Broadcom Inc. (NASDAQ:AVGO) Shares Sold by One Day In July LLC

One Day In July LLC cut its holdings in Broadcom Inc. (NASDAQ:AVGO) by 9.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,610 shares of the semiconductor manufacturer’s stock after selling 160 shares during the period. One Day In July LLC’s holdings in Broadcom were worth $270,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Broadcom in the 1st quarter valued at about $25,000. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom in the 4th quarter valued at about $26,000. Inlight Wealth Management LLC purchased a new stake in shares of Broadcom in the 1st quarter valued at about $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom in the 4th quarter valued at about $28,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom in the 4th quarter valued at about $30,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 50,000 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the transaction, the insider directly owned 415,956 shares of the company’s stock, valued at approximately $105,353,335.68. This trade represents a 10.73% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the completion of the transaction, the chief executive officer directly owned 1,014,152 shares in the company, valued at $256,489,182.32. This trade represents a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 854,716 shares of company stock worth $221,433,761. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on AVGO shares. Wells Fargo & Company boosted their target price on Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a report on Friday, June 6th. JPMorgan Chase & Co. boosted their target price on Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a report on Friday, June 6th. HSBC raised Broadcom from a “hold” rating to a “buy” rating and set a $400.00 target price for the company in a report on Tuesday, June 24th. Rosenblatt Securities boosted their price target on Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Finally, Cowen restated a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $281.46.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $274.87 on Friday. Broadcom Inc. has a one year low of $128.50 and a one year high of $277.71. The stock has a market cap of $1.29 trillion, a PE ratio of 102.95, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. The business’s fifty day moving average price is $238.77 and its two-hundred day moving average price is $217.17. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping 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 company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the prior year, the company posted $10.96 EPS. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. On average, analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom announced that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Broadcom Announces Dividend

The company also recently announced 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 dividend yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is currently 88.39%.

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.