Prudent Man Advisors LLC Sells 960 Shares of Broadcom Inc. (NASDAQ:AVGO)

Prudent Man Advisors LLC cut its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,825 shares of the semiconductor manufacturer's stock after selling 960 shares during the period. Broadcom accounts for 0.7% of Prudent Man Advisors LLC's investment portfolio, making the stock its 24th biggest position. Prudent Man Advisors LLC's holdings in Broadcom were worth $1,980,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Banco Bilbao Vizcaya Argentaria S.A. lifted its stake in Broadcom by 3.8% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock worth $120,070,000 after purchasing an additional 18,845 shares in the last quarter. Nebula Research & Development LLC lifted its stake in Broadcom by 1,100.8% in the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock worth $3,642,000 after purchasing an additional 14,399 shares in the last quarter. OMNI 360 Wealth Inc. lifted its stake in Broadcom by 51.6% in the 1st quarter. OMNI 360 Wealth Inc. now owns 2,980 shares of the semiconductor manufacturer's stock worth $499,000 after purchasing an additional 1,014 shares in the last quarter. Coppell Advisory Solutions LLC lifted its stake in Broadcom by 1,512.3% in the 4th quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer's stock worth $21,660,000 after purchasing an additional 86,884 shares in the last quarter. Finally, Colonial Trust Co SC lifted its stake in Broadcom by 14.6% in the 4th quarter. Colonial Trust Co SC now owns 10,085 shares of the semiconductor manufacturer's stock worth $2,338,000 after purchasing an additional 1,285 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on AVGO. Evercore ISI restated an "outperform" rating and set a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Wall Street Zen upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the company a "buy" rating in a research report on Friday, June 6th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Finally, Benchmark raised their price objective on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Broadcom currently has an average rating of "Buy" and an average price target of $290.21.

Broadcom Trading Down 0.4%

Broadcom stock traded down $1.02 during trading hours on Friday, reaching $274.38. The stock had a trading volume of 14,264,387 shares, compared to its average volume of 28,121,225. The stock has a market cap of $1.29 trillion, a PE ratio of 102.76, a PEG ratio of 1.95 and a beta of 1.12. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $281.18. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The company has a fifty day simple moving average of $246.70 and a 200-day simple moving average of $218.72.

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, topping analysts' consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company's revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the firm earned $10.96 EPS. Analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Broadcom announced that its Board of Directors has authorized a share 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 stock is undervalued.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the sale, the chief executive officer owned 482,836 shares of the company's stock, valued at approximately $129,540,070.44. The trade was a 7.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 transaction of $795,390.00. Following the sale, the director directly owned 33,352 shares in the company, valued at $8,842,615.76. The trade was a 8.25% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 829,716 shares of company stock worth $216,933,761. 2.00% of the stock is currently owned by insiders.

Broadcom 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.