Scissortail Wealth Management LLC Lowers Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Scissortail Wealth Management LLC has reduced its holdings in Broadcom Inc. by 9.1%, owning 33,584 shares worth approximately $5.62 million, making it the firm's 22nd largest position.
• Insider trading is notable, with CFO Kirsten M. Spears selling 56,310 shares for over $14 million and another insider selling 50,000 shares valued around $12.66 million, indicating a significant ownership decrease for both.
• Broadcom's stock has received multiple upgrades, with a current average price target of $294.92 and an average rating of "Buy" from analysts, highlighting positive market sentiment.

Scissortail Wealth Management LLC lowered its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 9.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 33,584 shares of the semiconductor manufacturer's stock after selling 3,349 shares during the quarter. Broadcom comprises approximately 1.4% of Scissortail Wealth Management LLC's investment portfolio, making the stock its 22nd biggest holding. Scissortail Wealth Management LLC's holdings in Broadcom were worth $5,623,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Advent Capital Management DE acquired a new position in shares of Broadcom in the first quarter valued at $5,023,000. Cooper Financial Group lifted its holdings in shares of Broadcom by 1.3% in the first quarter. Cooper Financial Group now owns 59,243 shares of the semiconductor manufacturer's stock worth $9,919,000 after acquiring an additional 768 shares during the last quarter. King Luther Capital Management Corp lifted its holdings in shares of Broadcom by 1.2% in the first quarter. King Luther Capital Management Corp now owns 1,469,848 shares of the semiconductor manufacturer's stock worth $246,097,000 after acquiring an additional 17,365 shares during the last quarter. Virtu Financial LLC lifted its holdings in shares of Broadcom by 74.9% in the first quarter. Virtu Financial LLC now owns 118,069 shares of the semiconductor manufacturer's stock worth $19,768,000 after acquiring an additional 50,555 shares during the last quarter. Finally, Entropy Technologies LP bought a new position in Broadcom in the 1st quarter valued at approximately $10,640,000. Institutional investors own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Cowen reissued a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Wells Fargo & Company raised their price objective on Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research note on Friday, June 6th. Wall Street Zen cut Broadcom from a "buy" rating to a "hold" rating in a research note on Saturday. Arete Research raised Broadcom to a "strong-buy" rating in a report on Monday, July 28th. Finally, HSBC raised Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price for the company in a report on Tuesday, June 24th. Two investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, Broadcom has a consensus rating of "Buy" and an average target price of $294.92.

Broadcom Stock Performance

AVGO stock traded down $1.07 during trading on Monday, reaching $303.90. The stock had a trading volume of 12,380,722 shares, compared to its average volume of 26,441,479. Broadcom Inc. has a 52 week low of $134.90 and a 52 week high of $310.34. The stock's 50 day moving average is $272.87 and its two-hundred day moving average is $226.63. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The firm has a market cap of $1.43 trillion, a PE ratio of 113.82, a PEG ratio of 2.17 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data 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 return on equity of 35.49% and a net margin of 22.64%. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter last year, the company earned $10.96 earnings per share. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

Insider Buying and Selling at Broadcom

In other news, CFO Kirsten M. Spears sold 56,310 shares of Broadcom stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the completion of the transaction, the chief financial officer owned 361,937 shares in the company, valued at approximately $91,117,639.75. The trade was a 13.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 50,000 shares of Broadcom stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the transaction, the insider owned 415,956 shares of the company's stock, valued at approximately $105,353,335.68. This trade represents a 10.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 830,516 shares of company stock worth $217,224,641 over the last three months. 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.