Trail Ridge Investment Advisors LLC Lowers Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Trail Ridge Investment Advisors LLC lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 24.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,659 shares of the semiconductor manufacturer's stock after selling 1,511 shares during the period. Trail Ridge Investment Advisors LLC's holdings in Broadcom were worth $780,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Barnes Dennig Private Wealth Management LLC acquired a new position in Broadcom during the first quarter worth about $25,000. Inlight Wealth Management LLC acquired a new position in shares of Broadcom during the 1st quarter worth approximately $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom during the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom in the fourth quarter valued at approximately $30,000. Finally, Wood Tarver Financial Group LLC increased its holdings in shares of Broadcom by 342.5% in the first quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock valued at $30,000 after purchasing an additional 137 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Hock E. Tan sold 40,000 shares of the business's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the transaction, the chief executive officer directly owned 482,836 shares of the company's stock, valued at approximately $129,540,070.44. The trade was a 7.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the sale, the insider owned 415,956 shares in the company, valued at $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 828,916 shares of company stock worth $216,785,761 over the last ninety days. Company insiders own 2.00% of the company's stock.

Broadcom Trading Up 0.4%

NASDAQ:AVGO traded up $1.22 on Monday, reaching $275.60. 11,919,324 shares of the company's stock were exchanged, compared to its average volume of 27,885,428. The firm has a market capitalization of $1.30 trillion, a price-to-earnings ratio of 103.22, a price-to-earnings-growth ratio of 1.95 and a beta of 1.12. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $281.18. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The business has a fifty day moving average of $246.70 and a 200-day moving average of $218.54.

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 analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter in the previous year, the business posted $10.96 earnings per share. The business's quarterly revenue was up 20.2% compared to the same quarter last year. As a group, analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its Board of Directors has approved a share repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.86%. Broadcom's dividend payout ratio (DPR) is 88.39%.

Analyst Ratings Changes

A number of equities analysts have weighed in on AVGO shares. Citigroup boosted their price objective on Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Oppenheimer lifted their price target on Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a report on Friday, May 30th. Mizuho upped their price objective on shares of Broadcom from $310.00 to $315.00 and gave the company an "outperform" rating in a report on Thursday, July 3rd. Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Finally, Redburn Atlantic initiated coverage on shares of Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price on the stock. One equities research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Broadcom has a consensus rating of "Buy" and a consensus target price of $290.21.

Broadcom Company 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.