Lee Financial Co Trims Stake in Broadcom Inc. $AVGO

Key Points

• Lee Financial Co has reduced its stake in Broadcom Inc. by 11.4%, now holding 21,983 shares worth approximately $3.68 million.
• Broadcom reported a quarterly earnings of $1.58 per share, exceeding expectations, with revenue up 20.2% year-over-year at $15 billion.
• Despite recent insider selling, a significant portion of Broadcom's stock, around 76.43%, is currently owned by institutional investors and hedge funds.

Lee Financial Co cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 21,983 shares of the semiconductor manufacturer's stock after selling 2,837 shares during the period. Broadcom comprises about 0.6% of Lee Financial Co's investment portfolio, making the stock its 20th biggest position. Lee Financial Co's holdings in Broadcom were worth $3,681,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Brighton Jones LLC lifted its stake in shares of Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after buying an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC lifted its position in shares of Broadcom by 10.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after acquiring an additional 756 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its stake in shares of Broadcom by 16.4% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock worth $51,283,000 after acquiring an additional 31,225 shares during the period. Highview Capital Management LLC DE boosted its stake in shares of Broadcom by 1.3% in the fourth quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock worth $5,917,000 after acquiring an additional 322 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in shares of Broadcom during the fourth quarter worth about $602,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Performance

Broadcom stock opened at $306.34 on Monday. 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 capitalization of $1.44 trillion, a P/E ratio of 114.73, a price-to-earnings-growth ratio of 2.18 and a beta of 1.15. Broadcom Inc. has a 1-year low of $134.90 and a 1-year high of $317.35. The company's 50-day moving average is $278.27 and its 200 day moving average is $229.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm 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 business posted $10.96 earnings per share. The company's revenue for the quarter was up 20.2% on a year-over-year basis. Research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders 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 0.8%. Broadcom's dividend payout ratio is presently 88.39%.

Insider Buying and Selling

In other news, CFO Kirsten M. Spears sold 56,310 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the transaction, the chief financial officer directly owned 361,937 shares of the company's stock, valued at approximately $91,117,639.75. This trade represents a 13.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Henry Samueli sold 473,898 shares of the firm's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the transaction, the director owned 38,188,575 shares in the company, valued at $10,132,574,604.75. The trade was a 1.23% 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 $217,286,457 over the last ninety days. 2.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their price target on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. Evercore ISI reiterated an "outperform" rating and set a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. KeyCorp upped their target price on shares of Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Citigroup lifted their price target on shares of Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a report on Monday, July 7th. Finally, Rosenblatt Securities boosted their price target on shares of Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $295.96.

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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