Signet Financial Management LLC Lowers Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Signet Financial Management LLC decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.2% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 52,341 shares of the semiconductor manufacturer’s stock after selling 643 shares during the quarter. Broadcom makes up 1.2% of Signet Financial Management LLC’s holdings, making the stock its 15th largest holding. Signet Financial Management LLC’s holdings in Broadcom were worth $8,763,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of AVGO. Canton Hathaway LLC purchased a new position in shares of Broadcom during the 4th quarter valued at $26,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom during the 4th quarter valued at $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom during the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom during the 4th quarter valued at $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in shares of Broadcom during the 4th quarter valued at $32,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Activity

In related news, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction 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 directly owns 490,956 shares in the company, valued at $95,564,585.40. This represents a 5.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Price Performance

Broadcom stock opened at $244.28 on Tuesday. The stock has a market cap of $1.15 trillion, a price-to-earnings ratio of 199.25, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43. The firm has a 50-day moving average of $205.17 and a two-hundred day moving average of $207.37.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 11.43% and a return on equity of 28.00%. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the company earned $10.96 EPS. On average, research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its board has approved a stock repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently disclosed 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 of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.97%. Broadcom’s dividend payout ratio (DPR) is 88.39%.

Analysts Set New Price Targets

A number of analysts have issued reports on AVGO shares. Erste Group Bank upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a report on Thursday, June 5th. Cowen reiterated a “buy” rating on shares of Broadcom in a report on Friday. Morgan Stanley lifted their price target on shares of Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a report on Friday. Rosenblatt Securities lifted their price target on shares of Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a report on Friday. Finally, Truist Financial set a $295.00 price target on shares of Broadcom and gave the company a “buy” rating in a report on Friday. Two analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $272.71.

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.