Schnieders Capital Management LLC Sells 1,032 Shares of Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Schnieders Capital Management LLC reduced its stake in Broadcom Inc. by 10.2% during the first quarter, owning 9,118 shares valued at approximately $1.53 million after selling 1,032 shares.
• Several analysts have upgraded Broadcom's rating, with HSBC raising it to a **"buy"** and setting a target price of **$400.00**.
• Broadcom recently paid a quarterly dividend of **$0.59 per share**, equating to an annualized dividend yield of **0.8%** with a payout ratio of **88.39%**.

Schnieders Capital Management LLC lessened its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 10.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,118 shares of the semiconductor manufacturer's stock after selling 1,032 shares during the period. Schnieders Capital Management LLC's holdings in Broadcom were worth $1,527,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in AVGO. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom during the fourth quarter valued at approximately $30,000. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Broadcom during the first quarter valued at approximately $25,000. Cheviot Value Management LLC bought a new stake in shares of Broadcom during the first quarter valued at approximately $25,000. Finally, Inlight Wealth Management LLC bought a new position in Broadcom in the first quarter valued at approximately $26,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Analysts Set New Price Targets

AVGO has been the topic of a number of recent research reports. Barclays raised their price objective on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Arete Research raised shares of Broadcom to a "strong-buy" rating in a research note on Monday, July 28th. Susquehanna raised their price objective on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research note on Friday, June 6th. The Goldman Sachs Group initiated coverage on shares of Broadcom in a research report on Thursday, July 10th. They set a "buy" rating and a $315.00 price target on the stock. Finally, Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. One investment analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of "Buy" and a consensus target price of $294.92.

Broadcom Stock Up 0.7%

AVGO stock traded up $2.09 during midday trading on Thursday, hitting $303.76. The company's stock had a trading volume of 16,280,889 shares, compared to its average volume of 17,130,764. 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 twelve month low of $134.90 and a twelve month high of $310.34. The company's fifty day moving average price is $271.57 and its 200 day moving average price is $226.37. The stock has a market capitalization of $1.43 trillion, a P/E ratio of 113.77, a PEG ratio of 2.15 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly 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. 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 analyst estimates of $14.98 billion. During the same period in the previous year, the business earned $10.96 EPS. The company's revenue was up 20.2% compared to the same quarter last year. As a group, equities research analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid 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 0.8%. Broadcom's payout ratio is currently 88.39%.

Insider Activity at Broadcom

In other news, CFO Kirsten M. Spears sold 56,310 shares of the business's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the transaction, the chief financial officer directly owned 361,937 shares in the company, valued at $91,117,639.75. The trade was a 13.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the business's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider owned 789,784 shares in the company, valued at $199,720,577.92. This represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock worth $217,224,641 over the last ninety days. Company insiders own 2.00% of the company's stock.

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.