Signal Advisors Wealth LLC Trims Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Signal Advisors Wealth LLC trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 7.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,265 shares of the semiconductor manufacturer’s stock after selling 399 shares during the period. Signal Advisors Wealth LLC’s holdings in Broadcom were worth $881,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Canton Hathaway LLC acquired a new position in shares of Broadcom in the fourth quarter worth $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom during the 4th quarter worth about $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom in the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. purchased a new position in Broadcom in the 4th quarter valued at about $30,000. Finally, Sellwood Investment Partners LLC acquired a new stake in shares of Broadcom during the 4th quarter worth about $32,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on AVGO. KeyCorp boosted 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. Citigroup reiterated a “buy” rating and issued a $276.00 price target (up from $210.00) on shares of Broadcom in a report on Tuesday. Susquehanna raised their price objective on Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a report on Friday. Morgan Stanley lifted their price objective on Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Mizuho increased their target price on Broadcom from $300.00 to $310.00 and gave the stock an “outperform” rating in a research report on Friday. Two research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and an average price target of $270.25.

Broadcom Stock Down 5.0%

Shares of Broadcom stock opened at $246.95 on Friday. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. The stock has a market cap of $1.16 trillion, a price-to-earnings ratio of 201.43, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The company has a fifty day moving average price of $203.73 and a 200 day moving average price of $206.22.

Broadcom (NASDAQ:AVGO) last issued its 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 company 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% compared to the same quarter last year. During the same quarter in the prior year, the business earned $10.96 earnings per share. Equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be paid a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.96%. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Broadcom declared that its Board of Directors has authorized a stock buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the firm’s 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 sale, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Justine Page sold 800 shares of the company’s stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the transaction, the director now directly owns 25,380 shares in the company, valued at approximately $4,695,300. The trade was a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 720,576 shares of company stock valued at $131,249,694. Corporate insiders own 2.00% of the company’s stock.

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.