Courier Capital LLC Sells 1,662 Shares of Broadcom Inc. (NASDAQ:AVGO)

Courier Capital LLC lowered its stake in Broadcom Inc. (NASDAQ:AVGO) by 23.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,496 shares of the semiconductor manufacturer’s stock after selling 1,662 shares during the period. Courier Capital LLC’s holdings in Broadcom were worth $920,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the period. Geode Capital Management LLC increased its position in shares of Broadcom by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock worth $23,647,209,000 after purchasing an additional 3,018,294 shares during the period. FMR LLC increased its position in shares of Broadcom by 3.2% in the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock worth $21,624,718,000 after purchasing an additional 2,873,809 shares during the period. Norges Bank bought a new position in shares of Broadcom in the fourth quarter worth $16,893,010,000. Finally, Northern Trust Corp increased its position in shares of Broadcom by 12.0% in the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer’s stock worth $11,380,411,000 after purchasing an additional 5,258,925 shares during the period. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

NASDAQ:AVGO opened at $244.28 on Tuesday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.43. The company has a 50 day simple moving average of $205.17 and a two-hundred day simple moving average of $207.37. The company has a market capitalization of $1.15 trillion, a PE ratio of 199.25, a P/E/G ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. The firm 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 revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the previous 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 declared that its board has initiated a share buyback plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders 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 0.97%. Broadcom’s dividend payout ratio (DPR) is currently 88.39%.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. The trade was a 5.76% decrease in their position. The sale was disclosed in a document filed 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 that occurred on Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the transaction, the director now owns 25,380 shares in the company, valued at $4,695,300. This trade represents a 3.06% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 720,576 shares of company stock worth $131,249,694. Company insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on AVGO. Wall Street Zen upgraded Broadcom from a “hold” rating to a “buy” rating in a research report on Saturday. Truist Financial set a $295.00 target price on Broadcom and gave the company a “buy” rating in a research report on Friday. Cowen reiterated a “buy” rating on shares of Broadcom in a research report on Friday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a research report on Friday. Finally, Morgan Stanley lifted their target price on Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a research report on Friday. Two investment analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $272.71.

About Broadcom

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.