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

Opus Capital Group LLC lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 31.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor 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 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC raised its position in shares of Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after purchasing an additional 5,322 shares during the period. Revolve Wealth Partners LLC raised its position in shares of Broadcom by 10.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock valued at $1,854,000 after purchasing an additional 756 shares during the period. Bank Pictet & Cie Europe AG raised its position in shares of Broadcom by 16.4% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock valued at $51,283,000 after purchasing an additional 31,225 shares during the period. Highview Capital Management LLC DE raised its position in shares of Broadcom by 1.3% in the fourth quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock valued at $5,917,000 after purchasing an additional 322 shares during the period. Finally, Proficio Capital Partners LLC raised its position in shares of Broadcom by 46.2% in the fourth quarter. Proficio Capital Partners LLC now owns 19,529 shares of the semiconductor manufacturer's stock valued at $4,528,000 after purchasing an additional 6,168 shares during the period. Institutional investors own 76.43% of the company's stock.

Insider Buying and Selling

In other news, CEO Hock E. Tan sold 40,000 shares of the business's stock in a transaction 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 sale, the chief executive officer owned 482,836 shares in the company, valued at approximately $129,540,070.44. The trade was a 7.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kirsten M. Spears sold 36,350 shares of the business's stock in a transaction 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 completion of the sale, the chief financial officer owned 325,587 shares in the company, valued at $85,066,115.49. This represents a 10.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 829,716 shares of company stock worth $216,933,761 in the last three months. Company insiders own 2.00% of the company's stock.

Broadcom Stock Performance

AVGO traded down $1.02 during trading on Friday, reaching $274.38. 14,264,387 shares of the company's stock were exchanged, compared to its average volume of 28,130,551. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $281.18. 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 business has a 50 day moving average price of $246.70 and a 200 day moving average price of $218.87. The company has a market capitalization of $1.29 trillion, a P/E ratio of 102.76, a PEG ratio of 1.96 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. 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 previous year, the company earned $10.96 earnings per share. The business's revenue was up 20.2% compared to the same quarter last year. As a group, analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its Board of Directors has approved a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Broadcom Dividend Announcement

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

Wall Street Analyst Weigh In

A number of research firms have recently commented on AVGO. Wells Fargo & Company lifted their price target on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday, June 6th. Mizuho raised their price objective on shares of Broadcom from $310.00 to $315.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. Redburn Atlantic began coverage on shares of Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective on the stock. Oppenheimer raised their price objective on shares of Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Finally, Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $290.21.

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.