Richard Bernstein Advisors LLC Has $13.89 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Richard Bernstein Advisors LLC lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 82,955 shares of the semiconductor manufacturer's stock after selling 3,757 shares during the quarter. Broadcom accounts for about 0.3% of Richard Bernstein Advisors LLC's investment portfolio, 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 filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also modified their holdings of the company. Barnes Dennig Private Wealth Management LLC acquired a new stake in Broadcom during the 1st quarter valued at $25,000. Rialto Wealth Management LLC acquired a new stake in Broadcom during the 4th quarter valued at $26,000. Inlight Wealth Management LLC acquired a new stake in Broadcom during the 1st quarter valued at $26,000. Sunbeam Capital Management LLC acquired a new stake in Broadcom during the 4th quarter valued at $28,000. Finally, Vermillion Wealth Management Inc. acquired a new stake in Broadcom during the 4th quarter valued at $30,000. Institutional investors own 76.43% of the company's stock.

Insider Transactions at Broadcom

In other news, Director Gayla J. Delly sold 3,000 shares of the firm's 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 completion of the sale, the director owned 33,352 shares in the company, valued at approximately $8,842,615.76. This trade represents a 8.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Mark David Brazeal sold 50,000 shares of the firm's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the sale, the insider owned 415,956 shares of the company's stock, valued at approximately $105,353,335.68. This represents a 10.73% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 854,716 shares of company stock valued at $221,433,761. 2.00% of the stock is owned by company insiders.

Broadcom Stock Down 0.9%

Shares of AVGO stock traded down $2.50 during trading on Thursday, reaching $275.40. The company's stock had a trading volume of 17,846,493 shares, compared to its average volume of 28,328,719. The business has a fifty day moving average price of $243.73 and a 200-day moving average price of $218.33. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The company has a market cap of $1.30 trillion, a price-to-earnings ratio of 103.15, a price-to-earnings-growth ratio of 1.93 and a beta of 1.12. Broadcom Inc. has a one year low of $128.50 and a one year high of $281.42.

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. Analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

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

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 paid 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 is currently 88.39%.

Analyst Ratings Changes

AVGO has been the subject of a number of recent analyst reports. Bank of America raised 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. Mizuho raised their price target on Broadcom from $310.00 to $315.00 and gave the company an "outperform" rating in a report on Thursday, July 3rd. Citigroup lifted their target price on Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a research note on Monday. Oppenheimer lifted their target price on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Finally, Truist Financial set a $295.00 target price on Broadcom and gave the company a "buy" rating in a research note on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Broadcom presently has an average rating of "Buy" and a consensus target price of $290.21.

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.