Mayflower Financial Advisors LLC Sells 3,246 Shares of Broadcom Inc. (NASDAQ:AVGO)

Mayflower Financial Advisors LLC reduced its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 12.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,347 shares of the semiconductor manufacturer's stock after selling 3,246 shares during the period. Mayflower Financial Advisors LLC's holdings in Broadcom were worth $3,742,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Brighton Jones LLC grew its stake in shares of Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after acquiring an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC grew its stake in shares of Broadcom by 10.4% during 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 lifted its position in shares of Broadcom by 16.4% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock worth $51,283,000 after purchasing an additional 31,225 shares during the last quarter. Highview Capital Management LLC DE lifted its position in shares of Broadcom by 1.3% during the fourth quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock worth $5,917,000 after purchasing an additional 322 shares during the last quarter. Finally, Proficio Capital Partners LLC lifted its position in shares of Broadcom by 46.2% during the fourth quarter. Proficio Capital Partners LLC now owns 19,529 shares of the semiconductor manufacturer's stock worth $4,528,000 after purchasing an additional 6,168 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of recent research reports. Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 24th. Rosenblatt Securities lifted their price target on Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a report on Friday, June 6th. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Redburn Atlantic started coverage on Broadcom in a report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target on the stock. Finally, UBS Group lifted their price target on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $292.08.

Insider Activity

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the sale, the insider owned 789,784 shares of the company's stock, valued at $199,720,577.92. This trade represents a 1.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the sale, the director directly owned 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 830,516 shares of company stock worth $217,224,641. 2.00% of the stock is owned by corporate insiders.

Broadcom Price Performance

Broadcom stock traded down $3.20 during mid-day trading on Friday, hitting $283.25. The company's stock had a trading volume of 8,763,953 shares, compared to its average volume of 27,827,795. 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 stock has a market capitalization of $1.33 trillion, a P/E ratio of 105.99, a P/E/G ratio of 2.00 and a beta of 1.12. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $288.28. The stock's fifty day moving average price is $252.91 and its two-hundred day moving average price is $219.98.

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

Broadcom Dividend Announcement

The company also recently disclosed 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 annualized dividend and a yield of 0.83%. The ex-dividend date was Friday, June 20th. Broadcom's payout ratio is 88.39%.

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

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.