Sulzberger Capital Advisors Inc. lowered its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 18.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,703 shares of the semiconductor manufacturer's stock after selling 1,274 shares during the quarter. Broadcom accounts for approximately 1.3% of Sulzberger Capital Advisors Inc.'s portfolio, making the stock its 18th largest position. Sulzberger Capital Advisors Inc.'s holdings in Broadcom were worth $955,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Canton Hathaway LLC bought a new stake in Broadcom in the fourth quarter valued at $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom in the 4th quarter valued at about $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom during the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. acquired a new position in Broadcom during the 4th quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC bought a new position in Broadcom in the fourth quarter worth approximately $32,000. Institutional investors and hedge funds own 76.43% of the company's stock.
Broadcom Trading Down 5.0%
Shares of AVGO stock opened at $246.95 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm has a market cap of $1.16 trillion, a P/E ratio of 201.43, a PEG ratio of 2.29 and a beta of 1.11. The company has a 50 day moving average of $203.73 and a 200-day moving average of $206.22. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.43.
Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. Broadcom's revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the company earned $10.96 earnings per share. Sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.
Broadcom declared that its Board of Directors has authorized a stock buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its shares are undervalued.
Broadcom Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.96%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is currently 113.46%.
Insider Activity at Broadcom
In other news, Director Justine Page sold 800 shares of the business's stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the sale, the director now owns 25,380 shares of the company's stock, valued at $4,695,300. The trade was a 3.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the company's stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now owns 465,956 shares in the company, valued at $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 720,576 shares of company stock worth $131,249,694. Company insiders own 2.00% of the company's stock.
Analyst Upgrades and Downgrades
AVGO has been the subject of several recent research reports. Susquehanna boosted their price objective on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a report on Friday. 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 research note on Friday. Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Saturday. Redburn Atlantic initiated coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 target price for the company. Finally, Citigroup restated a "buy" rating and issued a $276.00 target price (up previously from $210.00) on shares of Broadcom in a report on Tuesday. Two investment analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $270.25.
View Our Latest Analysis on AVGO
Broadcom Profile
(
Free Report)
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.
Further Reading
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