RFG Advisory LLC Sells 820 Shares of Broadcom Inc. (NASDAQ:AVGO)

RFG Advisory LLC lowered its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,773 shares of the semiconductor manufacturer’s stock after selling 820 shares during the period. RFG Advisory LLC’s holdings in Broadcom were worth $7,831,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Banco Bilbao Vizcaya Argentaria S.A. lifted its position in shares of Broadcom by 3.8% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock worth $120,070,000 after buying an additional 18,845 shares during the period. Nebula Research & Development LLC raised its stake in Broadcom by 1,100.8% during the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock worth $3,642,000 after acquiring an additional 14,399 shares in the last quarter. Destiny Wealth Partners LLC lifted its holdings in shares of Broadcom by 1,211.3% during the fourth quarter. Destiny Wealth Partners LLC now owns 27,013 shares of the semiconductor manufacturer’s stock valued at $6,263,000 after acquiring an additional 24,953 shares during the period. Mediolanum International Funds Ltd boosted its stake in shares of Broadcom by 36.3% in the 4th quarter. Mediolanum International Funds Ltd now owns 634,112 shares of the semiconductor manufacturer’s stock valued at $149,017,000 after purchasing an additional 168,774 shares in the last quarter. Finally, Kovack Advisors Inc. grew its holdings in shares of Broadcom by 8.1% in the 4th quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer’s stock worth $7,971,000 after purchasing an additional 2,570 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

AVGO has been the topic of several research analyst reports. Barclays decreased their price objective on shares of Broadcom from $260.00 to $215.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Rosenblatt Securities reiterated a “buy” rating and issued a $250.00 price objective on shares of Broadcom in a research report on Friday, March 7th. Benchmark restated a “buy” rating and set a $255.00 target price on shares of Broadcom in a report on Friday, March 7th. Mizuho lifted their price target on Broadcom from $250.00 to $300.00 and gave the company an “outperform” rating in a report on Wednesday, May 28th. Finally, Oppenheimer boosted their price objective on shares of Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a research report on Friday. Three equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $238.77.

Insider Buying and Selling

In related news, Director Justine Page sold 800 shares of the firm’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the sale, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. This trade represents a 2.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction that occurred 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 approximately $95,564,585.40. This trade represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 720,576 shares of company stock worth $131,249,694. Corporate insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of AVGO opened at $248.71 on Tuesday. The company has a 50 day moving average of $196.77 and a 200-day moving average of $204.25. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $1.17 trillion, a P/E ratio of 202.86, a P/E/G ratio of 2.29 and a beta of 1.04. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $251.88.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Thursday, March 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 0.95%. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Broadcom declared that its board has approved a stock buyback 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 stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are 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.