Broadcom Inc. (NASDAQ:AVGO) Shares Sold by SMART Wealth LLC

SMART Wealth LLC reduced its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 17.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,877 shares of the semiconductor manufacturer's stock after selling 2,041 shares during the quarter. SMART Wealth LLC's holdings in Broadcom were worth $1,654,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Harel Insurance Investments & Financial Services Ltd. increased its stake in shares of Broadcom by 103.3% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 161,788 shares of the semiconductor manufacturer's stock worth $27,153,000 after acquiring an additional 82,206 shares during the last quarter. IFM Investors Pty Ltd grew its holdings in shares of Broadcom by 8.8% during the 1st quarter. IFM Investors Pty Ltd now owns 912,840 shares of the semiconductor manufacturer's stock worth $157,465,000 after purchasing an additional 74,073 shares during the period. Hartline Investment Corp boosted its holdings in Broadcom by 47.7% during the 1st quarter. Hartline Investment Corp now owns 5,544 shares of the semiconductor manufacturer's stock valued at $928,000 after acquiring an additional 1,790 shares during the period. Spear Holdings RSC Ltd purchased a new position in Broadcom during the 1st quarter valued at about $66,748,000. Finally, Silver Oak Securities Incorporated boosted its holdings in Broadcom by 2.7% during the 1st quarter. Silver Oak Securities Incorporated now owns 25,914 shares of the semiconductor manufacturer's stock valued at $4,383,000 after acquiring an additional 678 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

AVGO has been the subject of a number of research analyst reports. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 24th. UBS Group raised their target price on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a report on Friday, June 6th. Wells Fargo & Company raised their target price on Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a report on Friday, June 6th. Benchmark raised their target price on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a report on Friday, June 6th. Finally, Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $282.71.

Broadcom Price Performance

AVGO stock traded down $1.10 during midday trading on Monday, hitting $274.09. 11,120,360 shares of the stock were exchanged, compared to its average volume of 28,506,807. The stock's 50-day moving average price is $238.77 and its 200-day moving average price is $217.17. The stock has a market cap of $1.29 trillion, a price-to-earnings ratio of 102.65, a PEG ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $277.71. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (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 during the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the previous year, the firm posted $10.96 earnings per share. Broadcom's revenue was up 20.2% on a year-over-year basis. Research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

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

Broadcom declared that its Board of Directors has authorized a share repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Insider Transactions at Broadcom

In related news, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction 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 directly owned 415,956 shares in the company, valued at approximately $105,353,335.68. This represents a 10.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of the company's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the transaction, the insider owned 789,784 shares of the company's stock, valued at $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 854,716 shares of company stock valued at $221,433,761. Corporate 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.