Leonard Rickey Investment Advisors P.L.L.C. Sells 84 Shares of Broadcom Inc. (NASDAQ:AVGO)

Leonard Rickey Investment Advisors P.L.L.C. cut its holdings in Broadcom Inc. (NASDAQ:AVGO) by 3.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,505 shares of the semiconductor manufacturer’s stock after selling 84 shares during the period. Leonard Rickey Investment Advisors P.L.L.C.’s holdings in Broadcom were worth $447,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Curbstone Financial Management Corp increased its holdings in Broadcom by 8.0% in the first quarter. Curbstone Financial Management Corp now owns 6,190 shares of the semiconductor manufacturer’s stock worth $1,036,000 after purchasing an additional 460 shares in the last quarter. Rowlandmiller & PARTNERS.ADV boosted its holdings in shares of Broadcom by 52.2% during the 1st quarter. Rowlandmiller & PARTNERS.ADV now owns 685 shares of the semiconductor manufacturer’s stock worth $115,000 after buying an additional 235 shares in the last quarter. Redhawk Wealth Advisors Inc. grew its position in shares of Broadcom by 23.4% during the 1st quarter. Redhawk Wealth Advisors Inc. now owns 9,430 shares of the semiconductor manufacturer’s stock worth $1,579,000 after buying an additional 1,788 shares during the period. CX Institutional increased its stake in shares of Broadcom by 19.4% in the 1st quarter. CX Institutional now owns 95,581 shares of the semiconductor manufacturer’s stock valued at $16,003,000 after acquiring an additional 15,508 shares in the last quarter. Finally, Kozak & Associates Inc. lifted its position in shares of Broadcom by 15.9% during the 1st quarter. Kozak & Associates Inc. now owns 6,777 shares of the semiconductor manufacturer’s stock valued at $1,209,000 after acquiring an additional 930 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Broadcom

In other news, Director Justine Page sold 800 shares of the stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the transaction, the director now directly owns 26,182 shares of the company’s stock, valued at $6,026,834.58. This represents a 2.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This trade 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 worth $131,249,694. 2.00% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. JPMorgan Chase & Co. raised their price target on shares of Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Oppenheimer raised their target price on Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a research note on Friday, May 30th. Mizuho boosted their target price on Broadcom from $300.00 to $310.00 and gave the company an “outperform” rating in a research report on Friday, June 6th. UBS Group increased their price target on Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Finally, KeyCorp raised their price objective on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, March 7th. Two research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and a consensus price target of $272.71.

Broadcom Trading Up 0.1%

NASDAQ:AVGO opened at $244.63 on Wednesday. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43. The firm has a 50-day moving average price of $206.98 and a two-hundred day moving average price of $207.63. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The firm has a market cap of $1.15 trillion, a price-to-earnings ratio of 199.54, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last issued its quarterly 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 return on equity of 28.00% and a net margin of 11.43%. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period last year, the business posted $10.96 earnings per share. Broadcom’s revenue was up 20.2% on a year-over-year basis. On average, equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its Board of Directors has authorized a stock repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Broadcom Announces Dividend

The business 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 $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is currently 88.39%.

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.