Broadcom Inc. (NASDAQ:AVGO) Stock Holdings Lessened by Altman Advisors Inc.

Altman Advisors Inc. reduced its holdings in Broadcom Inc. (NASDAQ:AVGO) by 4.3% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 18,639 shares of the semiconductor manufacturer’s stock after selling 839 shares during the quarter. Broadcom makes up 1.3% of Altman Advisors Inc.’s portfolio, making the stock its 17th biggest position. Altman Advisors Inc.’s holdings in Broadcom were worth $3,121,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of AVGO. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Broadcom in the 1st quarter worth about $25,000. Inlight Wealth Management LLC bought a new stake in Broadcom in the 1st quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom in the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. bought a new stake in Broadcom in the 4th quarter valued at about $30,000. Finally, Wood Tarver Financial Group LLC lifted its position in Broadcom by 342.5% in the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer’s stock valued at $30,000 after purchasing an additional 137 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO Hock E. Tan sold 117,758 shares of the business’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the sale, the chief executive officer owned 1,014,152 shares in the company, valued at $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kirsten M. Spears sold 56,310 shares of the business’s stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the sale, the chief financial officer owned 361,937 shares in the company, valued at $91,117,639.75. This represents a 13.46% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 828,916 shares of company stock worth $216,785,761. 2.00% of the stock is owned by insiders.

Broadcom Stock Performance

Shares of AVGO opened at $280.94 on Wednesday. The firm’s 50 day moving average is $249.82 and its 200-day moving average is $219.20. The stock has a market capitalization of $1.32 trillion, a P/E ratio of 105.22, a P/E/G ratio of 1.96 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $283.36.

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

Broadcom announced that its board has initiated a share buyback 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 reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.84%. Broadcom’s dividend payout ratio is currently 88.39%.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several recent research reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 price objective on shares of Broadcom in a research report on Friday, June 6th. HSBC upgraded shares of Broadcom from a “hold” rating to a “buy” rating and set a $400.00 price objective on the stock in a research report on Tuesday, June 24th. Wall Street Zen upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Saturday, July 5th. Barclays lifted their price objective on shares of Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research report on Monday, June 9th. Finally, Benchmark lifted their price objective on shares of Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a research report on Friday, June 6th. One research 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 company. According to MarketBeat, Broadcom has a consensus rating of “Buy” and an average price target of $292.08.

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.