Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Stableford Capital II LLC

Stableford Capital II LLC reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 17.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 4,605 shares of the semiconductor manufacturer’s stock after selling 942 shares during the period. Stableford Capital II LLC’s holdings in Broadcom were worth $787,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Canton Hathaway LLC purchased a new stake in shares of Broadcom in the fourth quarter valued at about $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at about $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom during the fourth quarter worth about $28,000. Vermillion Wealth Management Inc. acquired a new position in Broadcom during the fourth quarter worth about $30,000. Finally, Sellwood Investment Partners LLC purchased a new stake in Broadcom in the fourth quarter valued at approximately $32,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Evercore ISI restated an “outperform” rating and issued a $304.00 target price (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Bank of America boosted their target price on shares of Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a report on Friday, June 6th. Morgan Stanley boosted their target price on shares of Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a report on Friday, June 6th. Redburn Atlantic initiated coverage on shares of Broadcom in a report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 target price for the company. Finally, Mizuho boosted their price objective on shares of Broadcom from $300.00 to $310.00 and gave the stock an “outperform” rating in a research note on Friday, June 6th. Three investment 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 company. According to MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and a consensus price target of $276.09.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction 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 sale, the insider now directly owns 490,956 shares of the company’s stock, valued at $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction 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 completion of the sale, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This represents a 1.68% decrease in their ownership of the stock. 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 ninety days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Trading Up 0.8%

NASDAQ AVGO opened at $251.26 on Friday. The company’s fifty day simple moving average is $219.11 and its 200-day simple moving average is $211.61. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The stock has a market cap of $1.18 trillion, a P/E ratio of 94.10, a PEG ratio of 1.79 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last posted 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. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. During the same period in the previous year, the company posted $10.96 earnings per share. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. Equities research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.94%. Broadcom’s dividend payout ratio is presently 88.39%.

Broadcom announced that its Board of Directors has authorized a share buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Broadcom Company 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.