Broadcom Inc. (NASDAQ:AVGO) Holdings Decreased by Peoples Financial Services CORP.

Peoples Financial Services CORP. decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 8.5% in the first quarter, HoldingsChannel reports. The firm owned 35,429 shares of the semiconductor manufacturer’s stock after selling 3,292 shares during the quarter. Broadcom accounts for 2.8% of Peoples Financial Services CORP.’s portfolio, making the stock its 6th biggest position. Peoples Financial Services CORP.’s holdings in Broadcom were worth $5,932,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of AVGO. Barnes Dennig Private Wealth Management LLC acquired a new position in Broadcom in the first quarter valued at approximately $25,000. Inlight Wealth Management LLC acquired a new position in shares of Broadcom during the 1st quarter worth approximately $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom during the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. acquired a new position in shares of Broadcom during the 4th quarter worth approximately $30,000. Finally, Wood Tarver Financial Group LLC raised its stake in shares of Broadcom by 342.5% during the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer’s stock worth $30,000 after buying an additional 137 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Mizuho upped their target price on Broadcom from $310.00 to $315.00 and gave the stock an “outperform” rating in a research note on Thursday, July 3rd. Bank of America upped their target price on Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Oppenheimer boosted their price target on Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a research report on Friday, May 30th. Rosenblatt Securities boosted their price target on Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Finally, Cowen reiterated a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $285.00.

Broadcom Trading Up 2.2%

NASDAQ:AVGO opened at $277.90 on Thursday. The company has a market capitalization of $1.31 trillion, a PE ratio of 104.08, a P/E/G ratio of 1.93 and a beta of 1.12. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $279.94. The stock’s 50 day moving average price is $243.73 and its 200 day moving average price is $218.33. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating 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 company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period in the previous year, the business posted $10.96 earnings per share. Broadcom’s quarterly revenue was up 20.2% on a year-over-year basis. On average, research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.85%. Broadcom’s dividend payout ratio (DPR) is 88.39%.

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

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 50,000 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the sale, the insider owned 415,956 shares in the company, valued at approximately $105,353,335.68. This represents a 10.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hock E. Tan sold 40,000 shares of the firm’s stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the sale, the chief executive officer owned 482,836 shares of the company’s stock, valued at approximately $129,540,070.44. The trade was a 7.65% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 854,716 shares of company stock valued at $221,433,761. Corporate insiders own 2.00% of the company’s stock.

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.