Pacific Global Investment Management Co. Sells 271 Shares of Broadcom Inc. (NASDAQ:AVGO)

Pacific Global Investment Management Co. reduced its stake in Broadcom Inc. (NASDAQ:AVGO) by 17.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,315 shares of the semiconductor manufacturer’s stock after selling 271 shares during the quarter. Pacific Global Investment Management Co.’s holdings in Broadcom were worth $220,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of AVGO. Tallon Kerry Patrick purchased a new position in shares of Broadcom in the 4th quarter valued at approximately $357,000. LaFleur & Godfrey LLC raised its position in shares of Broadcom by 18.7% in the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock valued at $18,145,000 after purchasing an additional 12,345 shares during the last quarter. Brighton Jones LLC raised its position in Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock worth $6,882,000 after buying an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC raised its position in Broadcom by 10.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock worth $1,854,000 after buying an additional 756 shares during the last quarter. Finally, SOA Wealth Advisors LLC. raised its position in Broadcom by 50.6% during 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 during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $269.35 on Friday. The firm has a market cap of $1.27 trillion, a PE ratio of 100.88, a PEG ratio of 1.92 and a beta of 1.11. The firm has a fifty day moving average of $229.43 and a 200 day moving average of $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. Broadcom Inc. has a one year low of $128.50 and a one year high of $271.85.

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

Broadcom Announces Dividend

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. This represents a $2.36 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s payout ratio is presently 88.39%.

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

Analysts Set New Price Targets

A number of research firms have issued reports on AVGO. Cantor Fitzgerald reissued an “overweight” rating and set a $300.00 price target on shares of Broadcom in a research report on Friday, June 6th. Benchmark raised their price target on shares of Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Bank of America raised their price target on shares of Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Redburn Atlantic began coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a “buy” rating and a $301.00 price target for the company. Finally, Morgan Stanley raised their price target on shares of Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a research report on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Broadcom currently has a consensus rating of “Buy” and a consensus price target of $281.25.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now owns 465,956 shares of the company’s stock, valued at $83,872,080. The trade was 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 Broadcom stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the sale, 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 811,716 shares of company stock valued at $209,906,771 in the last 90 days. 2.00% of the stock is owned by insiders.

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.