Pettyjohn Wood & White Inc. Has $3.04 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Pettyjohn Wood & White Inc. increased its holdings in Broadcom Inc. by 7.3%, acquiring an additional 1,238 shares during the first quarter, bringing its total shares to 18,168 valued at approximately $3,042,000.
• Insider selling activity was noted with Mark David Brazeal and Charlie B. Kawwas selling large quantities of shares, resulting in a combined decrease of over 10% in their ownership positions.
• Broadcom has initiated a $10 billion stock buyback program and reported a quarterly EPS of $1.58, exceeding estimates, with revenue growth of 20.2% year-over-year.

Pettyjohn Wood & White Inc. boosted its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,168 shares of the semiconductor manufacturer's stock after buying an additional 1,238 shares during the period. Pettyjohn Wood & White Inc.'s holdings in Broadcom were worth $3,042,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Barnes Dennig Private Wealth Management LLC acquired a new position in Broadcom during the first quarter worth about $25,000. Inlight Wealth Management LLC acquired a new position in Broadcom during the first quarter worth about $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom during the fourth quarter worth about $28,000. Vermillion Wealth Management Inc. acquired a new position in Broadcom during the fourth quarter worth about $30,000. Finally, Wood Tarver Financial Group LLC grew its holdings in Broadcom by 342.5% during the first quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock worth $30,000 after acquiring an additional 137 shares during the period. Institutional investors own 76.43% of the company's stock.

Insider Buying and Selling at Broadcom

In other news, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the completion of the sale, the chief financial officer directly owned 325,587 shares in the company, valued at $85,066,115.49. The trade was a 10.04% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gayla J. Delly sold 3,000 shares of Broadcom stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $265.13, for a total value of $795,390.00. Following the sale, the director owned 33,352 shares of the company's stock, valued at approximately $8,842,615.76. This represents a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock worth $217,224,641 over the last quarter. Insiders own 2.00% of the company's stock.

Broadcom Stock Down 1.7%

Shares of NASDAQ AVGO traded down $5.06 during mid-day trading on Friday, reaching $288.64. The company had a trading volume of 21,405,316 shares, compared to its average volume of 15,995,794. The stock has a fifty day moving average of $266.56 and a two-hundred day moving average of $224.55. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The company has a market capitalization of $1.36 trillion, a price-to-earnings ratio of 108.10, a PEG ratio of 2.09 and a beta of 1.15. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $306.95.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion during 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%. The firm's revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the company earned $10.96 EPS. As a group, equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its board has authorized a stock buyback program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom's payout ratio is currently 88.39%.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of research analyst reports. 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. Morgan Stanley set a $338.00 price target on Broadcom and gave the stock an "overweight" rating in a research note on Wednesday. HSBC raised Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target on the stock in a research note on Tuesday, June 24th. Cowen reissued a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Finally, Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $294.92.

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.