Wealth Alliance Advisory Group LLC Lowers Holdings in Broadcom Inc. (NASDAQ:AVGO)

Wealth Alliance Advisory Group LLC lowered its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 12.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,005 shares of the semiconductor manufacturer's stock after selling 2,333 shares during the period. Wealth Alliance Advisory Group LLC's holdings in Broadcom were worth $2,847,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Tallon Kerry Patrick purchased a new stake in Broadcom during the fourth quarter valued at $357,000. Capital & Planning LLC boosted its holdings in shares of Broadcom by 15.3% in the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock valued at $969,000 after buying an additional 554 shares in the last quarter. LaFleur & Godfrey LLC lifted its holdings in shares of 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 purchasing an additional 12,345 shares during the last quarter. Brighton Jones LLC boosted its holdings in Broadcom by 21.8% in the fourth 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 in the last quarter. Finally, Union Bancaire Privee UBP SA purchased a new position in shares of Broadcom in the fourth quarter worth $71,312,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Broadcom Trading Down 0.4%

AVGO traded down $1.15 during trading on Thursday, hitting $259.93. The company's stock had a trading volume of 41,745,758 shares, compared to its average volume of 30,922,784. The stock's fifty day moving average price is $200.31 and its 200-day moving average price is $205.00. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $1.22 trillion, a P/E ratio of 212.02, a PEG ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.33 earnings per share for the quarter, missing analysts' consensus estimates of $1.57 by ($0.24). Broadcom had a return on equity of 28.00% and a net margin of 11.43%. Analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

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 paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.91%. Broadcom's dividend payout ratio is presently 113.46%.

Broadcom declared that its board has initiated a share buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms have issued reports on AVGO. Redburn Atlantic initiated coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target for the company. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Benchmark reissued a "buy" rating and issued a $255.00 target price on shares of Broadcom in a research report on Friday, March 7th. Morgan Stanley increased their price objective on shares of Broadcom from $246.00 to $260.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. Finally, Susquehanna lifted their price target on Broadcom from $250.00 to $280.00 and gave the stock a "positive" rating in a research report on Thursday, May 29th. Three analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and an average price target of $246.00.

Insider Buying and Selling

In other news, Director Justine Page sold 800 shares of the company's stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the sale, the director now directly owns 26,182 shares of the company's stock, valued at $6,026,834.58. This represents a 2.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the business'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 completion of the transaction, the insider now owns 490,956 shares of the company's stock, valued at $95,564,585.40. This 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 in the last quarter. 2.00% of the stock is owned by insiders.

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.