Marest Capital LLC Cuts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Marest Capital LLC lessened its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 56.3% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,983 shares of the semiconductor manufacturer's stock after selling 2,556 shares during the period. Broadcom accounts for approximately 0.3% of Marest Capital LLC's holdings, making the stock its 19th biggest position. Marest Capital LLC's holdings in Broadcom were worth $332,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Canton Hathaway LLC purchased a new stake in Broadcom in the 4th quarter worth $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom in the 4th quarter worth $26,000. Sunbeam Capital Management LLC purchased a new stake in Broadcom in the 4th quarter worth $28,000. Vermillion Wealth Management Inc. purchased a new stake in Broadcom in the 4th quarter worth $30,000. Finally, Sellwood Investment Partners LLC purchased a new stake in Broadcom in the 4th quarter worth $32,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Stock Performance

Broadcom stock opened at $249.37 on Wednesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The firm has a market capitalization of $1.17 trillion, a P/E ratio of 93.40, a price-to-earnings-growth ratio of 1.79 and a beta of 1.11. The company's 50-day moving average is $216.21 and its 200 day moving average is $210.74.

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

Broadcom declared that its board has initiated a share buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.95%. Broadcom's dividend payout ratio is currently 88.39%.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer now directly owns 1,014,152 shares in the company, valued at $256,489,182.32. This represents a 10.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the company's stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the transaction, the insider now owns 465,956 shares in the company, valued at $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 848,334 shares of company stock worth $163,560,669 in the last three months. Corporate insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on AVGO. KeyCorp boosted their price target on shares of Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Bank of America boosted their price target on shares of Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Wall Street Zen cut shares of Broadcom from a "buy" rating to a "hold" rating in a research note on Sunday. William Blair reiterated an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Finally, Benchmark boosted their price target on shares of Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Broadcom currently has a consensus rating of "Moderate Buy" and an average price target of $276.09.

Broadcom 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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