Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Woodley Farra Manion Portfolio Management Inc.

Key Points

• Woodley Farra Manion Portfolio Management Inc. reduced its stake in Broadcom Inc. by 4.2%, ending the first quarter with 416,716 shares valued at approximately $69.77 million.
• Broadcom reported quarterly earnings of $1.58 per share, exceeding analyst expectations, with revenues reaching $15 billion, marking a 20.2% year-over-year increase.
• The company recently announced a $10 billion share repurchase program as management believes the stock is undervalued, indicating confidence in its future performance.

Woodley Farra Manion Portfolio Management Inc. lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 416,716 shares of the semiconductor manufacturer's stock after selling 18,114 shares during the quarter. Broadcom comprises approximately 3.5% of Woodley Farra Manion Portfolio Management Inc.'s holdings, making the stock its 11th largest holding. Woodley Farra Manion Portfolio Management Inc.'s holdings in Broadcom were worth $69,771,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Arkadios Wealth Advisors lifted its position in Broadcom by 112.3% during the 1st quarter. Arkadios Wealth Advisors now owns 114,405 shares of the semiconductor manufacturer's stock valued at $19,155,000 after purchasing an additional 60,508 shares during the period. Independence Financial Advisors LLC bought a new stake in shares of Broadcom in the 1st quarter valued at about $359,000. FOCUS Wealth Advisors LLC increased its stake in Broadcom by 5.7% during the 1st quarter. FOCUS Wealth Advisors LLC now owns 5,350 shares of the semiconductor manufacturer's stock worth $896,000 after purchasing an additional 290 shares in the last quarter. Banque Cantonale Vaudoise bought a new stake in Broadcom during the 1st quarter worth approximately $22,432,000. Finally, Geneos Wealth Management Inc. increased its stake in Broadcom by 89.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 95,206 shares of the semiconductor manufacturer's stock worth $15,940,000 after purchasing an additional 45,054 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Insider Transactions at Broadcom

In other news, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction on Wednesday, June 25th. The stock was 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 approximately $10,132,574,604.75. The trade was a 1.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the completion of the transaction, the chief executive officer directly owned 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 830,516 shares of company stock worth $217,224,641. Company insiders own 2.00% of the company's stock.

Broadcom Price Performance

Shares of NASDAQ:AVGO traded down $5.06 during trading on Friday, hitting $288.64. 21,405,316 shares of the company's stock were exchanged, compared to its average volume of 26,886,023. The company has a market cap of $1.36 trillion, a price-to-earnings ratio of 108.10, a PEG ratio of 2.15 and a beta of 1.12. The business's 50-day simple moving average is $265.36 and its 200 day simple moving average is $224.11. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $306.95.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom's revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $10.96 EPS. As a group, equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its Board of Directors has authorized a share repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.

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 $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is presently 88.39%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Benchmark raised their target price on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research note on Friday, June 6th. UBS Group lifted their target price on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Barclays raised their price target on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. Evercore ISI reiterated an "outperform" rating and issued a $304.00 target price (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Finally, Bank of America lifted their target price on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research report on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $294.92.

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.