Westwood Holdings Group Inc. Has $7.46 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Westwood Holdings Group Inc. has reduced its stake in Broadcom Inc. by 14.3%, now holding 44,534 shares worth approximately $7.46 million.
• Insider transactions at Broadcom show significant selling activity, with insiders selling a total of 830,516 shares valued at over $217 million in the past 90 days.
• Analysts maintain a positive outlook on Broadcom, with an average price target of $294.92 and a majority rating of "buy" based on recent performance and earnings surpassing expectations.

Westwood Holdings Group Inc. reduced its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 14.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 44,534 shares of the semiconductor manufacturer's stock after selling 7,439 shares during the period. Westwood Holdings Group Inc.'s holdings in Broadcom were worth $7,456,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in AVGO. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Broadcom during the 1st quarter worth approximately $25,000. Cheviot Value Management LLC acquired a new stake in shares of Broadcom in the 1st quarter valued at $25,000. Inlight Wealth Management LLC bought a new position in shares of Broadcom in the 1st quarter valued at $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the 4th quarter worth $28,000. Finally, Vermillion Wealth Management Inc. acquired a new stake in Broadcom in the fourth quarter valued at about $30,000. 76.43% of the stock is currently owned by institutional investors.

Insider Transactions at Broadcom

In other Broadcom news, Director Henry Samueli sold 473,898 shares of the firm's stock in a transaction 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 completion of the transaction, the director directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Justine Page sold 800 shares of the business's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $274.30, for a total transaction of $219,440.00. Following the transaction, the director owned 24,582 shares of the company's stock, valued at $6,742,842.60. This trade represents a 3.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 830,516 shares of company stock valued at $217,224,641. Company insiders own 2.00% of the company's stock.

Broadcom Stock Performance

Shares of AVGO stock opened at $301.67 on Thursday. The firm's 50 day moving average is $270.33 and its 200 day moving average is $225.92. The stock has a market capitalization of $1.42 trillion, a P/E ratio of 112.99, a PEG ratio of 2.08 and a beta of 1.15. Broadcom Inc. has a 12 month low of $134.90 and a 12 month high of $306.95. 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 results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The firm 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 business's revenue for the quarter was up 20.2% on a year-over-year basis. During the same period last year, the company earned $10.96 earnings per share. On average, sell-side analysts anticipate 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 was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. Broadcom's dividend payout ratio is currently 88.39%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Cowen reiterated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Redburn Atlantic assumed coverage on Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price target on the stock. Oppenheimer lifted their price objective on Broadcom from $265.00 to $305.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. KeyCorp increased their target price on shares of Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Finally, Barclays boosted their price target on shares of Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $294.92.

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.

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO - Free Report).

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.