JPL Wealth Management LLC Sells 52,814 Shares of Broadcom Inc. (NASDAQ:AVGO)

JPL Wealth Management LLC lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 90.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,288 shares of the semiconductor manufacturer's stock after selling 52,814 shares during the period. JPL Wealth Management LLC's holdings in Broadcom were worth $885,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in AVGO. Sunbeam Capital Management LLC bought a new position in Broadcom in the 4th quarter worth about $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom in the 4th quarter worth about $30,000. Sellwood Investment Partners LLC bought a new position in Broadcom in the 4th quarter worth about $32,000. Barnes Dennig Private Wealth Management LLC bought a new position in Broadcom in the 1st quarter worth about $25,000. Finally, Inlight Wealth Management LLC bought a new position in Broadcom in the 1st quarter worth about $26,000. Institutional investors own 76.43% of the company's stock.

Insider Buying and Selling at Broadcom

In other Broadcom 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 transaction of $125,739,356.34. Following the transaction, the director owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. This trade 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 accessible through the SEC website. Also, CEO Hock E. Tan sold 117,758 shares of the firm's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer owned 1,014,152 shares in the company, valued at approximately $256,489,182.32. This trade represents a 10.40% 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 valued at $217,224,641 over the last ninety days. Company insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

AVGO has been the topic of several research analyst reports. Morgan Stanley raised their target price on shares of Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. UBS Group boosted their price target on shares of Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Mizuho boosted their price target on shares of Broadcom from $315.00 to $320.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Finally, Truist Financial set a $295.00 price target on shares of Broadcom and gave the stock a "buy" rating in a research report on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $292.08.

Broadcom Stock Performance

AVGO stock traded up $5.10 during midday trading on Wednesday, hitting $283.69. The stock had a trading volume of 20,467,451 shares, compared to its average volume of 27,725,330. The firm has a market capitalization of $1.33 trillion, a price-to-earnings ratio of 106.25, a P/E/G ratio of 1.98 and a beta of 1.12. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $295.19. The stock has a 50-day simple moving average of $257.70 and a 200 day simple moving average of $221.40. 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 issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business's revenue was up 20.2% on a year-over-year basis. During the same period last year, the business earned $10.96 earnings per share. As a group, equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's leadership believes its shares are undervalued.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.83%. Broadcom's dividend payout ratio is 88.39%.

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.