Keyes Stange & Wooten Wealth Management LLC reduced its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 12.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,047 shares of the semiconductor manufacturer's stock after selling 885 shares during the period. Broadcom makes up 0.6% of Keyes Stange & Wooten Wealth Management LLC's portfolio, making the stock its 19th biggest position. Keyes Stange & Wooten Wealth Management LLC's holdings in Broadcom were worth $1,012,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently modified their holdings of the stock. Sunbeam Capital Management LLC bought a new position in shares of Broadcom during the fourth quarter valued at $28,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom during the fourth quarter worth about $30,000. Sellwood Investment Partners LLC purchased a new stake in shares of Broadcom during the fourth quarter worth about $32,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Broadcom during the first quarter worth about $25,000. Finally, Inlight Wealth Management LLC purchased a new stake in shares of Broadcom during the first quarter worth about $26,000. 76.43% of the stock is owned by hedge funds and other institutional investors.
Broadcom Trading Down 1.1%
Broadcom stock traded down $3.11 during mid-day trading on Friday, hitting $283.34. The company's stock had a trading volume of 15,006,524 shares, compared to its average volume of 27,818,679. The company has a 50 day moving average of $254.41 and a 200-day moving average of $220.25. The stock has a market cap of $1.33 trillion, a PE ratio of 106.12, a P/E/G ratio of 2.02 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a one year low of $128.50 and a one year high of $288.28.
Broadcom (NASDAQ:AVGO - Get Free Report) last announced 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 company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom's quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $10.96 EPS. On average, research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.
Broadcom Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.83%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.
Broadcom announced that its Board of Directors has authorized a share repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.
Analyst Ratings Changes
Several research firms recently issued reports on AVGO. Barclays increased their target price on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. KeyCorp increased their target price on Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price for the company in a research report on Tuesday, June 24th. Evercore ISI reiterated an "outperform" rating and set a $304.00 target price (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Finally, Susquehanna raised their price target on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a 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 given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $292.08.
View Our Latest Report on AVGO
Insider Buying and Selling
In other Broadcom news, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the sale, the insider directly owned 415,956 shares in the company, valued at approximately $105,353,335.68. This represents a 10.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kirsten M. Spears sold 56,310 shares of the company's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the completion of the sale, the chief financial officer owned 361,937 shares of the company's stock, valued at $91,117,639.75. This represents a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 830,516 shares of company stock worth $217,224,641 over the last ninety days. Corporate insiders own 2.00% of the company's stock.
About Broadcom
(
Free Report)
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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