Koshinski Asset Management Inc. Sells 2,674 Shares of Broadcom Inc. (NASDAQ:AVGO)

Koshinski Asset Management Inc. lessened its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,515 shares of the semiconductor manufacturer's stock after selling 2,674 shares during the quarter. Broadcom comprises approximately 0.8% of Koshinski Asset Management Inc.'s investment portfolio, making the stock its 21st biggest holding. Koshinski Asset Management Inc.'s holdings in Broadcom were worth $9,462,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. 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 about $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom in the fourth quarter worth about $30,000. Sellwood Investment Partners LLC acquired a new stake in shares of Broadcom during the fourth quarter worth about $32,000. Finally, Bellevue Asset Management LLC bought a new position in shares of Broadcom during the 4th quarter valued at about $33,000. 76.43% of the stock is owned by institutional investors.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 50,000 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the insider directly owned 415,956 shares in the company, valued at $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Kirsten M. Spears sold 56,310 shares of the firm's stock in a transaction on Wednesday, June 18th. The shares were 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 directly owned 361,937 shares in the company, valued at approximately $91,117,639.75. This represents a 13.46% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 854,716 shares of company stock worth $221,433,761. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Performance

NASDAQ:AVGO traded up $5.16 during mid-day trading on Wednesday, hitting $269.90. 17,204,582 shares of the stock were exchanged, compared to its average volume of 28,759,327. The firm's 50-day simple moving average is $233.52 and its 200 day simple moving average is $216.44. The stock has a market capitalization of $1.27 trillion, a price-to-earnings ratio of 101.09, a price-to-earnings-growth ratio of 1.88 and a beta of 1.12. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $277.71. 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 (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the prior year, the company posted $10.96 earnings per share. Broadcom's revenue was up 20.2% compared to the same quarter last year. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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

Broadcom Dividend Announcement

The business also recently declared 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. This represents a $2.36 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on AVGO. Barclays lifted their price target on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Cantor Fitzgerald reissued an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a research report on Friday, June 6th. KeyCorp upped their price target on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research report on Friday, March 7th. Redburn Atlantic initiated coverage on shares of Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective on the stock. Finally, Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Two investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $281.25.

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.