Transform Wealth LLC Reduces Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Transform Wealth LLC reduced its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 170,848 shares of the semiconductor manufacturer's stock after selling 11,124 shares during the quarter. Broadcom makes up approximately 1.7% of Transform Wealth LLC's investment portfolio, making the stock its 8th biggest position. Transform Wealth LLC's holdings in Broadcom were worth $28,605,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Tallon Kerry Patrick bought a new stake in Broadcom during the 4th quarter worth approximately $357,000. Capital & Planning LLC raised its position in shares of Broadcom by 15.3% during the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock valued at $969,000 after purchasing an additional 554 shares during the period. LaFleur & Godfrey LLC lifted its stake in shares of Broadcom by 18.7% during the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock valued at $18,145,000 after buying an additional 12,345 shares in the last quarter. Brighton Jones LLC boosted its holdings in Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after buying an additional 5,322 shares during the period. Finally, Union Bancaire Privee UBP SA purchased a new stake in Broadcom in the 4th quarter worth $71,312,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Trading Up 1.0%

AVGO stock traded up $2.57 during mid-day trading on Thursday, reaching $255.48. 11,079,107 shares of the stock traded hands, compared to its average volume of 30,887,126. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43. The stock has a market capitalization of $1.20 trillion, a PE ratio of 208.39, a PEG ratio of 2.29 and a beta of 1.11. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The business has a 50-day moving average price of $209.12 and a two-hundred day moving average price of $207.94.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued 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 11.43% and a return on equity of 28.00%. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the prior year, the firm posted $10.96 EPS. The firm's revenue was up 20.2% compared to the same quarter last year. Equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.92%. Broadcom's payout ratio is 88.39%.

Broadcom announced 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 buy 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.

Wall Street Analyst Weigh In

AVGO has been the topic of several research analyst reports. Barclays boosted their price objective on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research report on Monday. Evercore ISI reaffirmed an "outperform" rating and set a $304.00 price objective (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Bank of America boosted their target price on shares of Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Cowen reaffirmed a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Finally, Rosenblatt Securities lifted their price target on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a report on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $272.71.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 25,000 shares of the firm's stock in a transaction dated 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 transaction, the insider now owns 465,956 shares of the company's stock, valued at $83,872,080. This trade represents a 5.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the business's stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 720,576 shares of company stock valued at $131,249,694. Insiders own 2.00% of the company's stock.

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.