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

Opus Capital Group LLC lowered its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 31.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,606 shares of the semiconductor manufacturer's stock after selling 1,652 shares during the period. Opus Capital Group LLC's holdings in Broadcom were worth $604,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. Barnes Dennig Private Wealth Management LLC acquired a new stake in Broadcom during the 1st quarter worth approximately $25,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the 4th quarter valued at $26,000. Inlight Wealth Management LLC acquired a new position in Broadcom in the 1st quarter worth $26,000. Sunbeam Capital Management LLC acquired a new stake in shares of Broadcom in the 4th quarter valued at about $28,000. Finally, Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom in the fourth quarter valued at about $30,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Henry Samueli sold 473,898 shares of the company'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 sale, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Kirsten M. Spears sold 56,310 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the sale, the chief financial officer owned 361,937 shares in the company, valued at approximately $91,117,639.75. The trade was a 13.46% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 854,716 shares of company stock worth $221,433,761. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

AVGO has been the topic of several analyst reports. Redburn Atlantic started coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target on the stock. Wells Fargo & Company lifted their target price on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research note on Friday, June 6th. Mizuho increased their price target on Broadcom from $310.00 to $315.00 and gave the company an "outperform" rating in a research note on Thursday, July 3rd. Morgan Stanley raised their price target on Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Finally, Citigroup increased their price objective on shares of Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a research report on Monday. One investment analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $285.00.

Broadcom Price Performance

NASDAQ:AVGO traded up $6.10 on Wednesday, hitting $277.90. The company had a trading volume of 20,105,827 shares, compared to its average volume of 28,370,631. The firm has a 50 day moving average of $243.73 and a two-hundred day moving average of $218.33. The stock has a market capitalization of $1.31 trillion, a price-to-earnings ratio of 104.08, a PEG ratio of 1.93 and a beta of 1.12. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $279.37. 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 (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $10.96 EPS. On average, research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its board has authorized a share repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date of this dividend was Friday, June 20th. 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.