WBH Advisory Inc. Cuts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• WBH Advisory Inc. reduced its holdings in Broadcom Inc. by 23.6%, owning 2,707 shares worth approximately $453,000 after selling 838 shares in the first quarter.
• Several institutional investors, including Mitsubishi UFJ Asset Management and Fayez Sarofim & Co, have increased their stakes in Broadcom, with Potentia Wealth significantly raising its ownership by 75.5%.
• Equities analysts have updated their price targets for Broadcom, with recommendations ranging from a buy to outperform, the highest target being set at $400.00 by HSBC.

WBH Advisory Inc. trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 23.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,707 shares of the semiconductor manufacturer's stock after selling 838 shares during the period. WBH Advisory Inc.'s holdings in Broadcom were worth $453,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Fayez Sarofim & Co boosted its stake in shares of Broadcom by 1.4% in the 1st quarter. Fayez Sarofim & Co now owns 68,900 shares of the semiconductor manufacturer's stock worth $11,536,000 after buying an additional 940 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Broadcom by 12.5% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 8,766,559 shares of the semiconductor manufacturer's stock worth $1,467,785,000 after buying an additional 972,805 shares during the last quarter. WealthPlan Investment Management LLC boosted its stake in shares of Broadcom by 46.1% in the 1st quarter. WealthPlan Investment Management LLC now owns 13,055 shares of the semiconductor manufacturer's stock worth $2,186,000 after buying an additional 4,121 shares during the last quarter. Potentia Wealth boosted its stake in shares of Broadcom by 75.5% in the 1st quarter. Potentia Wealth now owns 1,790 shares of the semiconductor manufacturer's stock worth $300,000 after buying an additional 770 shares during the last quarter. Finally, CenterBook Partners LP purchased a new position in shares of Broadcom in the 1st quarter worth $17,943,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 50,000 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the transaction, the insider owned 415,956 shares in the company, valued at $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the transaction, the director owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 830,516 shares of company stock valued at $217,224,641 in the last quarter. 2.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on AVGO shares. Mizuho raised their price target on Broadcom from $315.00 to $320.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 16th. UBS Group lifted their target price on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Evercore ISI reiterated an "outperform" rating and set a $304.00 target price (up from $267.00) on shares of Broadcom in a research report on Friday, June 6th. The Goldman Sachs Group started coverage on Broadcom in a research report on Thursday, July 10th. They set a "buy" rating and a $315.00 target price on the stock. Finally, HSBC upgraded 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, June 24th. Two investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $294.92.

Broadcom Trading Up 0.4%

Shares of AVGO stock opened at $304.97 on Friday. Broadcom Inc. has a 12-month low of $134.90 and a 12-month high of $310.34. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The stock's 50-day moving average price is $272.87 and its 200-day moving average price is $226.82. The stock has a market capitalization of $1.43 trillion, a price-to-earnings ratio of 114.22, a price-to-earnings-growth ratio of 2.16 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm's revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the business posted $10.96 earnings per share. Equities research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal 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. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.8%. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.