Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Strategic Investment Advisors MI

Strategic Investment Advisors MI lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 23.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,840 shares of the semiconductor manufacturer's stock after selling 11,133 shares during the period. Strategic Investment Advisors MI's holdings in Broadcom were worth $6,001,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of AVGO. Horizon Bancorp Inc. IN acquired a new stake in shares of Broadcom in the first quarter valued at about $100,000. Moran Wealth Management LLC boosted its position in Broadcom by 8.0% during the first quarter. Moran Wealth Management LLC now owns 286,078 shares of the semiconductor manufacturer's stock worth $47,898,000 after acquiring an additional 21,093 shares during the last quarter. Symmetry Partners LLC grew its stake in Broadcom by 9.7% during the 1st quarter. Symmetry Partners LLC now owns 1,489 shares of the semiconductor manufacturer's stock valued at $249,000 after acquiring an additional 132 shares in the last quarter. International Assets Investment Management LLC raised its holdings in Broadcom by 12.1% in the 1st quarter. International Assets Investment Management LLC now owns 55,820 shares of the semiconductor manufacturer's stock valued at $9,346,000 after acquiring an additional 6,017 shares during the last quarter. Finally, Invesco LLC acquired a new stake in Broadcom in the 1st quarter valued at about $1,960,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Trading Up 2.1%

Shares of NASDAQ AVGO traded up $5.52 during trading on Thursday, reaching $270.17. The stock had a trading volume of 23,540,196 shares, compared to its average volume of 29,153,648. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The company has a market cap of $1.27 trillion, a P/E ratio of 101.19, a PEG ratio of 1.88 and a beta of 1.11. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $271.62. The business's 50-day moving average price is $225.48 and its 200-day moving average price is $213.98.

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, beating the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom's revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the company posted $10.96 EPS. On average, equities research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom declared that its board has approved a share repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.87%. Broadcom's dividend payout ratio (DPR) is 88.39%.

Insider Buying and Selling at Broadcom

In related news, CEO Hock E. Tan sold 40,000 shares of the business's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $262.17, for a total transaction of $10,486,800.00. Following the completion of the transaction, the chief executive officer now owns 974,152 shares in the company, valued at approximately $255,393,429.84. The trade was a 3.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the firm's stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 301,468 shares of company stock valued at $74,670,250 in the last quarter. Corporate insiders own 2.00% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on AVGO shares. Mizuho boosted their target price on Broadcom from $300.00 to $310.00 and gave the stock an "outperform" rating in a report on Friday, June 6th. Cowen reissued a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. JPMorgan Chase & Co. lifted their price target on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Finally, Susquehanna boosted their price target on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research report on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Broadcom has a consensus rating of "Buy" and a consensus target price of $281.25.

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.