Broadcom Inc. (NASDAQ:AVGO) Shares Sold by UMB Bank n.a.

UMB Bank n.a. cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 493,592 shares of the semiconductor manufacturer's stock after selling 15,598 shares during the quarter. Broadcom accounts for approximately 1.4% of UMB Bank n.a.'s holdings, making the stock its 16th biggest holding. UMB Bank n.a.'s holdings in Broadcom were worth $82,642,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

Several brokerages have commented on AVGO. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday. Susquehanna upped their price objective on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a report on Friday. Redburn Atlantic assumed coverage on Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price target on the stock. Rosenblatt Securities boosted their target price on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a report on Friday. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a research note on Friday. Two investment analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Broadcom presently has a consensus rating of "Moderate Buy" and a consensus price target of $272.71.

Broadcom Stock Performance

NASDAQ AVGO traded down $2.65 during mid-day trading on Monday, reaching $244.28. 25,224,183 shares of the stock were exchanged, compared to its average volume of 31,028,576. The business's 50 day moving average is $203.73 and its 200-day moving average is $206.81. The company has a market capitalization of $1.15 trillion, a P/E ratio of 199.25, a P/E/G ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The company 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%. Broadcom's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $10.96 earnings per share. On average, equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.97%. Broadcom's dividend payout ratio (DPR) is 88.39%.

Broadcom announced that its board 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 purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, Director Justine Page sold 800 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the transaction, the director now owns 26,182 shares of the company's stock, valued at $6,026,834.58. The trade was a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the sale, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock worth $131,249,694 over the last 90 days. 2.00% of the stock is owned by insiders.

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.