Navellier & Associates Inc. Sells 6,522 Shares of Broadcom Inc. (NASDAQ:AVGO)

Navellier & Associates Inc. lowered its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 35.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,964 shares of the semiconductor manufacturer's stock after selling 6,522 shares during the period. Navellier & Associates Inc.'s holdings in Broadcom were worth $2,003,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in AVGO. ANB Bank grew its position in Broadcom by 3.5% during the first quarter. ANB Bank now owns 2,260 shares of the semiconductor manufacturer's stock valued at $378,000 after buying an additional 76 shares during the period. Cetera Investment Advisers grew its position in Broadcom by 5.3% during the first quarter. Cetera Investment Advisers now owns 1,106,256 shares of the semiconductor manufacturer's stock valued at $185,220,000 after buying an additional 56,020 shares during the period. Avantax Advisory Services Inc. grew its position in Broadcom by 1.9% during the first quarter. Avantax Advisory Services Inc. now owns 260,920 shares of the semiconductor manufacturer's stock valued at $43,686,000 after buying an additional 4,871 shares during the period. Hamilton Point Investment Advisors LLC grew its position in Broadcom by 3.3% during the first quarter. Hamilton Point Investment Advisors LLC now owns 1,883 shares of the semiconductor manufacturer's stock valued at $315,000 after buying an additional 60 shares during the period. Finally, FreeGulliver LLC grew its position in Broadcom by 4.7% during the first quarter. FreeGulliver LLC now owns 1,764 shares of the semiconductor manufacturer's stock valued at $295,000 after buying an additional 79 shares during the period. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on AVGO shares. Evercore ISI restated an "outperform" rating and set a $304.00 price target (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Wall Street Zen upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Susquehanna increased their price target on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research report on Friday, June 6th. Finally, JPMorgan Chase & Co. increased their target price on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $292.08.

Insiders Place Their Bets

In related news, Director Henry Samueli sold 473,898 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the sale, the director directly owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the transaction, the chief executive officer directly owned 482,836 shares in the company, valued at $129,540,070.44. This trade represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,224,641 over the last three months. Corporate insiders own 2.00% of the company's stock.

Broadcom Price Performance

Shares of AVGO stock traded up $1.47 during trading hours on Friday, reaching $290.18. The stock had a trading volume of 12,031,575 shares, compared to its average volume of 17,076,324. The stock's fifty day simple moving average is $260.05 and its 200 day simple moving average is $222.18. The firm has a market capitalization of $1.36 trillion, a PE ratio of 108.68, a PEG ratio of 2.05 and a beta of 1.12. The company has a current ratio of 1.08, a quick ratio of 0.98 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 $292.59.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The business 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%. Broadcom's quarterly revenue was up 20.2% on a year-over-year basis. During the same period last year, the firm posted $10.96 earnings per share. On average, equities research analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.81%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom declared that its board has approved a stock 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 purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board 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.