Jackson Hole Capital Partners LLC Sells 276 Shares of Broadcom Inc. (NASDAQ:AVGO)

Jackson Hole Capital Partners LLC cut its stake in Broadcom Inc. (NASDAQ:AVGO) by 11.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,122 shares of the semiconductor manufacturer’s stock after selling 276 shares during the quarter. Jackson Hole Capital Partners LLC’s holdings in Broadcom were worth $355,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom in the fourth quarter valued at about $28,000. Vermillion Wealth Management Inc. acquired a new position in shares of Broadcom in the fourth quarter valued at about $30,000. Sellwood Investment Partners LLC acquired a new position in shares of Broadcom in the fourth quarter valued at about $32,000. Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Broadcom in the first quarter valued at about $25,000. Finally, Inlight Wealth Management LLC acquired a new position in shares of Broadcom in the first quarter valued at about $26,000. 76.43% of the stock is owned by institutional investors.

Broadcom Trading Up 1.2%

Shares of AVGO stock traded up $3.49 during trading hours on Thursday, hitting $287.18. 6,144,042 shares of the company were exchanged, compared to its average volume of 27,183,553. The firm has a market cap of $1.35 trillion, a P/E ratio of 107.56, a P/E/G ratio of 1.98 and a beta of 1.12. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $291.20. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The company has a 50 day simple moving average of $257.70 and a two-hundred day simple moving average of $221.40.

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

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.82%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s payout ratio is currently 88.39%.

Broadcom declared that its Board of Directors has authorized a share buyback program 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 programs are often a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms recently commented on AVGO. Wells Fargo & Company upped their price target on shares of Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a research note on Friday, June 6th. Bank of America increased their price objective on shares of Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Evercore ISI reiterated an “outperform” rating and set a $304.00 price objective (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. The Goldman Sachs Group began coverage on shares of Broadcom in a research note on Thursday, July 10th. They issued a “buy” rating and a $315.00 price target on the stock. Finally, Wall Street Zen upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research note on Saturday, July 5th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Broadcom presently has a consensus rating of “Buy” and an average target price of $292.08.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the transaction, the chief executive officer directly owned 482,836 shares of the company’s stock, valued at $129,540,070.44. The trade was a 7.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction on Monday, July 14th. The stock was sold at an average price of $274.30, for a total transaction of $219,440.00. Following the transaction, the director directly owned 24,582 shares in the company, valued at $6,742,842.60. This represents a 3.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 830,516 shares of company stock worth $217,224,641 in the last quarter. 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.