Broadcom Inc. (NASDAQ:AVGO) Shares Sold by DDD Partners LLC

DDD Partners LLC lessened its stake in Broadcom Inc. (NASDAQ:AVGO) by 2.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 93,475 shares of the semiconductor manufacturer’s stock after selling 1,937 shares during the quarter. Broadcom comprises approximately 1.9% of DDD Partners LLC’s holdings, making the stock its 26th biggest holding. DDD Partners LLC’s holdings in Broadcom were worth $15,650,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Private Wealth Management Group LLC raised its stake in shares of Broadcom by 59.8% in the 1st quarter. Private Wealth Management Group LLC now owns 1,857 shares of the semiconductor manufacturer’s stock valued at $311,000 after acquiring an additional 695 shares during the period. Capital A Wealth Management LLC increased its stake in Broadcom by 124.6% during the 1st quarter. Capital A Wealth Management LLC now owns 429 shares of the semiconductor manufacturer’s stock worth $72,000 after buying an additional 238 shares during the period. BIP Wealth LLC increased its stake in Broadcom by 0.9% during the 1st quarter. BIP Wealth LLC now owns 6,315 shares of the semiconductor manufacturer’s stock worth $1,057,000 after buying an additional 58 shares during the period. Bryn Mawr Capital Management LLC increased its stake in Broadcom by 160.9% during the 1st quarter. Bryn Mawr Capital Management LLC now owns 17,223 shares of the semiconductor manufacturer’s stock worth $2,884,000 after buying an additional 10,621 shares during the period. Finally, Bridgewater Advisors Inc. increased its stake in Broadcom by 7.4% during the 1st quarter. Bridgewater Advisors Inc. now owns 16,470 shares of the semiconductor manufacturer’s stock worth $2,758,000 after buying an additional 1,138 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity

In other news, insider Mark David Brazeal sold 50,000 shares of the stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the transaction, the insider directly owned 415,956 shares in the company, valued at $105,353,335.68. This trade represents a 10.73% 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, insider Charlie B. Kawwas sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider owned 789,784 shares in the company, valued at $199,720,577.92. This represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 828,916 shares of company stock worth $216,785,761 over the last three months. Insiders own 2.00% of the company’s stock.

Broadcom Trading Up 1.9%

Broadcom stock opened at $280.94 on Wednesday. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The firm has a 50-day moving average price of $249.82 and a two-hundred day moving average price of $219.20. The firm has a market capitalization of $1.32 trillion, a price-to-earnings ratio of 105.22, a PEG ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $283.36.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. The firm 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%. Broadcom’s revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the business posted $10.96 EPS. Sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its board has approved a share buyback plan 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 plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.84%. The ex-dividend date was Friday, June 20th. Broadcom’s payout ratio is 88.39%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on AVGO shares. Wells Fargo & Company lifted their price target on shares of Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a research note on Friday, June 6th. UBS Group boosted their target price on shares of Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Barclays boosted their target price on shares of Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a research report on Monday, June 9th. Seaport Res Ptn raised shares of Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Finally, Redburn Atlantic started coverage on shares of Broadcom in a research report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 target price for the company. 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. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $291.88.

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.