Perpetual Ltd Sells 19,633 Shares of Broadcom Inc. (NASDAQ:AVGO)

Perpetual Ltd lowered its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 379,736 shares of the semiconductor manufacturer's stock after selling 19,633 shares during the period. Perpetual Ltd's holdings in Broadcom were worth $63,579,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of AVGO. Canton Hathaway LLC acquired a new position in Broadcom in the fourth quarter valued at $26,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom in the 4th quarter worth about $26,000. Inlight Wealth Management LLC acquired a new position in shares of Broadcom in the 1st quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the 4th quarter valued at about $28,000. Finally, Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom during the 4th quarter valued at about $30,000. 76.43% of the stock is owned by institutional investors.

Broadcom Trading Up 2.1%

Shares of Broadcom stock opened at $270.17 on Friday. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The stock has a fifty day simple moving average of $227.46 and a 200 day simple moving average of $214.61. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $271.67. The company has a market capitalization of $1.27 trillion, a P/E ratio of 101.19, a price-to-earnings-growth ratio of 1.88 and a beta of 1.11.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping 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 firm 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 business posted $10.96 EPS. The business's revenue was up 20.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.87%. Broadcom's dividend payout ratio (DPR) is 88.39%.

Broadcom announced that its Board of Directors has approved a stock repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on AVGO shares. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Mizuho lifted their price objective on shares of Broadcom from $300.00 to $310.00 and gave the company an "outperform" rating in a research note on Friday, June 6th. Susquehanna increased their target price on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research note on Friday, June 6th. Morgan Stanley raised their price target on shares of Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Finally, Wall Street Zen cut shares of Broadcom from a "buy" rating to a "hold" rating in a research report on Sunday, June 15th. Two equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $281.25.

Insider Buying and Selling at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer now owns 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 25,000 shares of the firm's stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares of the company's stock, valued at approximately $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 337,818 shares of company stock worth $84,167,415. Insiders own 2.00% of the company's stock.

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.

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