McElhenny Sheffield Capital Management LLC Sells 118 Shares of Broadcom Inc. (NASDAQ:AVGO)

McElhenny Sheffield Capital Management LLC lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 4.8% during the 1st quarter, HoldingsChannel reports. The fund owned 2,327 shares of the semiconductor manufacturer’s stock after selling 118 shares during the quarter. McElhenny Sheffield Capital Management LLC’s holdings in Broadcom were worth $390,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Tallon Kerry Patrick bought a new stake in Broadcom during the 4th quarter worth approximately $357,000. Capital & Planning LLC increased its stake in shares of Broadcom by 15.3% in the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer’s stock worth $969,000 after purchasing an additional 554 shares in the last quarter. LaFleur & Godfrey LLC increased its stake in shares of Broadcom by 18.7% in the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock worth $18,145,000 after purchasing an additional 12,345 shares in the last quarter. Brighton Jones LLC raised its position in shares of Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock valued at $6,882,000 after purchasing an additional 5,322 shares during the period. Finally, Union Bancaire Privee UBP SA purchased a new position in shares of Broadcom during the 4th quarter valued at $71,312,000. Institutional investors own 76.43% of the company’s stock.

Insider Activity

In other news, Director Henry Samueli sold 663,976 shares of the stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the sale, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This represents a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction dated 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 trade represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 720,576 shares of company stock worth $131,249,694. Company insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on AVGO shares. Wells Fargo & Company increased their price target on Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a research note on Friday, June 6th. Mizuho upped their price objective on Broadcom from $300.00 to $310.00 and gave the stock an “outperform” rating in a research note on Friday, June 6th. Redburn Atlantic assumed coverage on Broadcom in a research report on Wednesday, May 28th. They set a “buy” rating and a $301.00 target price for the company. KeyCorp boosted their price target on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Finally, Bank of America upped their price target on Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $272.71.

Broadcom Price Performance

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

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

Broadcom declared that its Board of Directors has authorized a stock buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.93%. Broadcom’s dividend payout ratio (DPR) is currently 88.39%.

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.