Zhang Financial LLC Trims Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Zhang Financial LLC reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 9.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 21,966 shares of the semiconductor manufacturer's stock after selling 2,164 shares during the period. Zhang Financial LLC's holdings in Broadcom were worth $3,678,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of AVGO. Noble Wealth Management PBC grew its holdings in Broadcom by 9.7% during the 1st quarter. Noble Wealth Management PBC now owns 845 shares of the semiconductor manufacturer's stock valued at $141,000 after buying an additional 75 shares in the last quarter. Capital Advisory Group Advisory Services LLC increased its position in shares of Broadcom by 53.6% during the 1st quarter. Capital Advisory Group Advisory Services LLC now owns 2,365 shares of the semiconductor manufacturer's stock valued at $396,000 after purchasing an additional 825 shares during the last quarter. Focus Financial Network Inc. lifted its holdings in shares of Broadcom by 4.3% in the 1st quarter. Focus Financial Network Inc. now owns 34,067 shares of the semiconductor manufacturer's stock worth $5,704,000 after acquiring an additional 1,417 shares during the last quarter. EdgeRock Capital LLC lifted its stake in Broadcom by 3.8% in the first quarter. EdgeRock Capital LLC now owns 5,588 shares of the semiconductor manufacturer's stock worth $936,000 after purchasing an additional 205 shares during the last quarter. Finally, Curbstone Financial Management Corp lifted its stake in shares of Broadcom by 8.0% in the 1st quarter. Curbstone Financial Management Corp now owns 6,190 shares of the semiconductor manufacturer's stock valued at $1,036,000 after acquiring an additional 460 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Insider Buying and Selling at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Justine Page sold 800 shares of the business's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the sale, the director now owns 26,182 shares in the company, valued at $6,026,834.58. This represents a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock valued at $131,249,694 over the last ninety days. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Performance

Shares of NASDAQ AVGO traded up $3.16 during midday trading on Thursday, hitting $256.07. 20,362,986 shares of the stock traded hands, compared to its average volume of 30,820,128. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43. The firm has a 50-day moving average of $209.12 and a two-hundred day moving average of $207.94. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The firm has a market capitalization of $1.20 trillion, a P/E ratio of 208.87, a PEG ratio of 2.29 and a beta of 1.11.

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

Broadcom announced that its board has initiated a stock buyback program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's management believes its shares are undervalued.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.92%. Broadcom's payout ratio is currently 88.39%.

Analysts Set New Price Targets

Several brokerages have weighed in on AVGO. 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 target for the company. Citigroup increased their target price on Broadcom from $276.00 to $285.00 and gave the stock a "buy" rating in a research report on Monday. Truist Financial set a $295.00 price target on Broadcom and gave the company a "buy" rating in a research report on Friday, June 6th. UBS Group upped their price target on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Finally, Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus 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.