Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Sagace Wealth Management LLC

Sagace Wealth Management LLC decreased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 32.1% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,599 shares of the semiconductor manufacturer’s stock after selling 1,231 shares during the quarter. Sagace Wealth Management LLC’s holdings in Broadcom were worth $435,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Tallon Kerry Patrick acquired a new position in shares of Broadcom in the 4th quarter worth $357,000. Capital & Planning LLC increased its stake in Broadcom by 15.3% in the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer’s stock worth $969,000 after purchasing an additional 554 shares in the last quarter. LaFleur & Godfrey LLC raised its holdings in Broadcom by 18.7% during the 4th 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 Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock valued at $6,882,000 after buying an additional 5,322 shares in the last quarter. Finally, Union Bancaire Privee UBP SA acquired a new position in shares of Broadcom in the fourth quarter worth about $71,312,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Trading Up 3.4%

AVGO opened at $252.91 on Thursday. The firm has a 50 day simple moving average of $209.12 and a 200 day simple moving average of $207.94. 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 fifty-two week low of $128.50 and a fifty-two week high of $265.43. The company has a market cap of $1.19 trillion, a price-to-earnings ratio of 206.29, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates 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%. Broadcom’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period last year, the company posted $10.96 EPS. On average, sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.93%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

Broadcom declared that its board has approved a stock buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms recently commented on AVGO. Benchmark raised their price objective on shares of Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Oppenheimer lifted their price target on Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a report on Friday, May 30th. Mizuho increased their price objective on Broadcom from $300.00 to $310.00 and gave the stock an “outperform” rating in a research note on Friday, June 6th. KeyCorp lifted their target price on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Finally, Citigroup increased their price target on shares of Broadcom from $276.00 to $285.00 and gave the stock a “buy” rating in a research report on Monday. Two equities research 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $272.71.

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 25,000 shares of the firm’s stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now directly owns 465,956 shares in the company, valued at approximately $83,872,080. This trade represents a 5.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 value of $148,000.00. Following the transaction, the director now directly owns 25,380 shares in the company, valued at approximately $4,695,300. This trade represents a 3.06% 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 worth $131,249,694 over the last ninety days. Company insiders own 2.00% of the company’s stock.

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.