Broadcom Inc. (NASDAQ:AVGO) Shares Sold by First National Bank Sioux Falls

First National Bank Sioux Falls reduced its stake in Broadcom Inc. (NASDAQ:AVGO) by 39.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,520 shares of the semiconductor manufacturer’s stock after selling 1,000 shares during the quarter. First National Bank Sioux Falls’ holdings in Broadcom were worth $254,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of AVGO. Wealthcare Capital Management LLC lifted its holdings in Broadcom by 14.7% in the first quarter. Wealthcare Capital Management LLC now owns 1,964 shares of the semiconductor manufacturer’s stock valued at $329,000 after acquiring an additional 252 shares during the period. Wealthcare Advisory Partners LLC increased its stake in Broadcom by 4.5% in the first quarter. Wealthcare Advisory Partners LLC now owns 45,398 shares of the semiconductor manufacturer’s stock valued at $7,601,000 after purchasing an additional 1,938 shares during the last quarter. Trust Co. of Oklahoma increased its stake in Broadcom by 13.7% in the first quarter. Trust Co. of Oklahoma now owns 12,980 shares of the semiconductor manufacturer’s stock valued at $2,173,000 after purchasing an additional 1,567 shares during the last quarter. Regatta Capital Group LLC increased its stake in Broadcom by 2.7% in the first quarter. Regatta Capital Group LLC now owns 24,640 shares of the semiconductor manufacturer’s stock valued at $4,126,000 after purchasing an additional 652 shares during the last quarter. Finally, Parisi Gray Wealth Management grew its position in Broadcom by 21.6% during the first quarter. Parisi Gray Wealth Management now owns 14,781 shares of the semiconductor manufacturer’s stock valued at $2,475,000 after acquiring an additional 2,628 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Performance

Shares of Broadcom stock opened at $244.28 on Tuesday. The stock’s fifty day simple moving average is $205.17 and its 200 day simple moving average is $207.37. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $265.43. The company has a market capitalization of $1.15 trillion, a PE ratio of 199.25, a PEG ratio of 2.29 and a beta of 1.11. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO) last released its earnings results 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. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the previous year, the business earned $10.96 earnings per share. Broadcom’s quarterly revenue was up 20.2% on a year-over-year basis. On average, research analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its board has authorized a share repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date is Friday, June 20th. Broadcom’s payout ratio is currently 88.39%.

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the completion of the sale, the director now owns 25,380 shares of the company’s stock, valued at approximately $4,695,300. The trade was a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock worth $131,249,694 over the last three months. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. KeyCorp boosted their price target on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. William Blair restated an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Oppenheimer increased their price target on Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a research report on Friday, May 30th. Finally, JPMorgan Chase & Co. raised their target price on Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a research report on Friday. Two equities research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $272.71.

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.