Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Lifeworks Advisors LLC

Lifeworks Advisors LLC decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 10.5% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,098 shares of the semiconductor manufacturer's stock after selling 2,229 shares during the period. Lifeworks Advisors LLC's holdings in Broadcom were worth $3,198,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. Innova Wealth Partners increased its position in Broadcom by 29.7% during the first quarter. Innova Wealth Partners now owns 1,537 shares of the semiconductor manufacturer's stock valued at $257,000 after acquiring an additional 352 shares during the last quarter. Journey Strategic Wealth LLC increased its position in Broadcom by 96.0% during the first quarter. Journey Strategic Wealth LLC now owns 78,284 shares of the semiconductor manufacturer's stock valued at $13,107,000 after acquiring an additional 38,342 shares during the last quarter. Kovack Advisors Inc. increased its position in Broadcom by 5.2% during the first quarter. Kovack Advisors Inc. now owns 36,160 shares of the semiconductor manufacturer's stock valued at $6,054,000 after acquiring an additional 1,780 shares during the last quarter. Carnegie Investment Counsel increased its position in Broadcom by 117.3% during the first quarter. Carnegie Investment Counsel now owns 439,930 shares of the semiconductor manufacturer's stock valued at $71,245,000 after acquiring an additional 237,444 shares during the last quarter. Finally, Mendel Money Management grew its holdings in shares of Broadcom by 2.8% in the first quarter. Mendel Money Management now owns 14,295 shares of the semiconductor manufacturer's stock worth $2,393,000 after purchasing an additional 390 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Insider Activity at Broadcom

In other news, CEO Hock E. Tan sold 117,758 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the sale, the chief executive officer owned 1,014,152 shares of the company's stock, valued at $256,489,182.32. This trade represents a 10.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Henry Samueli sold 473,898 shares of the firm's stock in a transaction that occurred on 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 sale, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock worth $217,224,641 in the last ninety days. 2.00% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Hsbc Global Res upgraded shares of Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 24th. Barclays upped their price target on shares of Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. JPMorgan Chase & Co. increased their target price on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. HSBC upgraded shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price on the stock in a report on Tuesday, June 24th. Finally, The Goldman Sachs Group started coverage on shares of Broadcom in a research report on Thursday, July 10th. They set a "buy" rating and a $315.00 price target for the company. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $292.08.

Broadcom Stock Performance

Shares of Broadcom stock traded up $5.02 during midday trading on Thursday, hitting $288.71. The company had a trading volume of 16,378,941 shares, compared to its average volume of 17,434,116. The stock has a market cap of $1.36 trillion, a price-to-earnings ratio of 108.13, a PEG ratio of 2.02 and a beta of 1.12. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The company has a fifty day simple moving average of $258.82 and a 200 day simple moving average of $221.76. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $291.20.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same period last year, the firm posted $10.96 EPS. Broadcom's revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its board has initiated a share repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders 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 0.82%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is presently 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.