San Luis Wealth Advisors LLC Cuts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

San Luis Wealth Advisors LLC lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 31.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,921 shares of the semiconductor manufacturer’s stock after selling 8,220 shares during the quarter. San Luis Wealth Advisors LLC’s holdings in Broadcom were worth $3,000,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of AVGO. Tallon Kerry Patrick purchased a new position in Broadcom in the fourth quarter valued at $357,000. Capital & Planning LLC increased its holdings in Broadcom by 15.3% in the fourth 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 last quarter. LaFleur & Godfrey LLC increased its holdings in Broadcom by 18.7% in the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock valued at $18,145,000 after buying an additional 12,345 shares during the last quarter. Brighton Jones LLC increased its holdings in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock valued at $6,882,000 after buying an additional 5,322 shares during the last quarter. Finally, Union Bancaire Privee UBP SA purchased a new position in Broadcom in the fourth quarter valued at $71,312,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 1.4%

AVGO stock opened at $252.10 on Tuesday. The stock has a market capitalization of $1.19 trillion, a P/E ratio of 205.63, a PEG ratio of 2.29 and a beta of 1.11. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43. The company has a 50 day moving average price of $214.93 and a two-hundred day moving average price of $210.47.

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 net margin of 11.43% and a return on equity of 28.00%. 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 company earned $10.96 EPS. As a group, sell-side analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.94%. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

Broadcom declared that its board has authorized a stock buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Rosenblatt Securities increased their target price on Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a report on Friday, June 6th. Evercore ISI reaffirmed an “outperform” rating and set a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. Benchmark raised their price objective on Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Morgan Stanley raised their price objective on Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Finally, Mizuho raised their price objective on Broadcom from $300.00 to $310.00 and gave the stock an “outperform” rating in a report on Friday, June 6th. Three analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $276.09.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction 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 transaction, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. The trade was a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 848,334 shares of company stock worth $163,560,669 in the last quarter. 2.00% of the stock is owned by insiders.

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.