Second Half Financial Partners LLC Lowers Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Second Half Financial Partners LLC decreased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 7.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,677 shares of the semiconductor manufacturer’s stock after selling 135 shares during the quarter. Second Half Financial Partners LLC’s holdings in Broadcom were worth $281,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Barnes Dennig Private Wealth Management LLC acquired a new position in Broadcom in the 1st quarter valued at about $25,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom in the 1st quarter valued at approximately $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom in the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom during the fourth quarter worth approximately $30,000. Finally, Wood Tarver Financial Group LLC raised its stake in shares of Broadcom by 342.5% during the first quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer’s stock worth $30,000 after purchasing an additional 137 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Broadcom stock opened at $290.18 on Friday. The stock has a market cap of $1.36 trillion, a P/E ratio of 108.68, a price-to-earnings-growth ratio of 2.06 and a beta of 1.12. 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 50 day moving average of $260.05 and a 200-day moving average of $222.13. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $292.59.

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. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. During the same period last year, the business posted $10.96 earnings per share. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

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

Broadcom declared that its Board of Directors has initiated a stock buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several brokerages have issued reports on AVGO. Susquehanna boosted their price objective on shares of Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a research note on Friday, June 6th. Citigroup boosted their price objective 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. Oppenheimer boosted their price objective on shares of Broadcom from $265.00 to $305.00 and gave the company an “outperform” rating in a research note on Tuesday, July 15th. Cantor Fitzgerald reissued an “overweight” rating and issued a $300.00 price objective on shares of Broadcom in a research note on Friday, June 6th. Finally, Redburn Atlantic began coverage on shares of Broadcom in a research note on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price objective on the stock. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Broadcom currently has a consensus rating of “Buy” and a consensus price target of $292.08.

Insider Activity

In related news, CFO Kirsten M. Spears sold 56,310 shares of the firm’s stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the transaction, the chief financial officer directly owned 361,937 shares in the company, valued at $91,117,639.75. This trade represents a 13.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm’s stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider owned 789,784 shares in the company, valued at $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,224,641 over the last three months. 2.00% of the stock is currently owned by company insiders.

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.