Forte Capital LLC ADV Has $3.09 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Forte Capital LLC ADV trimmed its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 7.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,466 shares of the semiconductor manufacturer’s stock after selling 1,550 shares during the quarter. Forte Capital LLC ADV’s holdings in Broadcom were worth $3,092,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC raised its holdings in shares of Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock valued at $6,882,000 after purchasing an additional 5,322 shares during the period. Revolve Wealth Partners LLC raised its holdings in shares of Broadcom by 10.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock valued at $1,854,000 after purchasing an additional 756 shares during the last quarter. Bank Pictet & Cie Europe AG increased its holdings in Broadcom by 16.4% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer’s stock worth $51,283,000 after buying an additional 31,225 shares during the last quarter. Highview Capital Management LLC DE lifted its position in shares of Broadcom by 1.3% during the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer’s stock valued at $5,917,000 after buying an additional 322 shares during the last quarter. Finally, Madison Investment Advisors LLC purchased a new position in shares of Broadcom in the fourth quarter worth about $576,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Broadcom

In related news, CEO Hock E. Tan sold 40,000 shares of the stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the completion of the transaction, the chief executive officer directly owned 482,836 shares of the company’s stock, valued at $129,540,070.44. This trade represents a 7.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Kirsten M. Spears sold 36,350 shares of the stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the completion of the transaction, the chief financial officer owned 325,587 shares in the company, valued at approximately $85,066,115.49. This trade represents a 10.04% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on AVGO shares. Hsbc Global Res raised shares of Broadcom from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, June 24th. Oppenheimer boosted their price objective on shares of Broadcom from $265.00 to $305.00 and gave the stock an “outperform” rating in a report on Tuesday. Benchmark boosted their price objective on shares of Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Barclays boosted their price objective on shares of Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a report on Monday, June 9th. Finally, Evercore ISI reiterated an “outperform” rating and set a $304.00 price target (up from $267.00) on shares of Broadcom in a 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $292.08.

Broadcom Trading Down 0.0%

NASDAQ AVGO opened at $280.81 on Thursday. The company’s 50-day moving average price is $251.34 and its 200-day moving average price is $219.63. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The stock has a market cap of $1.32 trillion, a PE ratio of 105.17, a PEG ratio of 2.00 and a beta of 1.12. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $283.73.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping 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 during the quarter, compared to analyst estimates of $14.98 billion. During the same period in the prior year, the firm earned $10.96 earnings per share. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. Equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its board has initiated a share repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Broadcom Announces Dividend

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

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.