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Meritage Portfolio Management Cuts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Broadcom logo with Computer and Technology background

Meritage Portfolio Management trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 261,463 shares of the semiconductor manufacturer's stock after selling 5,895 shares during the quarter. Broadcom accounts for about 2.9% of Meritage Portfolio Management's portfolio, making the stock its 4th largest position. Meritage Portfolio Management's holdings in Broadcom were worth $43,777,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. SlateStone Wealth LLC increased its holdings in Broadcom by 0.3% in the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock worth $3,207,000 after buying an additional 47 shares in the last quarter. True Wealth Design LLC raised its holdings in shares of Broadcom by 7.2% during the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after purchasing an additional 48 shares during the last quarter. Cascade Financial Partners LLC lifted its position in Broadcom by 1.8% during the fourth quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer's stock valued at $668,000 after purchasing an additional 50 shares during the period. Samalin Investment Counsel LLC boosted its holdings in Broadcom by 1.0% in the fourth quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer's stock worth $1,155,000 after purchasing an additional 50 shares during the last quarter. Finally, Mizuho Bank Ltd. grew its position in Broadcom by 7.1% in the 4th quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer's stock worth $174,000 after purchasing an additional 50 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Broadcom

In other news, Director Gayla J. Delly sold 3,000 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total transaction of $795,390.00. Following the sale, the director directly owned 33,352 shares of the company's stock, valued at $8,842,615.76. This represents a 8.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 40,000 shares of the stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the transaction, the chief executive officer owned 482,836 shares of the company's stock, valued at $129,540,070.44. This represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 854,716 shares of company stock valued at $221,433,761. 2.00% of the stock is owned by insiders.

Broadcom Price Performance

AVGO stock traded up $4.97 during midday trading on Friday, hitting $274.87. The company's stock had a trading volume of 10,592,655 shares, compared to its average volume of 28,641,799. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $277.71. The company has a 50 day moving average of $237.12 and a two-hundred day moving average of $216.98. The firm has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.95, a price-to-earnings-growth ratio of 1.92 and a beta of 1.12.

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

Broadcom declared that its board has approved a stock buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.86%. Broadcom's payout ratio is 88.39%.

Analysts Set New Price Targets

Several analysts recently commented on the company. Wells Fargo & Company lifted their price objective on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. KeyCorp increased their price objective 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. HSBC raised shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price for the company in a report on Tuesday, June 24th. Finally, William Blair reissued an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Two equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Broadcom presently has an average rating of "Buy" and a consensus target price of $281.46.

Get Our Latest Analysis on Broadcom

Broadcom Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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