Broadcom Inc. (NASDAQ:AVGO) Shares Sold by PAX Financial Group LLC

PAX Financial Group LLC trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 46.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,826 shares of the semiconductor manufacturer's stock after selling 5,021 shares during the period. PAX Financial Group LLC's holdings in Broadcom were worth $975,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of AVGO. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom during the 4th quarter valued at approximately $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom during the 4th quarter valued at approximately $30,000. Sellwood Investment Partners LLC purchased a new position in shares of Broadcom during the 4th quarter valued at approximately $32,000. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Broadcom during the 1st quarter valued at approximately $25,000. Finally, Inlight Wealth Management LLC purchased a new position in shares of Broadcom during the 1st quarter valued at approximately $26,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Price Performance

Shares of Broadcom stock traded down $2.86 during trading hours on Friday, reaching $283.59. 10,835,674 shares of the company's stock were exchanged, compared to its average volume of 27,836,706. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $288.28. The company has a market capitalization of $1.33 trillion, a P/E ratio of 106.23, a price-to-earnings-growth ratio of 2.00 and a beta of 1.12. The business has a fifty day moving average of $252.91 and a two-hundred day moving average of $219.98. 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 released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) 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 business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the prior year, the firm earned $10.96 earnings per share. The company's revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders 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 dividend yield of 0.83%. Broadcom's payout ratio is 88.39%.

Broadcom declared that its Board of Directors has authorized a stock 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 buy up to 1.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on AVGO. Susquehanna lifted their target price on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a report on Friday, June 6th. Benchmark lifted their target price on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a report on Friday, June 6th. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 target price on shares of Broadcom in a report on Friday, June 6th. Finally, Wells Fargo & Company boosted their price target on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Broadcom currently has an average rating of "Buy" and a consensus price target of $292.08.

Insider Activity

In other news, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the transaction, the chief executive officer owned 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. The trade was a 10.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Kirsten M. Spears sold 56,310 shares of the business's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the transaction, the chief financial officer directly 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 90 days, insiders have sold 830,516 shares of company stock worth $217,224,641. 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.