Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Carolina Wealth Advisors LLC

Carolina Wealth Advisors LLC lessened its holdings in Broadcom Inc. (NASDAQ:AVGO) by 42.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,903 shares of the semiconductor manufacturer’s stock after selling 13,351 shares during the quarter. Broadcom comprises approximately 1.6% of Carolina Wealth Advisors LLC’s investment portfolio, making the stock its 22nd largest holding. Carolina Wealth Advisors LLC’s holdings in Broadcom were worth $2,997,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Rialto Wealth Management LLC acquired a new position in Broadcom in the 4th quarter worth approximately $26,000. Inlight Wealth Management LLC acquired a new position in Broadcom in the 1st quarter worth approximately $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom in the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. acquired a new position in Broadcom in the 4th quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC acquired a new position in Broadcom in the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the transaction, the insider now owns 465,956 shares in the company, valued at $83,872,080. The trade was a 5.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Hock E. Tan sold 117,758 shares of Broadcom stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer now owns 1,014,152 shares in the company, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 811,716 shares of company stock worth $209,906,771. Corporate insiders own 2.00% of the company’s stock.

Broadcom Trading Down 0.3%

Shares of AVGO stock opened at $269.35 on Friday. The stock’s fifty day moving average is $229.43 and its two-hundred day moving average is $215.28. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The firm has a market capitalization of $1.27 trillion, a P/E ratio of 100.88, a PEG ratio of 1.92 and a beta of 1.11. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $271.85.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data 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 company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter last year, the firm posted $10.96 EPS. Research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

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

Broadcom Announces Dividend

The company also recently disclosed 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 0.88%. Broadcom’s payout ratio is currently 88.39%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Wall Street Zen cut shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Sunday, June 15th. Mizuho raised 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. Citigroup raised their price objective on shares of Broadcom from $276.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, June 9th. Cowen reaffirmed a “buy” rating on shares of Broadcom in a research note on Friday, June 6th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a research note on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $281.25.

Broadcom 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.