Opus Capital Group LLC Sells 1,652 Shares of Broadcom Inc. (NASDAQ:AVGO)

Opus Capital Group LLC reduced its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 31.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 3,606 shares of the semiconductor manufacturer's stock after selling 1,652 shares during the quarter. Opus Capital Group LLC's holdings in Broadcom were worth $604,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Banco Bilbao Vizcaya Argentaria S.A. increased its position in shares of Broadcom by 3.8% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock worth $120,070,000 after buying an additional 18,845 shares during the period. Nebula Research & Development LLC increased its position in shares of Broadcom by 1,100.8% during the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock worth $3,642,000 after buying an additional 14,399 shares during the period. Coppell Advisory Solutions LLC increased its position in shares of Broadcom by 1,512.3% during the fourth quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer's stock worth $21,660,000 after buying an additional 86,884 shares during the period. Colonial Trust Co SC increased its position in shares of Broadcom by 14.6% during the fourth quarter. Colonial Trust Co SC now owns 10,085 shares of the semiconductor manufacturer's stock worth $2,338,000 after buying an additional 1,285 shares during the period. Finally, Mackenzie Financial Corp grew its holdings in Broadcom by 7.3% in the fourth quarter. Mackenzie Financial Corp now owns 2,695,694 shares of the semiconductor manufacturer's stock worth $624,970,000 after purchasing an additional 183,474 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AVGO has been the subject of a number of research reports. The Goldman Sachs Group initiated coverage on shares of Broadcom in a report on Thursday. They issued a "buy" rating and a $315.00 price target for the company. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Susquehanna raised their price objective on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research note on Friday, June 6th. Morgan Stanley raised their price objective on shares of Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Finally, Barclays raised their price objective on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. One 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's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $290.21.

Broadcom Price Performance

NASDAQ:AVGO traded down $2.50 during mid-day trading on Thursday, hitting $275.40. 17,643,366 shares of the stock traded hands, compared to its average volume of 28,328,605. The business's 50-day moving average price is $243.73 and its 200 day moving average price is $218.33. The company has a market cap of $1.30 trillion, a PE ratio of 103.15, a price-to-earnings-growth ratio of 1.93 and a beta of 1.12. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $281.42. 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 announced its 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. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same period in the previous year, the business posted $10.96 earnings per share. Broadcom's revenue for the quarter was up 20.2% on a year-over-year basis. On average, analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.86%. Broadcom's payout ratio is presently 88.39%.

Broadcom announced that its Board of Directors has authorized a share buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the sale, the chief executive officer directly owned 482,836 shares in the company, valued at $129,540,070.44. The trade was a 7.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the sale, the chief financial officer owned 325,587 shares of the company's stock, valued at approximately $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 854,716 shares of company stock valued at $221,433,761 over the last quarter. Company insiders own 2.00% of the company's stock.

About Broadcom

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.