6% in the 1st quarter. Diversify Wealth Management LLC now owns 38,016 shares of the semiconductor manufacturer's stock valued at $6,365,000 after acquiring an additional 2,016 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently commented on AVGO. Barclays boosted their price objective on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. Susquehanna lifted their price target on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research note on Friday, June 6th. Redburn Atlantic started coverage on shares of Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price target on the stock. Rosenblatt Securities lifted their price target on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Finally, Truist Financial set a $295.00 price target on shares of Broadcom and gave the company a "buy" rating in a research note on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, Broadcom currently has an average rating of "Buy" and a consensus price target of $294.92.

Broadcom Stock Performance

Shares of NASDAQ:AVGO traded up $8.93 on Tuesday, reaching $312.83. 17,604,553 shares of the company's stock were exchanged, compared to its average volume of 16,984,464. The company has a fifty day moving average of $275.10 and a 200-day moving average of $227.64. Broadcom Inc. has a twelve month low of $134.90 and a twelve month high of $313.44. The company has a market capitalization of $1.47 trillion, a price-to-earnings ratio of 117.16, a PEG ratio of 2.16 and a beta of 1.15. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results 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. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the prior year, the business posted $10.96 EPS. The business's revenue was up 20.2% compared to the same quarter last year. On average, research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio is 88.39%.

Insider Activity at Broadcom

In other news, CEO Hock E. Tan sold 40,000 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the sale, the chief executive officer owned 482,836 shares of the company's stock, valued at approximately $129,540,070.44. This represents a 7.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Justine Page sold 800 shares of the company's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $274.30, for a total transaction of $219,440.00. Following the sale, the director directly owned 24,582 shares of the company's stock, valued at approximately $6,742,842.60. This trade represents a 3.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 830,516 shares of company stock worth $217,224,641 in the last 90 days. Corporate 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.