Vantage Investment Partners LLC Decreases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Vantage Investment Partners LLC trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 9.7% during the 1st quarter, Holdings Channel reports. The fund owned 77,749 shares of the semiconductor manufacturer’s stock after selling 8,391 shares during the period. Vantage Investment Partners LLC’s holdings in Broadcom were worth $13,018,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Canton Hathaway LLC purchased a new stake in Broadcom during the 4th quarter valued at $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom during the 4th quarter valued at $26,000. Inlight Wealth Management LLC purchased a new stake in Broadcom during the 1st quarter valued at $26,000. Sunbeam Capital Management LLC purchased a new stake in Broadcom during the 4th quarter valued at $28,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in Broadcom during the 4th quarter valued at $30,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Price Performance

AVGO opened at $249.99 on Friday. Broadcom Inc. has a 12-month low of $128.50 and a 12-month 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 business’s fifty day simple moving average is $220.48 and its 200-day simple moving average is $212.46. The company has a market capitalization of $1.18 trillion, a price-to-earnings ratio of 93.63, a PEG ratio of 1.78 and a beta of 1.11.

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

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date is Friday, June 20th. Broadcom’s payout ratio is 88.39%.

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

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Morgan Stanley increased their price target on Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a report on Friday, June 6th. Wells Fargo & Company increased their price target on Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a report on Friday, June 6th. William Blair restated an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Susquehanna upped their price objective on Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a research report on Friday, June 6th. Finally, UBS Group upped their price objective on Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Three 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, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $276.09.

Insider Transactions at Broadcom

In related news, Director Justine Page sold 800 shares of the company’s stock in a transaction on Monday, June 16th. The stock was 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 directly owns 25,382 shares in the company, valued at $6,354,383.70. This represents a 3.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, 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 value 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. This trade represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 849,134 shares of company stock valued at $163,760,949. 2.00% of the stock is currently owned by corporate insiders.

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.