Moseley Investment Management Inc. Decreases Position in Broadcom Inc. (NASDAQ:AVGO)

Moseley Investment Management Inc. trimmed its stake in Broadcom Inc. (NASDAQ:AVGO) by 24.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 33,347 shares of the semiconductor manufacturer’s stock after selling 10,778 shares during the period. Broadcom makes up about 2.2% of Moseley Investment Management Inc.’s portfolio, making the stock its 11th biggest position. Moseley Investment Management Inc.’s holdings in Broadcom were worth $5,583,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Tallon Kerry Patrick purchased a new stake in Broadcom in the 4th quarter worth about $357,000. Capital & Planning LLC grew its stake in shares of Broadcom by 15.3% during the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer’s stock valued at $969,000 after buying an additional 554 shares during the last quarter. LaFleur & Godfrey LLC raised its holdings in shares of Broadcom by 18.7% in the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock worth $18,145,000 after buying an additional 12,345 shares during the period. Brighton Jones LLC lifted its stake in shares of Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock worth $6,882,000 after acquiring an additional 5,322 shares during the last quarter. Finally, Union Bancaire Privee UBP SA purchased a new position in Broadcom during the 4th quarter valued at $71,312,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Transactions at Broadcom

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

Broadcom Stock Performance

AVGO stock opened at $244.63 on Wednesday. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43. The firm has a market cap of $1.15 trillion, a price-to-earnings ratio of 199.54, a PEG ratio of 2.29 and a beta of 1.11. 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 50-day simple moving average of $206.98 and a two-hundred day simple moving average of $207.63.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. During the same quarter in the prior year, the company posted $10.96 earnings per share. Broadcom’s revenue for the quarter was up 20.2% compared to the same quarter last year. On average, equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.96%. Broadcom’s dividend payout ratio is presently 88.39%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on AVGO shares. Wall Street Zen upgraded Broadcom from a “hold” rating to a “buy” rating in a research note on Saturday. Citigroup raised their price target on shares of Broadcom from $276.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday. Morgan Stanley boosted their price objective on shares of Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a research report on Friday, June 6th. William Blair restated an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Finally, Rosenblatt Securities raised their target price on shares of Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average 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.