Woodmont Investment Counsel LLC Decreases Holdings in Broadcom Inc. (NASDAQ:AVGO)

Woodmont Investment Counsel LLC lowered its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.4% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 128,708 shares of the semiconductor manufacturer's stock after selling 3,177 shares during the quarter. Broadcom makes up about 1.6% of Woodmont Investment Counsel LLC's holdings, making the stock its 14th biggest position. Woodmont Investment Counsel LLC's holdings in Broadcom were worth $21,550,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. SlateStone Wealth LLC lifted its position in Broadcom by 0.3% during the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock worth $3,207,000 after acquiring an additional 47 shares during the last quarter. True Wealth Design LLC lifted its position in Broadcom by 7.2% during the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock worth $165,000 after acquiring an additional 48 shares during the last quarter. Bfsg LLC lifted its position in Broadcom by 12.5% during the 4th quarter. Bfsg LLC now owns 451 shares of the semiconductor manufacturer's stock worth $105,000 after acquiring an additional 50 shares during the last quarter. Global Strategic Investment Solutions LLC lifted its position in Broadcom by 1.5% during the 4th quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer's stock worth $782,000 after acquiring an additional 50 shares during the last quarter. Finally, Cascade Financial Partners LLC lifted its position in Broadcom by 1.8% during the 4th quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer's stock worth $668,000 after acquiring an additional 50 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of the business's stock in a transaction that occurred on 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 sale, the insider now owns 465,956 shares of the company's stock, valued at approximately $83,872,080. The trade was a 5.09% decrease in their position. The transaction 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, June 16th. The shares were sold at an average price of $250.35, for a total transaction of $200,280.00. Following the sale, the director now directly owns 25,382 shares in the company, valued at $6,354,383.70. This trade represents a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 849,134 shares of company stock valued at $163,760,949 in the last 90 days. Company insiders own 2.00% of the company's stock.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $249.99 on Friday. The stock has a market cap of $1.18 trillion, a PE ratio of 93.63, a PEG ratio of 1.79 and a beta of 1.11. The company's fifty day moving average is $220.48 and its 200 day moving average is $212.17. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its 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 company had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm's revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the company earned $10.96 EPS. 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 stock repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently declared 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 annualized dividend and a yield of 0.94%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio is presently 88.39%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Redburn Atlantic assumed coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price objective for the company. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, June 6th. Benchmark upped their price objective on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. KeyCorp upped their price objective on shares of Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $276.09.

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.

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