Value Partners Investments Inc. Cuts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Value Partners Investments Inc. reduced its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 9.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,911 shares of the semiconductor manufacturer's stock after selling 1,110 shares during the period. Value Partners Investments Inc.'s holdings in Broadcom were worth $1,828,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sequoia Financial Advisors LLC lifted its position in shares of Broadcom by 1.4% during the 1st quarter. Sequoia Financial Advisors LLC now owns 557,603 shares of the semiconductor manufacturer's stock worth $93,359,000 after purchasing an additional 7,634 shares during the last quarter. Aspetuck Financial Management LLC acquired a new stake in Broadcom in the first quarter valued at $2,110,000. Pure Financial Advisors LLC raised its stake in Broadcom by 22.5% in the first quarter. Pure Financial Advisors LLC now owns 10,127 shares of the semiconductor manufacturer's stock valued at $1,696,000 after buying an additional 1,860 shares in the last quarter. SOL Capital Management CO purchased a new stake in Broadcom during the 1st quarter worth about $943,000. Finally, Security National Bank boosted its position in shares of Broadcom by 5.5% during the 1st quarter. Security National Bank now owns 22,263 shares of the semiconductor manufacturer's stock worth $3,727,000 after acquiring an additional 1,159 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on AVGO shares. Susquehanna raised 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, June 6th. Benchmark boosted their target price on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a report on Friday, June 6th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. HSBC upgraded shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price on the stock in a research report on Tuesday. Finally, Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Two research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Broadcom has a consensus rating of "Buy" and a consensus price target of $281.25.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 40,000 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $262.17, for a total value of $10,486,800.00. Following the completion of the sale, the chief executive officer now directly owns 974,152 shares in the company, valued at approximately $255,393,429.84. This represents a 3.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kirsten M. Spears sold 36,350 shares of the firm's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the transaction, the chief financial officer now directly owns 325,587 shares in the company, valued at $85,066,115.49. This trade represents a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 337,818 shares of company stock worth $84,167,415. 2.00% of the stock is owned by company insiders.

Broadcom Price Performance

NASDAQ:AVGO opened at $270.17 on Friday. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $271.67. The firm has a market cap of $1.27 trillion, a price-to-earnings ratio of 101.19, a price-to-earnings-growth ratio of 1.88 and a beta of 1.11. The company's 50-day moving average is $227.46 and its two-hundred day moving average is $214.61. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted 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. The business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company's revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $10.96 earnings per share. Research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.87%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is 88.39%.

Broadcom announced that its Board of Directors has initiated a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's leadership believes its shares are 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.

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