Novare Capital Management LLC Sells 7,578 Shares of Broadcom Inc. (NASDAQ:AVGO)

Novare Capital Management LLC cut its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 152,422 shares of the semiconductor manufacturer's stock after selling 7,578 shares during the period. Broadcom comprises about 2.2% of Novare Capital Management LLC's holdings, making the stock its 8th largest holding. Novare Capital Management LLC's holdings in Broadcom were worth $25,520,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. Brighton Jones LLC lifted its holdings in Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after buying an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC lifted its holdings in Broadcom by 10.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock worth $1,854,000 after buying an additional 756 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its holdings in Broadcom by 16.4% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock worth $51,283,000 after buying an additional 31,225 shares during the last quarter. Highview Capital Management LLC DE lifted its holdings in Broadcom by 1.3% during the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock worth $5,917,000 after buying an additional 322 shares during the last quarter. Finally, Proficio Capital Partners LLC lifted its holdings in Broadcom by 46.2% during the 4th quarter. Proficio Capital Partners LLC now owns 19,529 shares of the semiconductor manufacturer's stock worth $4,528,000 after buying an additional 6,168 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Performance

AVGO stock traded down $1.00 during trading on Monday, hitting $274.18. The company had a trading volume of 16,743,337 shares, compared to its average volume of 28,527,862. The firm has a market cap of $1.29 trillion, a PE ratio of 102.69, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $277.71. The firm has a 50-day moving average price of $238.77 and a 200-day moving average price of $217.17. 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 (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm's revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $10.96 EPS. On average, analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its board has initiated a stock buyback 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 generally a sign that the company's management believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Insider Transactions at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 50,000 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the transaction, the insider owned 415,956 shares in the company, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the transaction, the director owned 38,188,575 shares in the company, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 854,716 shares of company stock worth $221,433,761 over the last three months. 2.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

AVGO has been the subject of a number of recent analyst reports. Wall Street Zen raised Broadcom from a "hold" rating to a "buy" rating in a report on Saturday. Rosenblatt Securities lifted their price target on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Oppenheimer lifted their price target on Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Finally, Mizuho lifted their price target on Broadcom from $310.00 to $315.00 and gave the stock an "outperform" rating in a report on Thursday. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Broadcom presently has an average rating of "Buy" and a consensus price target of $282.71.

Broadcom 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.