Magnus Financial Group LLC Lowers Position in Broadcom Inc. (NASDAQ:AVGO)

Magnus Financial Group LLC lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,044 shares of the semiconductor manufacturer's stock after selling 1,392 shares during the period. Magnus Financial Group LLC's holdings in Broadcom were worth $2,854,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Canton Hathaway LLC acquired a new position in shares of Broadcom in the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom during the 4th quarter valued at $26,000. Sunbeam Capital Management LLC acquired a new stake in shares of Broadcom during the 4th quarter worth $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom in the 4th quarter worth $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in shares of Broadcom in the 4th quarter worth $32,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the transaction, the director now owns 26,182 shares in the company, valued at approximately $6,026,834.58. This trade represents a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock worth $131,249,694 over the last quarter. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Performance

AVGO opened at $259.93 on Friday. The business's 50 day moving average is $202.16 and its 200-day moving average is $205.65. The stock has a market cap of $1.22 trillion, a PE ratio of 212.02, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $10.96 earnings per share. On average, analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its board has authorized a stock repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.91%. Broadcom's dividend payout ratio is presently 113.46%.

Analysts Set New Price Targets

AVGO has been the subject of several recent research reports. Redburn Atlantic initiated coverage on Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price target for the company. Rosenblatt Securities reiterated a "buy" rating and issued a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. Mizuho increased their price target on Broadcom from $250.00 to $300.00 and gave the company an "outperform" rating in a report on Wednesday, May 28th. Susquehanna raised their target price on Broadcom from $250.00 to $280.00 and gave the company a "positive" rating in a research note on Thursday, May 29th. Finally, Barclays lowered their target price on Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Three investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $246.00.

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.

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