Monument Capital Management Sells 3,026 Shares of Broadcom Inc. (NASDAQ:AVGO)

Monument Capital Management decreased its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 14.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,177 shares of the semiconductor manufacturer's stock after selling 3,026 shares during the quarter. Monument Capital Management's holdings in Broadcom were worth $3,043,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of AVGO. Rialto Wealth Management LLC purchased a new position in shares of Broadcom in the 4th quarter worth approximately $26,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom in the 1st quarter worth approximately $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom in the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom in the 4th quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in shares of Broadcom in the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insiders Place Their Bets

In other Broadcom news, Director Henry Samueli sold 473,898 shares of the stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the transaction, the director now owns 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction that occurred on Friday, April 11th. The stock was 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 in the company, valued at $83,872,080. This represents a 5.09% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 811,716 shares of company stock worth $209,906,771. 2.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on AVGO. Susquehanna boosted their price objective on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a report on Friday, June 6th. Morgan Stanley boosted their price objective on Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Cantor Fitzgerald restated an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a report on Friday, June 6th. Bank of America boosted their price objective on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a report on Friday, June 6th. Finally, Citigroup boosted their price objective on Broadcom from $276.00 to $285.00 and gave the company a "buy" rating in a report on Monday, June 9th. Two investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of "Buy" and an average target price of $281.25.

Broadcom Stock Down 0.3%

Shares of AVGO opened at $269.35 on Monday. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $274.30. 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 company has a market capitalization of $1.27 trillion, a price-to-earnings ratio of 100.88, a PEG ratio of 1.92 and a beta of 1.11. The stock's 50-day moving average price is $229.43 and its 200-day moving average price is $215.75.

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

Broadcom declared that its Board of Directors has initiated a share repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders 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 dividend yield of 0.88%. Broadcom's payout ratio is 88.39%.

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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