Defined Wealth Management LLC Decreases Stake in Broadcom Inc. (NASDAQ:AVGO)

Defined Wealth Management LLC lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 7.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,757 shares of the semiconductor manufacturer’s stock after selling 955 shares during the period. Broadcom accounts for approximately 1.3% of Defined Wealth Management LLC’s investment portfolio, making the stock its 24th biggest position. Defined Wealth Management LLC’s holdings in Broadcom were worth $1,968,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Tallon Kerry Patrick purchased a new stake in shares of Broadcom in the fourth quarter valued at about $357,000. Capital & Planning LLC grew its stake in shares of Broadcom by 15.3% in the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer’s stock valued at $969,000 after buying an additional 554 shares during the period. LaFleur & Godfrey LLC increased its holdings in shares of Broadcom by 18.7% during the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock worth $18,145,000 after buying an additional 12,345 shares during the last quarter. Brighton Jones LLC increased its holdings in shares of Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock worth $6,882,000 after buying an additional 5,322 shares during the last quarter. Finally, Union Bancaire Privee UBP SA purchased a new stake in shares of Broadcom during the 4th quarter valued at approximately $71,312,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Ratings Changes

AVGO has been the subject of several analyst reports. Oppenheimer increased their price objective on Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a research report on Friday, May 30th. Cowen reiterated a “buy” rating on shares of Broadcom in a report on Friday, June 6th. Truist Financial set a $295.00 price objective on Broadcom and gave the stock a “buy” rating in a research report on Friday, June 6th. Rosenblatt Securities upped their target price on shares of Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Finally, KeyCorp increased their target price on shares of Broadcom from $260.00 to $275.00 and gave the stock 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $272.71.

Broadcom Stock Up 1.2%

Shares of NASDAQ AVGO opened at $256.07 on Friday. The stock has a market cap of $1.20 trillion, a P/E ratio of 208.87, a PEG ratio of 2.29 and a beta of 1.11. The business’s fifty day simple moving average is $211.15 and its 200-day simple moving average is $208.57. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.43. 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 EPS for the quarter, topping the consensus estimate 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 28.00% and a net margin of 11.43%. Broadcom’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm posted $10.96 EPS. As a group, equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.92%. Broadcom’s payout ratio is 88.39%.

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

Insider Buying and Selling

In other Broadcom news, Director Justine Page sold 800 shares of the firm’s stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the sale, the director now directly owns 26,182 shares in the company, valued at $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 is available at this hyperlink. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction dated 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 trade represents a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 720,576 shares of company stock worth $131,249,694. Company insiders own 2.00% of the company’s stock.

Broadcom Company 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.