Robertson Stephens Wealth Management LLC Sells 388 Shares of Broadcom Inc. (NASDAQ:AVGO)

Robertson Stephens Wealth Management LLC reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,884 shares of the semiconductor manufacturer’s stock after selling 388 shares during the quarter. Robertson Stephens Wealth Management LLC’s holdings in Broadcom were worth $4,166,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Broadcom during the fourth quarter worth about $16,893,010,000. GAMMA Investing LLC boosted its holdings in shares of Broadcom by 18,179.3% during the first 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 boosted its holdings in shares of Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares during the period. GQG Partners LLC boosted its holdings in shares of Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock worth $2,367,819,000 after purchasing an additional 6,809,245 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the period. 76.43% of the stock is owned by institutional investors.

Broadcom Price Performance

Shares of AVGO opened at $252.10 on Tuesday. The company has a market capitalization of $1.19 trillion, a P/E ratio of 205.63, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm has a 50 day moving average of $214.93 and a 200 day moving average of $210.47. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the firm earned $10.96 earnings per share. As a group, equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

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

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.94%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is currently 88.39%.

Insiders Place Their Bets

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the sale, the insider now owns 789,784 shares of the company’s stock, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 117,758 shares of Broadcom stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the completion of the sale, the chief executive officer now directly owns 1,014,152 shares of the company’s stock, valued at approximately $256,489,182.32. This trade represents a 10.40% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 848,334 shares of company stock valued at $163,560,669. Company insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on AVGO shares. Wall Street Zen lowered shares of Broadcom from a “buy” rating to a “hold” rating in a report on Sunday. Oppenheimer increased their target price on shares of Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a report on Friday, May 30th. JPMorgan Chase & Co. increased their target price on shares of Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Evercore ISI restated an “outperform” rating and issued a $304.00 price objective (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Finally, KeyCorp raised their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and an average price target of $276.09.

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.