Broadcom Inc. (NASDAQ:AVGO) Shares Sold by San Luis Wealth Advisors LLC

San Luis Wealth Advisors LLC reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 31.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,921 shares of the semiconductor manufacturer’s stock after selling 8,220 shares during the period. San Luis Wealth Advisors LLC’s holdings in Broadcom were worth $3,000,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Tallon Kerry Patrick acquired a new position in Broadcom during the fourth quarter valued at $357,000. Capital & Planning LLC lifted its position in Broadcom by 15.3% during the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer’s stock valued at $969,000 after purchasing an additional 554 shares during the period. LaFleur & Godfrey LLC lifted its position in Broadcom by 18.7% during the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock valued at $18,145,000 after purchasing an additional 12,345 shares during the period. Brighton Jones LLC lifted its position in Broadcom by 21.8% during the fourth 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 acquired a new position in Broadcom during the fourth quarter valued at $71,312,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Trading Up 1.4%

AVGO opened at $252.10 on Tuesday. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43. The stock has a market capitalization of $1.19 trillion, a PE ratio of 205.63, a P/E/G ratio of 2.29 and a beta of 1.11. The business’s 50 day moving average price is $214.93 and its 200 day moving average price is $210.47. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom (NASDAQ:AVGO) last released 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 firm had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. During the same period in the prior year, the firm posted $10.96 earnings per share. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. As a group, equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its board has approved a share repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is 88.39%.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the company’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the transaction, the chief executive officer now directly owns 1,014,152 shares in the company, valued at $256,489,182.32. This represents a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of the company’s stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider now owns 789,784 shares in the company, valued at $199,720,577.92. This trade represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 848,334 shares of company stock worth $163,560,669 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on AVGO. Cantor Fitzgerald restated an “overweight” rating and set a $300.00 target price on shares of Broadcom in a research report on Friday, June 6th. Wall Street Zen cut Broadcom from a “buy” rating to a “hold” rating in a research report on Sunday. Rosenblatt Securities lifted their price target on Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, June 6th. UBS Group lifted their price target on Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Finally, Oppenheimer lifted their price target on Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a research note on Friday, May 30th. Three analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $276.09.

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.