Private Wealth Partners LLC Cuts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Private Wealth Partners LLC trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 61.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,219 shares of the semiconductor manufacturer's stock after selling 6,751 shares during the period. Private Wealth Partners LLC's holdings in Broadcom were worth $706,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Tallon Kerry Patrick bought a new stake in shares of Broadcom in the 4th quarter worth about $357,000. Capital & Planning LLC grew its position in Broadcom by 15.3% in the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock worth $969,000 after acquiring an additional 554 shares in the last quarter. LaFleur & Godfrey LLC grew its position in Broadcom by 18.7% in the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock worth $18,145,000 after acquiring an additional 12,345 shares in the last quarter. Brighton Jones LLC increased its stake in Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after acquiring an additional 5,322 shares during the last quarter. Finally, Union Bancaire Privee UBP SA purchased a new stake in Broadcom during the fourth quarter valued at approximately $71,312,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Trading Down 0.5%

Shares of NASDAQ AVGO traded down $1.27 during trading hours on Friday, reaching $249.99. The stock had a trading volume of 42,100,140 shares, compared to its average volume of 29,469,720. 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 firm has a market cap of $1.18 trillion, a price-to-earnings ratio of 93.63, a P/E/G ratio of 1.78 and a beta of 1.11. The business's fifty day moving average price is $220.48 and its two-hundred day moving average price is $212.46. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same period in the previous year, the company posted $10.96 EPS. Broadcom's revenue was up 20.2% on a year-over-year basis. Analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

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

Broadcom announced that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company's management believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Bank of America increased their price target on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a report on Friday, June 6th. Oppenheimer raised their price target on Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Rosenblatt Securities boosted their price objective on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Finally, Cowen reissued a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Three analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $276.09.

Insider Buying and Selling

In other news, Director Henry Samueli sold 663,976 shares of the business's stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the company's stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the sale, the insider now directly owns 465,956 shares of the company's stock, valued at $83,872,080. The trade was a 5.09% 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. 2.00% of the stock is owned by company insiders.

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.