Rock Point Advisors LLC Sells 1,495 Shares of Broadcom Inc. (NASDAQ:AVGO)

Rock Point Advisors LLC lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 61,053 shares of the semiconductor manufacturer's stock after selling 1,495 shares during the quarter. Broadcom comprises about 3.2% of Rock Point Advisors LLC's holdings, making the stock its 7th largest position. Rock Point Advisors LLC's holdings in Broadcom were worth $10,222,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Sunbeam Capital Management LLC purchased a new stake in Broadcom in the 4th quarter valued at approximately $28,000. Vermillion Wealth Management Inc. purchased a new stake in Broadcom in the 4th quarter valued at approximately $30,000. Sellwood Investment Partners LLC purchased a new stake in Broadcom in the 4th quarter valued at approximately $32,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in Broadcom in the 1st quarter valued at approximately $25,000. Finally, Inlight Wealth Management LLC acquired a new stake in shares of Broadcom during the 1st quarter valued at approximately $26,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insiders Place Their Bets

In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of the company's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the sale, the chief financial officer directly owned 325,587 shares of the company's stock, valued at approximately $85,066,115.49. This represents a 10.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark David Brazeal sold 50,000 shares of the company'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 directly owned 415,956 shares in the company, valued at $105,353,335.68. This represents a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 829,716 shares of company stock valued at $216,933,761 over the last 90 days. Company insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on AVGO shares. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Benchmark lifted their price target on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a report on Friday, June 6th. Redburn Atlantic assumed coverage on Broadcom in a report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target on the stock. Evercore ISI reissued an "outperform" rating and set a $304.00 target price (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. Finally, Rosenblatt Securities lifted their price target on shares of Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. One research 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. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $290.21.

Broadcom Stock Down 0.2%

Shares of AVGO stock traded down $0.62 on Friday, hitting $274.78. The company's stock had a trading volume of 9,301,705 shares, compared to its average volume of 28,204,470. The stock has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.94, a P/E/G ratio of 1.98 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $281.18. The firm's fifty day moving average price is $245.29 and its 200-day moving average price is $218.63.

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

Broadcom declared that its Board of Directors has initiated a share buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its shares are undervalued.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. Broadcom's payout ratio is 88.39%.

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.