Trek Financial LLC Sells 4,695 Shares of Broadcom Inc. (NASDAQ:AVGO)

Trek Financial LLC lowered its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 16.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 24,134 shares of the semiconductor manufacturer's stock after selling 4,695 shares during the period. Trek Financial LLC's holdings in Broadcom were worth $4,041,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Rialto Wealth Management LLC bought a new position in Broadcom during the fourth quarter valued at approximately $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom during the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom in the 4th quarter worth $30,000. Sellwood Investment Partners LLC acquired a new stake in shares of Broadcom in the 4th quarter worth $32,000. Finally, Barnes Dennig Private Wealth Management LLC purchased a new position in Broadcom in the 1st quarter worth $25,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Barclays raised their target price on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. KeyCorp lifted their target price on Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a research report on Tuesday. Evercore ISI reissued an "outperform" rating and issued a $304.00 target price (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Finally, Rosenblatt Securities boosted their price target on shares of Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, Broadcom presently has an average rating of "Buy" and a consensus price target of $285.00.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the sale, the chief executive officer owned 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the business's stock in a transaction that occurred 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 of the company's stock, valued at approximately $199,720,577.92. This represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 854,716 shares of company stock worth $221,433,761. Company insiders own 2.00% of the company's stock.

Broadcom Stock Performance

Shares of AVGO traded down $2.38 during midday trading on Tuesday, reaching $271.80. 14,846,336 shares of the stock were exchanged, compared to its average volume of 28,473,495. The company has a market cap of $1.28 trillion, a P/E ratio of 101.80, a PEG ratio of 1.96 and a beta of 1.12. The stock's 50 day simple moving average is $240.40 and its 200 day simple moving average is $217.54. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $277.71. 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 (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. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company 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 business posted $10.96 earnings per share. The business's quarterly revenue was up 20.2% compared to the same quarter last year. On average, sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is currently 88.39%.

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

About Broadcom

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.