Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Autumn Glory Partners LLC

Autumn Glory Partners LLC cut its holdings in Broadcom Inc. (NASDAQ:AVGO) by 10.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 4,405 shares of the semiconductor manufacturer’s stock after selling 490 shares during the period. Autumn Glory Partners LLC’s holdings in Broadcom were worth $738,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

AVGO has been the subject of a number of research analyst reports. Citigroup upped their price objective on Broadcom from $276.00 to $285.00 and gave the stock a “buy” rating in a report on Monday, June 9th. William Blair reissued an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Oppenheimer increased their target price on shares of Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a research report on Friday, May 30th. Erste Group Bank raised shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Thursday, June 5th. Finally, Benchmark increased their target price on shares of Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $276.09.

Insider Activity

In other news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction on 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 approximately $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. Insiders have sold 849,134 shares of company stock valued at $163,760,949 over the last three months. 2.00% of the stock is owned by insiders.

Broadcom Trading Up 0.8%

Shares of AVGO opened at $251.26 on Thursday. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.43. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $1.18 trillion, a price-to-earnings ratio of 94.10, a P/E/G ratio of 1.77 and a beta of 1.11. The stock’s 50-day moving average price is $217.54 and its 200 day moving average price is $211.02.

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 analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. During the same period in the prior year, the business posted $10.96 earnings per share. The business’s revenue was up 20.2% compared to the same quarter last year. As a group, research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

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

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

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.