Ironwood Investment Counsel LLC Sells 4,263 Shares of Broadcom Inc. (NASDAQ:AVGO)

Ironwood Investment Counsel LLC reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 14.7% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 24,823 shares of the semiconductor manufacturer’s stock after selling 4,263 shares during the period. Ironwood Investment Counsel LLC’s holdings in Broadcom were worth $4,156,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Sunbeam Capital Management LLC bought a new stake in Broadcom in the 4th quarter worth about $28,000. Vermillion Wealth Management Inc. purchased a new position in Broadcom in the fourth quarter worth $30,000. Barnes Dennig Private Wealth Management LLC bought a new position in Broadcom in the 1st quarter valued at $25,000. Cheviot Value Management LLC bought a new position in Broadcom during the first quarter valued at about $25,000. Finally, Inlight Wealth Management LLC purchased a new stake in Broadcom during the first quarter worth about $26,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other Broadcom news, CFO Kirsten M. Spears sold 56,310 shares of the firm’s stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the completion of the sale, the chief financial officer directly owned 361,937 shares in the company, valued at approximately $91,117,639.75. This trade represents a 13.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the transaction, the director directly owned 38,188,575 shares of the company’s stock, valued at $10,132,574,604.75. This trade represents a 1.23% 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 worth $217,224,641 over the last 90 days. 2.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a research note on Friday, June 6th. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Redburn Atlantic assumed coverage on Broadcom in a research note on Wednesday, May 28th. They set a “buy” rating and a $301.00 price target for the company. Evercore ISI reiterated an “outperform” rating and set a $304.00 price objective (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Finally, JPMorgan Chase & Co. increased their price objective on Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $294.92.

Broadcom Price Performance

AVGO stock opened at $301.67 on Thursday. 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 firm’s 50-day moving average price is $270.33 and its two-hundred day moving average price is $225.92. The stock has a market capitalization of $1.42 trillion, a price-to-earnings ratio of 112.99, a PEG ratio of 2.08 and a beta of 1.15. Broadcom Inc. has a 12-month low of $134.90 and a 12-month high of $306.95.

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

Broadcom Dividend Announcement

The firm also recently declared 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 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s dividend payout ratio (DPR) 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.