RMR Wealth Builders Sells 15,357 Shares of Broadcom Inc. (NASDAQ:AVGO)

RMR Wealth Builders lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 21.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 55,013 shares of the semiconductor manufacturer's stock after selling 15,357 shares during the period. Broadcom accounts for approximately 1.0% of RMR Wealth Builders' investment portfolio, making the stock its 19th biggest holding. RMR Wealth Builders' holdings in Broadcom were worth $9,211,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after acquiring an additional 6,573,204 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Broadcom by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock valued at $23,647,209,000 after purchasing an additional 3,018,294 shares during the last quarter. FMR LLC increased its holdings in shares of Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after buying an additional 2,873,809 shares in the last quarter. Norges Bank acquired a new stake in shares of Broadcom during the fourth quarter valued at about $16,893,010,000. Finally, Northern Trust Corp grew its holdings in Broadcom by 12.0% during the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after acquiring an additional 5,258,925 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on AVGO. Susquehanna lifted their price target on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a report on Friday, June 6th. Wells Fargo & Company increased their price target on Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research note on Friday, June 6th. UBS Group lifted their price objective on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Mizuho boosted their target price on shares of Broadcom from $300.00 to $310.00 and gave the company an "outperform" rating in a report on Friday, June 6th. Finally, Cowen reissued a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $276.09.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of the business's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the sale, the director now owns 25,380 shares in the company, valued at $4,695,300. The trade was a 3.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 730,576 shares of company stock valued at $133,778,494 over the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Up 1.4%

Shares of Broadcom stock traded up $3.40 during midday trading on Monday, hitting $252.10. The company had a trading volume of 19,983,268 shares, compared to its average volume of 30,342,741. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The stock has a market capitalization of $1.19 trillion, a P/E ratio of 205.63, a P/E/G ratio of 2.29 and a beta of 1.11. The company has a 50 day moving average of $213.01 and a 200 day moving average of $209.85.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its 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 for the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $10.96 EPS. On average, equities analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently announced 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. This represents a $2.36 annualized dividend and a yield of 0.94%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's dividend payout ratio is 88.39%.

Broadcom announced that its board has initiated a stock repurchase plan 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 shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its shares are undervalued.

About Broadcom

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.