Mascagni Wealth Management Inc. Sells 1,201 Shares of Broadcom Inc. (NASDAQ:AVGO)

Mascagni Wealth Management Inc. lowered its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 25.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,548 shares of the semiconductor manufacturer's stock after selling 1,201 shares during the period. Mascagni Wealth Management Inc.'s holdings in Broadcom were worth $594,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Canton Hathaway LLC purchased a new position in Broadcom during the fourth quarter valued at $26,000. Rialto Wealth Management LLC purchased a new position in Broadcom during the fourth quarter valued at $26,000. Sunbeam Capital Management LLC purchased a new position in Broadcom during the fourth quarter valued at $28,000. Vermillion Wealth Management Inc. purchased a new position in Broadcom during the fourth quarter valued at $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in Broadcom during the fourth quarter valued at $32,000. Institutional investors own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, June 6th. Barclays raised their price objective on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. Evercore ISI reaffirmed an "outperform" rating and issued a $304.00 price target (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Mizuho lifted their price target on Broadcom from $300.00 to $310.00 and gave the stock an "outperform" rating in a research report on Friday, June 6th. Finally, UBS Group lifted their price target on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research report 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $276.09.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $253.77 on Tuesday. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.43. The business has a 50-day simple moving average of $221.98 and a two-hundred day simple moving average of $213.28. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The firm has a market cap of $1.19 trillion, a price-to-earnings ratio of 95.04, a price-to-earnings-growth ratio of 1.78 and a beta of 1.11.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the company posted $10.96 EPS. On average, analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.93%. Broadcom's dividend payout ratio is currently 88.39%.

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

Insider Buying and Selling at Broadcom

In related news, CFO Kirsten M. Spears sold 56,310 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the completion of the transaction, the chief financial officer now directly owns 361,937 shares in the company, valued at approximately $91,117,639.75. The trade was a 13.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Mark David Brazeal sold 25,000 shares of the business's stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the transaction, the insider now owns 465,956 shares of the company's stock, valued at approximately $83,872,080. This trade represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 875,444 shares of company stock worth $172,097,492 in the last three months. 2.00% of the stock is currently owned by company insiders.

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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