Integrated Advisors Network LLC Sells 42,154 Shares of Broadcom Inc. (NASDAQ:AVGO)

Integrated Advisors Network LLC trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 40.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 61,265 shares of the semiconductor manufacturer's stock after selling 42,154 shares during the period. Integrated Advisors Network LLC's holdings in Broadcom were worth $10,258,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in AVGO. Canton Hathaway LLC bought a new stake in Broadcom during the fourth quarter valued at $26,000. Rialto Wealth Management LLC acquired a new stake in Broadcom in the 4th quarter valued at approximately $26,000. Sunbeam Capital Management LLC acquired a new stake in Broadcom in the fourth quarter worth about $28,000. Vermillion Wealth Management Inc. bought a new position in shares of Broadcom in the fourth quarter valued at approximately $30,000. Finally, Sellwood Investment Partners LLC acquired a new position in shares of Broadcom during the 4th quarter valued at $32,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on AVGO. Mizuho lifted their target price on Broadcom from $300.00 to $310.00 and gave the stock an "outperform" rating in a report on Friday, June 6th. Rosenblatt Securities lifted their price objective on shares of Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Susquehanna increased their target price 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. JPMorgan Chase & Co. raised their target price on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Finally, Morgan Stanley upped their price target on Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $272.71.

Insider Activity at Broadcom

In other news, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the sale, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. The trade was a 2.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the transaction, the insider now directly owns 465,956 shares of the company's stock, valued at $83,872,080. This trade represents a 5.09% decrease in their position. The disclosure for this sale can be found here. Insiders 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 currently owned by insiders.

Broadcom Stock Performance

AVGO traded up $3.29 on Thursday, hitting $256.20. The company had a trading volume of 10,290,941 shares, compared to its average volume of 30,884,353. The stock has a market cap of $1.20 trillion, a price-to-earnings ratio of 208.97, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The company's fifty day moving average price is $209.12 and its 200 day moving average price is $207.94. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results 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. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the previous year, the business earned $10.96 EPS. The business's revenue was up 20.2% on a year-over-year basis. Equities analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

Broadcom declared that its board has initiated a stock repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.

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.