Tealwood Asset Management Inc. Cuts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Tealwood Asset Management Inc. lowered its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 31.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,668 shares of the semiconductor manufacturer's stock after selling 7,663 shares during the period. Broadcom accounts for approximately 1.3% of Tealwood Asset Management Inc.'s holdings, making the stock its 10th biggest holding. Tealwood Asset Management Inc.'s holdings in Broadcom were worth $2,791,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Canton Hathaway LLC purchased a new position in Broadcom during the fourth quarter valued at $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom during the 4th quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom during the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. purchased a new position in Broadcom in the 4th quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC bought a new position in Broadcom in the 4th quarter valued at approximately $32,000. 76.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on AVGO shares. Susquehanna lifted their target price on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a report on Friday. Benchmark upped their target price on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research note on Friday. Wells Fargo & Company lifted their price target on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research note on Friday. Evercore ISI boosted their price objective on shares of Broadcom from $267.00 to $304.00 and gave the company an "outperform" rating in a report on Friday. Finally, Rosenblatt Securities boosted their target price on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research note on Friday. Two research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $270.25.

Insider Activity

In other news, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Justine Page sold 800 shares of the firm's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the sale, the director now owns 25,380 shares in the company, valued at $4,695,300. The trade was a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 720,576 shares of company stock worth $131,249,694 in the last three months. Company insiders own 2.00% of the company's stock.

Broadcom Stock Down 5.0%

AVGO opened at $246.95 on Friday. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The company has a market capitalization of $1.16 trillion, a PE ratio of 201.43, a PEG ratio of 2.29 and a beta of 1.11. The firm's 50 day simple moving average is $203.73 and its two-hundred day simple moving average is $206.22.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company's quarterly revenue was up 20.2% on a year-over-year basis. During the same period last year, the firm earned $10.96 earnings per share. As a group, equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given 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 dividend yield of 0.96%. Broadcom's payout ratio is 113.46%.

Broadcom declared that its board has authorized a stock buyback plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

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.

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