Broadcom Inc. (NASDAQ:AVGO) Position Lowered by Motco

Motco trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 9.4% in the first quarter, Holdings Channel reports. The firm owned 138,508 shares of the semiconductor manufacturer’s stock after selling 14,378 shares during the period. Broadcom comprises 2.4% of Motco’s investment portfolio, making the stock its 2nd largest holding. Motco’s holdings in Broadcom were worth $23,190,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Brown Wealth Management LLC raised its stake in shares of Broadcom by 6.9% during the first quarter. Brown Wealth Management LLC now owns 1,401 shares of the semiconductor manufacturer’s stock worth $235,000 after purchasing an additional 90 shares during the last quarter. Integrated Investment Consultants LLC grew its stake in shares of Broadcom by 213.4% in the first quarter. Integrated Investment Consultants LLC now owns 16,898 shares of the semiconductor manufacturer’s stock valued at $2,829,000 after buying an additional 11,506 shares in the last quarter. HB Wealth Management LLC grew its position in shares of Broadcom by 38.1% in the 1st quarter. HB Wealth Management LLC now owns 195,002 shares of the semiconductor manufacturer’s stock worth $32,649,000 after acquiring an additional 53,767 shares in the last quarter. Applied Finance Capital Management LLC lifted its holdings in shares of Broadcom by 1.2% in the 1st quarter. Applied Finance Capital Management LLC now owns 40,108 shares of the semiconductor manufacturer’s stock worth $6,715,000 after purchasing an additional 473 shares during the last quarter. Finally, Angeles Wealth Management LLC raised its stake in Broadcom by 2.9% during the 1st quarter. Angeles Wealth Management LLC now owns 15,712 shares of the semiconductor manufacturer’s stock valued at $2,631,000 after acquiring an additional 448 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AVGO has been the topic of several research analyst reports. KeyCorp lifted their price target on Broadcom from $315.00 to $330.00 and gave the company an “overweight” rating in a research report on Tuesday, July 8th. Citigroup boosted their price objective on Broadcom from $285.00 to $315.00 and gave the stock a “buy” rating in a research report on Monday, July 7th. Cowen reissued a “buy” rating on shares of Broadcom in a report on Friday, June 6th. Evercore ISI reiterated an “outperform” rating and issued a $304.00 price objective (up from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Finally, Erste Group Bank upgraded Broadcom from a “hold” rating to a “buy” rating in a research report on Thursday, June 5th. One equities research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $292.08.

Broadcom Price Performance

Broadcom stock opened at $290.18 on Friday. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $292.59. The stock’s 50 day moving average is $260.05 and its 200-day moving average is $222.18. 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 company has a market capitalization of $1.36 trillion, a price-to-earnings ratio of 108.68, a PEG ratio of 2.05 and a beta of 1.12.

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

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.81%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s dividend payout ratio is 88.39%.

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

Insider Buying and Selling

In other news, CEO Hock E. Tan sold 117,758 shares of Broadcom stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the sale, the chief executive officer directly owned 1,014,152 shares of the company’s stock, valued at approximately $256,489,182.32. This trade represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the sale, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock worth $217,224,641 in the last ninety days. Insiders own 2.00% of the company’s stock.

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.