Westover Capital Advisors LLC Trims Stake in Broadcom Inc. (NASDAQ:AVGO)

Westover Capital Advisors LLC decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 14.9% in the 1st quarter, Holdings Channel reports. The firm owned 62,827 shares of the semiconductor manufacturer’s stock after selling 11,003 shares during the quarter. Broadcom comprises about 2.3% of Westover Capital Advisors LLC’s investment portfolio, making the stock its 10th biggest holding. Westover Capital Advisors LLC’s holdings in Broadcom were worth $10,519,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Barnes Dennig Private Wealth Management LLC bought a new stake in Broadcom in the first quarter valued at $25,000. Inlight Wealth Management LLC acquired a new stake in shares of Broadcom in the 1st quarter worth 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. acquired a new position in Broadcom during the 4th quarter valued at about $30,000. Finally, Wood Tarver Financial Group LLC boosted its stake in Broadcom by 342.5% during 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 period. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 40,000 shares of the stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total value of $10,731,600.00. Following the completion of the sale, the chief executive officer owned 482,836 shares in the company, valued at $129,540,070.44. This represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction on Monday, July 14th. The stock was sold at an average price of $274.30, for a total value of $219,440.00. Following the completion of the sale, the director directly owned 24,582 shares of the company’s stock, valued at approximately $6,742,842.60. This trade represents a 3.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock valued at $217,224,641 over the last three months. 2.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on AVGO shares. Citigroup raised their price target on shares of Broadcom from $285.00 to $315.00 and gave the company a “buy” rating in a research note on Monday, July 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $300.00 price objective on shares of Broadcom in a report on Friday, June 6th. KeyCorp lifted their target price on Broadcom from $315.00 to $330.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. Cowen reiterated a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. Finally, Benchmark raised their price target on Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a 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 stock. According to data from MarketBeat.com, Broadcom currently has a consensus rating of “Buy” and an average target price of $292.08.

Broadcom Stock Performance

AVGO opened at $288.71 on Friday. 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 market cap of $1.36 trillion, a PE ratio of 108.13, a P/E/G ratio of 2.02 and a beta of 1.12. The business has a fifty day simple moving average of $258.82 and a 200-day simple moving average of $221.76. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $291.20.

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

Broadcom announced that its Board of Directors has initiated a stock repurchase program on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.82%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is currently 88.39%.

About Broadcom

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.