Telligent Fund LP Sells 4,000 Shares of Broadcom Inc. (NASDAQ:AVGO)

Telligent Fund LP trimmed its position in Broadcom Inc. (NASDAQ:AVGO) by 8.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 42,000 shares of the semiconductor manufacturer’s stock after selling 4,000 shares during the quarter. Broadcom comprises 7.8% of Telligent Fund LP’s investment portfolio, making the stock its 3rd biggest position. Telligent Fund LP’s holdings in Broadcom were worth $7,032,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of AVGO. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom in the 4th quarter valued at approximately $28,000. Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom in the 4th quarter valued at approximately $30,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Broadcom in the 1st quarter valued at approximately $25,000. Cheviot Value Management LLC purchased a new stake in shares of Broadcom in the 1st quarter valued at approximately $25,000. Finally, Inlight Wealth Management LLC purchased a new stake in Broadcom during the 1st quarter worth approximately $26,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AVGO has been the topic of several recent research reports. The Goldman Sachs Group initiated coverage on shares of Broadcom in a research note on Thursday, July 10th. They set a “buy” rating and a $315.00 target price on the stock. Wells Fargo & Company upped their target price on shares of Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a research note on Friday, June 6th. Seaport Res Ptn raised shares of Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. HSBC raised shares of Broadcom from a “hold” rating to a “buy” rating and set a $400.00 target price on the stock in a research note on Tuesday, June 24th. Finally, Hsbc Global Res raised shares of Broadcom from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, June 24th. Two research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Broadcom has an average rating of “Buy” and a consensus target price of $294.92.

Broadcom Trading Down 0.4%

Shares of Broadcom stock opened at $303.90 on Tuesday. The company has a fifty day simple moving average of $273.98 and a 200-day simple moving average of $227.04. Broadcom Inc. has a 12-month low of $134.90 and a 12-month high of $310.34. 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 market cap of $1.43 trillion, a price-to-earnings ratio of 113.82, a PEG ratio of 2.17 and a beta of 1.15.

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, beating the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. During the same quarter in the prior year, the business posted $10.96 EPS. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently declared 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. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.8%. Broadcom’s dividend payout ratio is currently 88.39%.

Insider Activity

In related news, CEO Hock E. Tan sold 40,000 shares of the stock in a transaction 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. This represents a 7.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kirsten M. Spears sold 36,350 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the sale, the chief financial officer owned 325,587 shares of the company’s stock, valued at approximately $85,066,115.49. This represents a 10.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock worth $217,224,641 over the last 90 days. 2.00% of the stock is owned by corporate insiders.

Broadcom 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.