Brady Family Wealth LLC Cuts Position in Broadcom Inc. (NASDAQ:AVGO)

Brady Family Wealth LLC decreased its stake in Broadcom Inc. (NASDAQ:AVGO) by 2.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,617 shares of the semiconductor manufacturer’s stock after selling 1,029 shares during the period. Broadcom makes up 2.3% of Brady Family Wealth LLC’s investment portfolio, making the stock its 11th largest holding. Brady Family Wealth LLC’s holdings in Broadcom were worth $7,303,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Banco Bilbao Vizcaya Argentaria S.A. grew its holdings in shares of Broadcom by 3.8% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock worth $120,070,000 after acquiring an additional 18,845 shares during the period. Nebula Research & Development LLC raised its stake in shares of Broadcom by 1,100.8% during the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock worth $3,642,000 after buying an additional 14,399 shares during the last quarter. Kovack Advisors Inc. raised its stake in shares of Broadcom by 8.1% during the 4th quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer’s stock worth $7,971,000 after buying an additional 2,570 shares during the last quarter. SOA Wealth Advisors LLC. boosted its position in shares of Broadcom by 50.6% in the 4th quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer’s stock worth $245,000 after buying an additional 355 shares in the last quarter. Finally, Coppell Advisory Solutions LLC grew its stake in Broadcom by 1,512.3% in the 4th quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer’s stock valued at $21,660,000 after acquiring an additional 86,884 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of AVGO stock opened at $251.26 on Friday. The firm has a fifty day moving average of $219.11 and a two-hundred day moving average of $211.61. The firm has a market cap of $1.18 trillion, a P/E ratio of 94.10, a P/E/G ratio of 1.79 and a beta of 1.11. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the business posted $10.96 EPS. As a group, research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.94%. Broadcom’s dividend payout ratio is currently 88.39%.

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Barclays upped their price target on shares of Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a report on Monday, June 9th. Benchmark boosted their price target on Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Wall Street Zen cut shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Sunday, June 15th. Redburn Atlantic began coverage on Broadcom in a research report on Wednesday, May 28th. They set a “buy” rating and a $301.00 target price on the stock. Finally, UBS Group lifted their price target on Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a report on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and a consensus price target of $276.09.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 25,000 shares of Broadcom 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 sale, the insider now directly owns 465,956 shares in the company, valued at $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 available through this hyperlink. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $250.35, for a total transaction of $200,280.00. Following the completion of the sale, the director now owns 25,382 shares in the company, valued at $6,354,383.70. The trade was a 3.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 849,134 shares of company stock valued at $163,760,949 over the last quarter. 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.