Petra Financial Advisors Inc. Has $392,000 Stake in Broadcom Inc. (NASDAQ:AVGO)

Petra Financial Advisors Inc. reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 77.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,344 shares of the semiconductor manufacturer's stock after selling 8,052 shares during the quarter. Petra Financial Advisors Inc.'s holdings in Broadcom were worth $392,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Perfromance Wealth Partners LLC grew its holdings in Broadcom by 16.1% during the first quarter. Perfromance Wealth Partners LLC now owns 158,936 shares of the semiconductor manufacturer's stock valued at $26,611,000 after purchasing an additional 22,007 shares during the period. Mayport LLC bought a new position in shares of Broadcom during the first quarter worth $272,000. Worth Financial Advisory Group LLC grew its holdings in shares of Broadcom by 20.8% in the 1st quarter. Worth Financial Advisory Group LLC now owns 1,746 shares of the semiconductor manufacturer's stock valued at $292,000 after buying an additional 301 shares during the period. PFG Investments LLC increased its position in shares of Broadcom by 7.7% in the 1st quarter. PFG Investments LLC now owns 33,350 shares of the semiconductor manufacturer's stock valued at $5,584,000 after buying an additional 2,395 shares in the last quarter. Finally, Dale Q Rice Investment Management Ltd bought a new stake in shares of Broadcom in the 1st quarter valued at $268,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Price Performance

NASDAQ:AVGO opened at $249.99 on Friday. The stock has a market capitalization of $1.18 trillion, a PE ratio of 93.63, a P/E/G ratio of 1.79 and a beta of 1.11. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The firm has a fifty day simple moving average of $220.48 and a 200 day simple moving average of $212.17. 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 announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter last year, the company posted $10.96 earnings per share. On average, research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.94%. Broadcom's payout ratio is 88.39%.

Broadcom declared that its board has authorized a stock buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on AVGO shares. Redburn Atlantic assumed coverage on Broadcom in a report on Wednesday, May 28th. They set a "buy" rating and a $301.00 target price on the stock. Rosenblatt Securities lifted their price objective on Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a report on Friday, June 6th. Cowen reissued a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Finally, Citigroup upped their price target on shares of Broadcom from $276.00 to $285.00 and gave the company a "buy" rating in a report on Monday, June 9th. Three investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Broadcom has an average rating of "Moderate Buy" and an average target price of $276.09.

Insider Activity

In other news, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 465,956 shares of the company's stock, valued at $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the sale, the director now owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 849,134 shares of company stock valued at $163,760,949 over the last three months. 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.

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