Broadcom Inc. (NASDAQ:AVGO) Holdings Lowered by RDA Financial Network

RDA Financial Network cut its stake in Broadcom Inc. (NASDAQ:AVGO) by 4.9% in the first quarter, Holdings Channel.com reports. The fund owned 49,072 shares of the semiconductor manufacturer’s stock after selling 2,504 shares during the quarter. Broadcom comprises about 2.4% of RDA Financial Network’s portfolio, making the stock its 6th largest holding. RDA Financial Network’s holdings in Broadcom were worth $8,216,000 at the end of the most recent reporting period.

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

Broadcom Stock Performance

NASDAQ:AVGO opened at $246.95 on Friday. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The firm has a 50 day simple moving average of $203.73 and a 200-day simple moving average of $206.52. The firm has a market cap of $1.16 trillion, a PE ratio of 201.43, a P/E/G ratio of 2.29 and a beta of 1.11. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating 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 business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the previous year, the business earned $10.96 earnings per share. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, equities analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its Board of Directors has initiated a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.96%. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Insider Transactions at Broadcom

In related news, Director Justine Page sold 800 shares of the stock in a transaction on Wednesday, May 14th. The stock was 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 represents a 2.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value 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 $7,045,847,733.60. The trade was a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock worth $131,249,694 in the last ninety days. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

AVGO has been the topic of a number of research reports. Morgan Stanley raised their price target on Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday. Benchmark lifted their target price on Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a research note on Friday. William Blair reissued an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Truist Financial set a $295.00 price target on Broadcom and gave the stock a “buy” rating in a report on Friday. Finally, Evercore ISI boosted their price objective on shares of Broadcom from $267.00 to $304.00 and gave the company an “outperform” rating in a research note on Friday. Two investment 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 company’s stock. According to data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and a consensus target price of $270.25.

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.