Peterson Wealth Services Cuts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Peterson Wealth Services cut its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 23.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 42,995 shares of the semiconductor manufacturer's stock after selling 13,092 shares during the period. Broadcom comprises about 2.2% of Peterson Wealth Services' investment portfolio, making the stock its 12th largest position. Peterson Wealth Services' holdings in Broadcom were worth $7,199,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. 4WEALTH Advisors Inc. boosted its stake in Broadcom by 6.8% in the first quarter. 4WEALTH Advisors Inc. now owns 2,847 shares of the semiconductor manufacturer's stock worth $477,000 after purchasing an additional 181 shares in the last quarter. West Wealth Group LLC boosted its stake in Broadcom by 2.5% in the first quarter. West Wealth Group LLC now owns 11,509 shares of the semiconductor manufacturer's stock worth $1,940,000 after purchasing an additional 276 shares in the last quarter. Summit Wealth & Retirement Planning Inc. boosted its stake in Broadcom by 31.9% in the first quarter. Summit Wealth & Retirement Planning Inc. now owns 2,810 shares of the semiconductor manufacturer's stock worth $470,000 after purchasing an additional 680 shares in the last quarter. Chancellor Financial Group WB LP boosted its stake in Broadcom by 6.3% in the first quarter. Chancellor Financial Group WB LP now owns 6,392 shares of the semiconductor manufacturer's stock worth $1,070,000 after purchasing an additional 376 shares in the last quarter. Finally, Los Angeles Capital Management LLC boosted its stake in Broadcom by 31.3% in the first quarter. Los Angeles Capital Management LLC now owns 3,304,153 shares of the semiconductor manufacturer's stock worth $553,214,000 after purchasing an additional 787,321 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total value of $10,731,600.00. Following the completion of the transaction, the chief executive officer directly owned 482,836 shares of the company's stock, valued at $129,540,070.44. The trade was a 7.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justine Page sold 800 shares of the business's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $274.30, for a total value of $219,440.00. Following the transaction, the director directly owned 24,582 shares of the company's stock, valued at $6,742,842.60. This trade represents a 3.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock worth $217,224,641 over the last three months. 2.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on AVGO shares. UBS Group increased their target price on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Hsbc Global Res raised Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. Barclays raised their price objective on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $292.08.

Broadcom Price Performance

Shares of NASDAQ:AVGO traded down $9.62 during midday trading on Tuesday, reaching $278.59. The company's stock had a trading volume of 16,488,652 shares, compared to its average volume of 27,733,460. The business's fifty day simple moving average is $254.41 and its 200-day simple moving average is $220.17. The company has a market capitalization of $1.31 trillion, a P/E ratio of 104.34, a P/E/G ratio of 2.02 and a beta of 1.12. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $290.54. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued 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. The firm had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company's revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the business earned $10.96 earnings per share. As a group, equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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 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 usually an indication that the company's management believes its shares are undervalued.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.85%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

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.