Three Seasons Wealth LLC Trims Stake in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Three Seasons Wealth LLC has reduced its stake in Broadcom Inc. (NASDAQ: AVGO) by 52.6%, leaving it with 1,200 shares valued at $201,000 as of the end of the last quarter.
• Analysts have increased their price targets for Broadcom, with Benchmark raising it from $255 to $315, while Bank of America set a target of $300, all maintaining a "buy" rating for the stock.
• Broadcom recently declared a quarterly dividend of $0.59 per share, with a yield of 0.8% and a payout ratio of 88.39%, alongside a $10 billion share buyback program to repurchase 1.4% of its stock.

Three Seasons Wealth LLC reduced its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 52.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,200 shares of the semiconductor manufacturer's stock after selling 1,332 shares during the period. Three Seasons Wealth LLC's holdings in Broadcom were worth $201,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. True Wealth Design LLC lifted its holdings in shares of Broadcom by 7.2% in the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock worth $165,000 after purchasing an additional 48 shares during the last quarter. Fulton Breakefield Broenniman LLC lifted its holdings in shares of Broadcom by 2.4% in the 1st quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer's stock worth $357,000 after purchasing an additional 50 shares during the last quarter. American Financial Advisors LLC lifted its holdings in shares of Broadcom by 3.8% in the 1st quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer's stock worth $240,000 after purchasing an additional 52 shares during the last quarter. GS Investments Inc. lifted its holdings in shares of Broadcom by 0.5% in the 1st quarter. GS Investments Inc. now owns 11,397 shares of the semiconductor manufacturer's stock worth $1,908,000 after purchasing an additional 52 shares during the last quarter. Finally, First Bank & Trust lifted its holdings in shares of Broadcom by 1.9% in the 1st quarter. First Bank & Trust now owns 2,945 shares of the semiconductor manufacturer's stock worth $493,000 after purchasing an additional 55 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AVGO has been the subject of several analyst reports. Benchmark boosted their price objective on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Cowen reiterated a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Barclays boosted their price objective on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. Wells Fargo & Company boosted their price objective on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research report on Friday, June 6th. Finally, Bank of America boosted their price objective on Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $294.92.

Insider Buying and Selling at Broadcom

In other news, insider Charlie B. Kawwas sold 10,000 shares of the business's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider directly owned 789,784 shares in the company, valued at $199,720,577.92. The trade was a 1.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Kirsten M. Spears sold 56,310 shares of the business's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the transaction, the chief financial officer owned 361,937 shares in the company, valued at approximately $91,117,639.75. This represents a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock worth $217,224,641 over the last 90 days. 2.00% of the stock is currently owned by insiders.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $297.72 on Tuesday. The company's fifty day moving average is $267.94 and its two-hundred day moving average is $224.92. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $306.95. The company has a market cap of $1.40 trillion, a P/E ratio of 111.51, a price-to-earnings-growth ratio of 2.05 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the previous year, the company posted $10.96 EPS. Broadcom's revenue was up 20.2% on a year-over-year basis. Equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

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

Broadcom announced that its Board of Directors has initiated a share buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management 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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