Broadcom Inc. (NASDAQ:AVGO) Stock Holdings Trimmed by Turtle Creek Wealth Advisors LLC

Turtle Creek Wealth Advisors LLC lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 17.6% in the first quarter, HoldingsChannel reports. The fund owned 41,443 shares of the semiconductor manufacturer’s stock after selling 8,862 shares during the period. Turtle Creek Wealth Advisors LLC’s holdings in Broadcom were worth $6,939,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Brighton Jones LLC raised its holdings in Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock worth $6,882,000 after purchasing an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC boosted its stake in Broadcom by 10.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock valued at $1,854,000 after purchasing an additional 756 shares in the last quarter. Bank Pictet & Cie Europe AG increased its position in shares of Broadcom by 16.4% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer’s stock valued at $51,283,000 after purchasing an additional 31,225 shares during the period. Highview Capital Management LLC DE raised its stake in shares of Broadcom by 1.3% in the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer’s stock worth $5,917,000 after buying an additional 322 shares in the last quarter. Finally, Proficio Capital Partners LLC raised its stake in shares of Broadcom by 46.2% in the 4th quarter. Proficio Capital Partners LLC now owns 19,529 shares of the semiconductor manufacturer’s stock worth $4,528,000 after buying an additional 6,168 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 50,000 shares of the business’s stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the sale, the insider owned 415,956 shares of the company’s stock, valued at $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gayla J. Delly sold 3,000 shares of the company’s stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $265.13, for a total value of $795,390.00. Following the sale, the director owned 33,352 shares of the company’s stock, valued at approximately $8,842,615.76. This trade represents a 8.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 828,916 shares of company stock valued at $216,785,761 in the last three months. 2.00% of the stock is currently owned by company insiders.

Broadcom Price Performance

Shares of AVGO opened at $274.38 on Monday. The business’s 50-day moving average is $246.70 and its 200-day moving average is $218.54. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The company has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.76, a P/E/G ratio of 1.95 and a beta of 1.12. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $281.18.

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

Broadcom declared that its board has approved a share repurchase program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom’s dividend payout ratio is presently 88.39%.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Wells Fargo & Company raised their target price on Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a research note on Friday, June 6th. Morgan Stanley lifted their price objective on shares of Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday, June 6th. Mizuho increased their target price on shares of Broadcom from $310.00 to $315.00 and gave the company an “outperform” rating in a research note on Thursday, July 3rd. The Goldman Sachs Group initiated coverage on shares of Broadcom in a report on Thursday. They set a “buy” rating and a $315.00 target price for the company. Finally, Redburn Atlantic initiated coverage on shares of Broadcom in a research report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price target on the stock. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Broadcom presently has an average rating of “Buy” and a consensus price target of $290.21.

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.