Courier Capital LLC Sells 1,662 Shares of Broadcom Inc. (NASDAQ:AVGO)

Courier Capital LLC trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 23.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,496 shares of the semiconductor manufacturer’s stock after selling 1,662 shares during the quarter. Courier Capital LLC’s holdings in Broadcom were worth $920,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of AVGO. Canton Hathaway LLC bought a new stake in Broadcom during the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC bought a new stake in Broadcom during the 4th quarter worth approximately $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom during the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. acquired a new position in Broadcom during the 4th quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC acquired a new position in Broadcom during the 4th quarter worth approximately $32,000. 76.43% of the stock is owned by institutional investors.

Insider Transactions at Broadcom

In other news, Director Justine Page sold 800 shares of Broadcom stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the sale, the director now owns 26,182 shares of the company’s stock, valued at approximately $6,026,834.58. This trade represents a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now directly owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. This represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Down 1.1%

AVGO opened at $244.28 on Tuesday. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The stock’s fifty day simple moving average is $205.17 and its 200 day simple moving average is $207.37. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The stock has a market cap of $1.15 trillion, a PE ratio of 199.25, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share 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 analysts’ expectations of $14.98 billion. During the same quarter in the prior year, the business earned $10.96 EPS. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. As a group, research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its board has authorized a share buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders 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 dividend yield of 0.97%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio is currently 88.39%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Rosenblatt Securities upped their price target on Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a research report on Friday. William Blair reaffirmed an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. JPMorgan Chase & Co. upped their price target on Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a research report on Friday. Seaport Res Ptn raised Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Finally, Bank of America upped their price target on Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday. Two equities research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $272.71.

About Broadcom

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.