Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Keyvantage Wealth LLC

Keyvantage Wealth LLC trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 4.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,464 shares of the semiconductor manufacturer’s stock after selling 119 shares during the period. Keyvantage Wealth LLC’s holdings in Broadcom were worth $413,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Barnes Dennig Private Wealth Management LLC acquired a new stake in Broadcom in the 1st quarter valued at $25,000. Inlight Wealth Management LLC acquired a new stake in Broadcom in the 1st quarter valued at $26,000. Sunbeam Capital Management LLC acquired a new stake in Broadcom in the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. acquired a new stake in Broadcom in the 4th quarter valued at $30,000. Finally, Wood Tarver Financial Group LLC increased its holdings 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 in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of the firm’s stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total value of $9,497,164.50. Following the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hock E. Tan sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total transaction 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. The trade was a 7.65% 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 in the last ninety days. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on AVGO. Hsbc Global Res upgraded Broadcom from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 24th. Truist Financial set a $295.00 price target on Broadcom and gave the company a “buy” rating in a report on Friday, June 6th. HSBC raised shares of Broadcom from a “hold” rating to a “buy” rating and set a $400.00 price objective for the company in a research report on Tuesday, June 24th. Evercore ISI reissued 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, Citigroup upped their price objective on shares of Broadcom from $285.00 to $315.00 and gave the company a “buy” rating in a research report on Monday, July 7th. One investment analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $292.08.

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $290.18 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’s 50-day moving average price is $260.05 and its two-hundred day moving average price is $222.13. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $292.59. The stock has a market capitalization of $1.36 trillion, a P/E ratio of 108.68, a P/E/G ratio of 2.06 and a beta of 1.12.

Broadcom (NASDAQ:AVGO) last issued its 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. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. During the same quarter last year, the company posted $10.96 earnings per share. Broadcom’s revenue was up 20.2% on a year-over-year basis. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its Board of Directors has approved a stock repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management 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 paid a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.81%. Broadcom’s payout ratio 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.