ARS Wealth Advisors Group LLC Sells 6,452 Shares of Broadcom Inc. (NASDAQ:AVGO)

ARS Wealth Advisors Group LLC decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 165,198 shares of the semiconductor manufacturer’s stock after selling 6,452 shares during the period. Broadcom comprises 3.9% of ARS Wealth Advisors Group LLC’s investment portfolio, making the stock its 6th biggest position. ARS Wealth Advisors Group LLC’s holdings in Broadcom were worth $27,659,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Canton Hathaway LLC purchased a new stake in Broadcom during the 4th quarter worth about $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom during the 4th quarter worth about $26,000. Sunbeam Capital Management LLC purchased a new stake in Broadcom during the 4th quarter worth about $28,000. Vermillion Wealth Management Inc. purchased a new stake in Broadcom during the 4th quarter worth about $30,000. Finally, Sellwood Investment Partners LLC purchased a new stake in Broadcom during the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Down 5.0%

Shares of NASDAQ AVGO opened at $246.95 on Friday. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43. The business has a 50-day moving average price of $203.73 and a 200 day moving average price of $206.52. 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 cap of $1.16 trillion, a PE ratio of 201.43, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data 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 28.00% and a net margin of 11.43%. The company had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. During the same period last year, the firm earned $10.96 EPS. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. Equities research analysts forecast 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 given a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.96%. Broadcom’s payout ratio is 113.46%.

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

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. KeyCorp increased their price objective on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Bank of America increased their price objective on Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a report on Friday. Rosenblatt Securities increased their price objective on Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a report on Friday. Wall Street Zen upgraded Broadcom from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Mizuho increased their price objective on Broadcom from $300.00 to $310.00 and gave the company an “outperform” rating in a report on Friday. Two research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and a consensus target price of $270.25.

Insiders Place Their Bets

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now directly owns 465,956 shares of the company’s stock, valued at $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is owned by company insiders.

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.