James Investment Research Inc. Sells 8,303 Shares of Broadcom Inc. (NASDAQ:AVGO)

James Investment Research Inc. lowered its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 15.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,313 shares of the semiconductor manufacturer's stock after selling 8,303 shares during the quarter. Broadcom makes up approximately 1.0% of James Investment Research Inc.'s portfolio, making the stock its 29th biggest position. James Investment Research Inc.'s holdings in Broadcom were worth $7,587,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of AVGO. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom during the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom during the fourth quarter valued at approximately $30,000. Sellwood Investment Partners LLC purchased a new stake in shares of Broadcom during the fourth quarter valued at approximately $32,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Broadcom during the first quarter valued at approximately $25,000. Finally, Inlight Wealth Management LLC purchased a new stake in shares of Broadcom during the first quarter valued at approximately $26,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Stock Down 1.1%

Shares of NASDAQ AVGO traded down $3.16 during trading on Friday, reaching $283.29. The company had a trading volume of 8,177,681 shares, compared to its average volume of 27,825,957. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $288.28. The stock has a market cap of $1.33 trillion, a PE ratio of 105.89, a P/E/G ratio of 2.00 and a beta of 1.12. The business's 50-day moving average is $252.91 and its 200 day moving average is $219.98. 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 released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS 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 for the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the prior year, the firm posted $10.96 earnings per share. The company's quarterly revenue was up 20.2% on a year-over-year basis. As a group, equities analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its board has approved a stock repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.83%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Insider Activity at Broadcom

In other news, Director Henry Samueli sold 473,898 shares of the firm'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 transaction, the director owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gayla J. Delly sold 3,000 shares of the firm's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $265.13, for a total value of $795,390.00. Following the completion of the transaction, the director directly owned 33,352 shares in the company, valued at $8,842,615.76. This trade represents a 8.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,224,641 over the last three months. 2.00% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on AVGO shares. Cowen reissued a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Susquehanna increased 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. Redburn Atlantic assumed coverage on Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective on the stock. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Finally, Bank of America boosted their target price on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research note on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, Broadcom has a consensus rating of "Buy" and a consensus price target of $292.08.

Broadcom 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.