West Paces Advisors Inc. Trims Stake in Broadcom Inc. (NASDAQ:AVGO)

West Paces Advisors Inc. reduced its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 15.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,501 shares of the semiconductor manufacturer's stock after selling 2,493 shares during the quarter. Broadcom comprises about 0.5% of West Paces Advisors Inc.'s holdings, making the stock its 26th biggest holding. West Paces Advisors Inc.'s holdings in Broadcom were worth $2,261,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of AVGO. Canton Hathaway LLC purchased a new position in Broadcom during the fourth quarter worth about $26,000. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom in the 4th quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom during the fourth quarter worth about $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in shares of Broadcom during the fourth quarter worth about $32,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insider Transactions at Broadcom

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the business's stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the company's stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the transaction, the insider now owns 465,956 shares in the company, valued at $83,872,080. This represents a 5.09% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 720,576 shares of company stock worth $131,249,694. Corporate insiders own 2.00% of the company's stock.

Broadcom Stock Up 0.1%

AVGO stock traded up $0.35 on Tuesday, reaching $244.63. 25,457,534 shares of the company traded hands, compared to its average volume of 31,006,436. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The firm has a fifty day simple moving average of $205.17 and a 200-day simple moving average of $207.37. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43. The company has a market cap of $1.15 trillion, a P/E ratio of 199.54, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company's revenue was up 20.2% on a year-over-year basis. During the same period last year, the company earned $10.96 earnings per share. Research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its board has approved a share repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board believes its shares are undervalued.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.96%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of recent analyst reports. KeyCorp raised their target price on shares of Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Benchmark increased their price target on shares of Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a report on Friday. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the company a "buy" rating in a research report on Friday. Evercore ISI lifted their price target on Broadcom from $267.00 to $304.00 and gave the stock an "outperform" rating in a research note on Friday. Finally, Oppenheimer upped their target price on Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a research note on Friday, May 30th. Two research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Broadcom presently has an average rating of "Moderate Buy" and an average target price of $272.71.

Broadcom Company 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.