Richard Bernstein Advisors LLC Sells 3,757 Shares of Broadcom Inc. (NASDAQ:AVGO)

Richard Bernstein Advisors LLC reduced its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,955 shares of the semiconductor manufacturer's stock after selling 3,757 shares during the quarter. Broadcom comprises approximately 0.3% of Richard Bernstein Advisors LLC's holdings, making the stock its 29th largest position. Richard Bernstein Advisors LLC's holdings in Broadcom were worth $13,889,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in AVGO. Brighton Jones LLC raised its holdings in Broadcom by 21.8% in the 4th 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. Revolve Wealth Partners LLC raised its holdings in Broadcom by 10.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock worth $1,854,000 after acquiring an additional 756 shares during the last quarter. Bank Pictet & Cie Europe AG raised its holdings in Broadcom by 16.4% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock worth $51,283,000 after acquiring an additional 31,225 shares during the last quarter. Highview Capital Management LLC DE raised its holdings in Broadcom by 1.3% in the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock worth $5,917,000 after acquiring an additional 322 shares during the last quarter. Finally, Proficio Capital Partners LLC raised its holdings in Broadcom by 46.2% in the 4th quarter. Proficio Capital Partners LLC now owns 19,529 shares of the semiconductor manufacturer's stock worth $4,528,000 after acquiring an additional 6,168 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Charlie B. Kawwas sold 10,000 shares of the company's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the transaction, the insider owned 789,784 shares of the company's stock, valued at approximately $199,720,577.92. This represents a 1.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the completion of the transaction, the chief executive officer directly owned 1,014,152 shares of the company's stock, valued at $256,489,182.32. This represents a 10.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 854,716 shares of company stock worth $221,433,761 in the last three months. Corporate insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on AVGO shares. JPMorgan Chase & Co. boosted their price objective on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Bank of America boosted their target price on shares of Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research note on Friday, June 6th. UBS Group boosted their target price on shares of 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 upgraded shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. Finally, KeyCorp boosted their target price on shares of Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a research note on Tuesday. One research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Broadcom presently has a consensus rating of "Buy" and an average price target of $285.00.

Broadcom Stock Performance

Shares of AVGO stock traded up $6.10 during mid-day trading on Wednesday, reaching $277.90. 20,105,827 shares of the company's stock traded hands, compared to its average volume of 28,370,631. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $279.37. The firm has a 50 day moving average price of $243.73 and a two-hundred day moving average price of $218.33. 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 firm has a market capitalization of $1.31 trillion, a PE ratio of 104.08, a price-to-earnings-growth ratio of 1.93 and a beta of 1.12.

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, topping the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. Broadcom's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $10.96 EPS. On average, research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its Board of Directors has authorized a stock repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its stock is undervalued.

Broadcom Dividend Announcement

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

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.