Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Alpha Omega Wealth Management LLC

Alpha Omega Wealth Management LLC reduced its holdings in Broadcom Inc. (NASDAQ:AVGO) by 30.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,933 shares of the semiconductor manufacturer’s stock after selling 11,070 shares during the quarter. Alpha Omega Wealth Management LLC’s holdings in Broadcom were worth $4,175,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Canton Hathaway LLC purchased a new stake in shares of Broadcom in the fourth quarter valued at $26,000. Rialto Wealth Management LLC bought a new position in Broadcom during the fourth quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom during the fourth quarter valued at about $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom during the fourth quarter valued at about $30,000. Finally, Sellwood Investment Partners LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at about $32,000. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Performance

AVGO stock opened at $252.91 on Thursday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The company has a 50 day moving average price of $209.12 and a 200 day moving average price of $207.94. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.43. The stock has a market capitalization of $1.19 trillion, a PE ratio of 206.29, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the previous year, the business earned $10.96 EPS. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. Analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s dividend payout ratio is presently 88.39%.

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

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on AVGO shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a research report on Friday, June 6th. Oppenheimer lifted their target price on Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a research report on Friday, May 30th. Seaport Res Ptn raised Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. UBS Group lifted their target price on Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Finally, Bank of America lifted their target price on Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $272.71.

Insider Activity

In related news, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction 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 transaction, the director now directly owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock valued at $131,249,694 in the last quarter. Company insiders own 2.00% of the company’s stock.

Broadcom 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.