Sage Mountain Advisors LLC Has $12.86 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Sage Mountain Advisors LLC lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 76,785 shares of the semiconductor manufacturer's stock after selling 1,291 shares during the quarter. Broadcom makes up about 0.9% of Sage Mountain Advisors LLC's investment portfolio, making the stock its 18th largest holding. Sage Mountain Advisors LLC's holdings in Broadcom were worth $12,856,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in AVGO. Wealthfront Advisers LLC boosted its holdings in Broadcom by 10.6% in the first quarter. Wealthfront Advisers LLC now owns 527,067 shares of the semiconductor manufacturer's stock worth $88,247,000 after purchasing an additional 50,458 shares during the period. First Business Financial Services Inc. boosted its holdings in Broadcom by 7.7% in the first quarter. First Business Financial Services Inc. now owns 40,983 shares of the semiconductor manufacturer's stock worth $6,862,000 after purchasing an additional 2,930 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its holdings in Broadcom by 2.7% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 305,459 shares of the semiconductor manufacturer's stock worth $51,143,000 after purchasing an additional 7,888 shares during the period. Melfa Wealth Management Inc. boosted its holdings in Broadcom by 3.5% in the first quarter. Melfa Wealth Management Inc. now owns 3,208 shares of the semiconductor manufacturer's stock worth $537,000 after purchasing an additional 108 shares during the period. Finally, First Command Advisory Services Inc. boosted its holdings in Broadcom by 27.3% in the first quarter. First Command Advisory Services Inc. now owns 4,147 shares of the semiconductor manufacturer's stock worth $694,000 after purchasing an additional 890 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Performance

Shares of NASDAQ AVGO traded down $2.86 during midday trading on Friday, reaching $283.59. 10,835,674 shares of the company traded hands, compared to its average volume of 27,836,706. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $288.28. The stock has a 50-day moving average price of $252.91 and a 200 day moving average price of $219.98. 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 market cap of $1.33 trillion, a price-to-earnings ratio of 106.23, a PEG ratio of 2.00 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the previous year, the business earned $10.96 earnings per share. Broadcom's revenue for the quarter was up 20.2% compared to the same quarter last year. Sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.83%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

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

Analyst Upgrades and Downgrades

A number of equities analysts have commented on AVGO shares. Susquehanna lifted their price objective on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a report on Friday, June 6th. Bank of America boosted their price target on shares of Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a report on Friday, June 6th. Rosenblatt Securities boosted their price target on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a report on Friday, June 6th. KeyCorp boosted their price target on shares of Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a report on Friday, June 6th. One 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's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $292.08.

Insider Transactions at Broadcom

In other Broadcom news, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the sale, the director directly owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gayla J. Delly sold 3,000 shares of the business's stock in a transaction dated Thursday, June 26th. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock valued at $217,224,641 in the last quarter. 2.00% of the stock is owned by company insiders.

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.