Kestra Private Wealth Services LLC Sells 1,354 Shares of Broadcom Inc. (NASDAQ:AVGO)

Kestra Private Wealth Services LLC lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 0.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 213,655 shares of the semiconductor manufacturer's stock after selling 1,354 shares during the quarter. Broadcom comprises approximately 0.6% of Kestra Private Wealth Services LLC's holdings, making the stock its 27th largest holding. Kestra Private Wealth Services LLC's holdings in Broadcom were worth $35,772,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. True Wealth Design LLC increased its position in Broadcom by 7.2% during the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after buying an additional 48 shares in the last quarter. Samalin Investment Counsel LLC grew its holdings in shares of Broadcom by 1.0% in the fourth quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer's stock worth $1,155,000 after acquiring an additional 50 shares during the period. Mizuho Bank Ltd. grew its holdings in shares of Broadcom by 7.1% in the fourth quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer's stock worth $174,000 after acquiring an additional 50 shares during the period. Fulton Breakefield Broenniman LLC grew its holdings in shares of Broadcom by 2.4% in the first quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer's stock worth $357,000 after acquiring an additional 50 shares during the period. Finally, American Financial Advisors LLC lifted its position in Broadcom by 3.8% during the first quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer's stock valued at $240,000 after purchasing an additional 52 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the sale, the chief executive officer owned 1,014,152 shares in the company, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 50,000 shares of the business's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the sale, the insider directly owned 415,956 shares of the company's stock, valued at approximately $105,353,335.68. This represents a 10.73% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 830,516 shares of company stock worth $217,224,641. Corporate insiders own 2.00% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on AVGO. Cowen restated a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Benchmark boosted their price objective on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Wall Street Zen upgraded Broadcom from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Susquehanna increased their price objective on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research note on Friday, June 6th. Finally, Mizuho increased their price objective on Broadcom from $315.00 to $320.00 and gave the stock an "outperform" rating in a research note on Wednesday. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Broadcom presently has an average rating of "Buy" and an average target price of $292.08.

Broadcom Price Performance

Shares of AVGO stock traded down $3.11 during midday trading on Friday, reaching $283.34. 15,006,524 shares of the company traded hands, compared to its average volume of 27,818,679. The firm's 50 day simple moving average is $254.41 and its two-hundred day simple moving average is $220.25. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $288.28. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The firm has a market cap of $1.33 trillion, a PE ratio of 106.12, a price-to-earnings-growth ratio of 2.02 and a beta of 1.12.

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 the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion during 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%. Broadcom's revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the previous year, the company earned $10.96 EPS. On average, equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom announced that its board has approved a stock repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

Broadcom Announces Dividend

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

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.