Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Dunhill Financial LLC

Dunhill Financial LLC trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 12.2% in the first quarter, HoldingsChannel.com reports. The fund owned 1,038 shares of the semiconductor manufacturer’s stock after selling 144 shares during the period. Dunhill Financial LLC’s holdings in Broadcom were worth $174,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Canton Hathaway LLC acquired a new stake in Broadcom in the 4th quarter valued at about $26,000. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom during the fourth quarter worth approximately $26,000. Sunbeam Capital Management LLC acquired a new stake in Broadcom in the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. acquired a new stake in Broadcom in the fourth quarter valued at approximately $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in Broadcom in the fourth quarter worth approximately $32,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Stock Down 1.1%

Shares of NASDAQ:AVGO opened at $249.37 on Wednesday. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The stock has a market cap of $1.17 trillion, a P/E ratio of 93.40, a P/E/G ratio of 1.79 and a beta of 1.11. The firm has a fifty day moving average price of $216.21 and a 200 day moving average price of $210.74.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $10.96 earnings per share. Sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The business 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 $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date is Friday, June 20th. Broadcom’s payout ratio is currently 88.39%.

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

Analyst Ratings Changes

A number of equities research analysts have commented on AVGO shares. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the company a “buy” rating in a research report on Friday, June 6th. Evercore ISI reissued an “outperform” rating and issued a $304.00 target price (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. Cowen reaffirmed a “buy” rating on shares of Broadcom in a report on Friday, June 6th. JPMorgan Chase & Co. increased their price objective on Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a report on Friday, June 6th. Finally, Redburn Atlantic initiated coverage on Broadcom in a research report on Wednesday, May 28th. They set a “buy” rating and a $301.00 target price on the stock. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $276.09.

Insider Transactions at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the transaction, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction dated 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 completion of the sale, the director now directly owns 38,798,721 shares in the company, valued at approximately $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 sold 848,334 shares of company stock worth $163,560,669 over the last 90 days. 2.00% of the stock is currently owned by insiders.

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.