Janney Capital Management LLC Decreases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Janney Capital Management LLC reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 13.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 147,622 shares of the semiconductor manufacturer's stock after selling 22,700 shares during the quarter. Broadcom comprises about 1.7% of Janney Capital Management LLC's portfolio, making the stock its 8th biggest position. Janney Capital Management LLC's holdings in Broadcom were worth $24,716,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Canton Hathaway LLC acquired a new position in Broadcom in the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC acquired a new position in Broadcom in the fourth quarter valued at approximately $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom in the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. acquired a new position in Broadcom in the fourth quarter valued at approximately $30,000. Finally, Sellwood Investment Partners LLC acquired a new position in Broadcom in the fourth quarter valued at approximately $32,000. 76.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on AVGO shares. Wells Fargo & Company increased their price objective on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a report on Friday, June 6th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Oppenheimer increased their price objective on shares of Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Finally, KeyCorp increased their price objective on shares of Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $276.09.

Insiders Place Their Bets

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the business's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the sale, the insider now directly owns 789,784 shares of the company's stock, valued at $199,720,577.92. The trade was a 1.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 25,000 shares of the business's 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 sale, the insider now directly owns 465,956 shares in the company, valued at $83,872,080. This trade represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 849,134 shares of company stock valued at $163,760,949 in the last three months. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Trading Up 0.8%

AVGO opened at $251.26 on Thursday. The stock has a market capitalization of $1.18 trillion, a P/E ratio of 94.10, a P/E/G ratio of 1.77 and a beta of 1.11. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $265.43. The firm's fifty day simple moving average is $217.54 and its 200 day simple moving average is $211.02. 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 posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm's revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $10.96 EPS. As a group, research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.94%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

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

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.

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