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

Tempus Wealth Planning LLC cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 14.9% during the first quarter, HoldingsChannel.com reports. The firm owned 1,289 shares of the semiconductor manufacturer’s stock after selling 225 shares during the period. Tempus Wealth Planning LLC’s holdings in Broadcom were worth $216,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in AVGO. GAMMA Investing LLC grew its stake in shares of Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock worth $2,892,548,000 after purchasing an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Broadcom by 46.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock valued at $11,018,089,000 after acquiring an additional 15,171,849 shares during the last quarter. Franklin Resources Inc. grew its stake in Broadcom by 27.4% in the 4th quarter. Franklin Resources Inc. now owns 26,897,909 shares of the semiconductor manufacturer’s stock valued at $6,236,011,000 after acquiring an additional 5,783,988 shares during the last quarter. Northern Trust Corp grew its stake in Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer’s stock valued at $11,380,411,000 after acquiring an additional 5,258,925 shares during the last quarter. Finally, APG Asset Management N.V. grew its stake in Broadcom by 609.4% in the 4th quarter. APG Asset Management N.V. now owns 4,379,348 shares of the semiconductor manufacturer’s stock valued at $980,500,000 after acquiring an additional 3,762,034 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Barclays increased their price objective on shares of Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research note on Monday, June 9th. Seaport Res Ptn raised shares of Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Mizuho increased their price objective on shares of Broadcom from $315.00 to $320.00 and gave the company an “outperform” rating in a research note on Wednesday, July 16th. The Goldman Sachs Group assumed coverage on shares of Broadcom in a research note on Thursday, July 10th. They issued a “buy” rating and a $315.00 price objective on the stock. Finally, Morgan Stanley increased their price objective on shares of Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a research note on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Broadcom currently has a consensus rating of “Buy” and a consensus price target of $292.08.

Insider Activity at Broadcom

In other news, CEO Hock E. Tan sold 40,000 shares of Broadcom 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 sale, the chief executive officer owned 482,836 shares in the company, valued at $129,540,070.44. This trade represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the sale, the director owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Performance

Shares of AVGO stock opened at $290.18 on Friday. The company’s fifty day simple moving average is $260.05 and its 200-day simple moving average is $222.18. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $292.59. 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 company has a market cap of $1.36 trillion, a PE ratio of 108.68, a P/E/G ratio of 2.05 and a beta of 1.12.

Broadcom (NASDAQ:AVGO) last issued its 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 net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter last year, the firm posted $10.96 EPS. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

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

Broadcom announced that its board has initiated a share repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

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.