Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Ironwood Investment Counsel LLC

Key Points

• Ironwood Investment Counsel LLC sold 4,263 shares of Broadcom Inc., reducing its stake by 14.7%, now holding 24,823 shares valued at approximately $4.16 million.
• Insider sales included significant transactions by CFO Kirsten M. Spears and Director Henry Samueli, which together amounted to over $139 million in stock sold.
• Broadcom's stock has an average price target of $294.92, with a majority of analysts recommending a "buy" rating, highlighting strong expectations for growth.

Ironwood Investment Counsel LLC trimmed its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 14.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,823 shares of the semiconductor manufacturer's stock after selling 4,263 shares during the period. Ironwood Investment Counsel LLC's holdings in Broadcom were worth $4,156,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Banco Bilbao Vizcaya Argentaria S.A. lifted its stake in shares of 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 purchasing an additional 18,845 shares during the period. PARUS FINANCE UK Ltd increased its position in shares of Broadcom by 175.3% during the first quarter. PARUS FINANCE UK Ltd now owns 100,578 shares of the semiconductor manufacturer's stock worth $16,840,000 after acquiring an additional 64,038 shares in the last quarter. Nebula Research & Development LLC lifted its holdings in shares of Broadcom by 1,100.8% in the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock valued at $3,642,000 after purchasing an additional 14,399 shares in the last quarter. Keener Financial Planning LLC raised its holdings in shares of Broadcom by 34.8% in the first quarter. Keener Financial Planning LLC now owns 890 shares of the semiconductor manufacturer's stock valued at $149,000 after purchasing an additional 230 shares during the last quarter. Finally, Diversify Wealth Management LLC increased its stake 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 buying an additional 2,016 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Broadcom Trading Up 0.4%

Shares of NASDAQ AVGO traded up $1.21 during trading hours on Friday, reaching $304.97. The stock had a trading volume of 12,439,353 shares, compared to its average volume of 17,052,154. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The business's fifty day moving average price is $272.87 and its two-hundred day moving average price is $226.82. The firm has a market cap of $1.43 trillion, a price-to-earnings ratio of 114.22, a P/E/G ratio of 2.16 and a beta of 1.15. Broadcom Inc. has a 52-week low of $134.90 and a 52-week high of $310.34.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data 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 return on equity of 35.49% and a net margin of 22.64%. The firm had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter last year, the firm earned $10.96 EPS. The business's quarterly revenue was up 20.2% on a year-over-year basis. Analysts expect 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 was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 annualized dividend 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%.

Insiders Place Their Bets

In other news, Director Henry Samueli sold 473,898 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the sale, the director owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 830,516 shares of company stock worth $217,224,641. Company insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on AVGO shares. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Oppenheimer raised their price objective on Broadcom from $265.00 to $305.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. UBS Group increased their target price on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a report on Friday, June 6th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $300.00 price target on shares of Broadcom in a research note on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $294.92.

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.