Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Traveka Wealth LLC

Traveka Wealth LLC trimmed its position in Broadcom Inc. (NASDAQ:AVGO) by 13.8% in the first quarter, Holdings Channel reports. The firm owned 5,862 shares of the semiconductor manufacturer’s stock after selling 938 shares during the quarter. Traveka Wealth LLC’s holdings in Broadcom were worth $981,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of AVGO. Brighton Jones LLC grew its stake in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock worth $6,882,000 after purchasing an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC grew its stake in Broadcom by 10.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock worth $1,854,000 after purchasing an additional 756 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its stake in Broadcom by 16.4% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer’s stock valued at $51,283,000 after acquiring an additional 31,225 shares during the period. Highview Capital Management LLC DE boosted its stake in Broadcom by 1.3% in the fourth quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer’s stock valued at $5,917,000 after acquiring an additional 322 shares during the period. Finally, Proficio Capital Partners LLC boosted its stake in Broadcom by 46.2% in the fourth quarter. Proficio Capital Partners LLC now owns 19,529 shares of the semiconductor manufacturer’s stock valued at $4,528,000 after acquiring an additional 6,168 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

AVGO has been the topic of a number of recent analyst reports. Seaport Res Ptn raised Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. JPMorgan Chase & Co. boosted their target price on Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Wall Street Zen raised Broadcom from a “hold” rating to a “buy” rating in a report on Saturday. UBS Group boosted their target price on Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $300.00 target price on shares of Broadcom in a report on Friday, June 6th. One research 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 stock. Based on data from MarketBeat, Broadcom has a consensus rating of “Buy” and an average target price of $281.46.

Broadcom Price Performance

Broadcom stock opened at $274.87 on Friday. The stock’s fifty day moving average price is $238.77 and its two-hundred day moving average price is $217.17. Broadcom Inc. has a one year low of $128.50 and a one year high of $277.71. 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 firm 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.

Broadcom (NASDAQ:AVGO) last issued its 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 the consensus estimate of $14.98 billion. During the same quarter last year, the business posted $10.96 EPS. The company’s revenue was up 20.2% compared to the same quarter last year. As a group, research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders 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 was Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

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

Insider Transactions at Broadcom

In related news, CFO Kirsten M. Spears sold 56,310 shares of the business’s stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the completion of the sale, the chief financial officer directly owned 361,937 shares of the company’s stock, valued at $91,117,639.75. The trade was a 13.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Mark David Brazeal sold 50,000 shares of the business’s stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the sale, the insider directly owned 415,956 shares of the company’s stock, valued at $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 854,716 shares of company stock worth $221,433,761. Corporate insiders own 2.00% of the company’s stock.

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.