Union Savings Bank Reduces Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Union Savings Bank decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 17.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,995 shares of the semiconductor manufacturer's stock after selling 1,061 shares during the quarter. Union Savings Bank's holdings in Broadcom were worth $836,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Bernardo Wealth Planning LLC grew its stake in Broadcom by 51.5% in the 1st quarter. Bernardo Wealth Planning LLC now owns 3,518 shares of the semiconductor manufacturer's stock valued at $589,000 after acquiring an additional 1,196 shares during the last quarter. Canton Hathaway LLC grew its position in shares of Broadcom by 13,636.4% in the first quarter. Canton Hathaway LLC now owns 15,110 shares of the semiconductor manufacturer's stock valued at $2,530,000 after purchasing an additional 15,000 shares during the last quarter. Weaver Capital Management LLC increased its stake in shares of Broadcom by 27.2% during the 1st quarter. Weaver Capital Management LLC now owns 41,899 shares of the semiconductor manufacturer's stock worth $7,015,000 after purchasing an additional 8,950 shares in the last quarter. CCG Wealth Management LLC increased its stake in shares of Broadcom by 13.9% during the 1st quarter. CCG Wealth Management LLC now owns 2,502 shares of the semiconductor manufacturer's stock worth $419,000 after purchasing an additional 306 shares in the last quarter. Finally, World Equity Group Inc. raised its position in shares of Broadcom by 21.7% during the 1st quarter. World Equity Group Inc. now owns 7,904 shares of the semiconductor manufacturer's stock worth $1,323,000 after purchasing an additional 1,407 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Stock Down 0.5%

Shares of NASDAQ:AVGO opened at $249.99 on Friday. The stock has a 50-day simple moving average of $220.48 and a 200-day simple moving average of $212.46. The stock has a market capitalization of $1.18 trillion, a P/E ratio of 93.63, a PEG ratio of 1.78 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 0.89, a quick ratio of 0.98 and a current ratio of 1.08.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping 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 company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the previous year, the firm earned $10.96 earnings per share. Broadcom's revenue for the quarter was up 20.2% on a year-over-year basis. Equities analysts forecast 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 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 0.94%. Broadcom's dividend payout ratio is currently 88.39%.

Broadcom declared that its board has authorized a share repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts have commented on AVGO shares. Redburn Atlantic initiated coverage on Broadcom in a report on Wednesday, May 28th. They set a "buy" rating and a $301.00 target price on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research note on Friday, June 6th. Benchmark lifted 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. Oppenheimer upped their target price on shares of Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Finally, Cowen reiterated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $276.09.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. This represents a 5.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction that occurred on 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 sale, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 849,134 shares of company stock valued at $163,760,949 over the last three months. 2.00% of the stock is owned by company 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.

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