Institute for Wealth Management LLC. Lowers Holdings in Broadcom Inc. (NASDAQ:AVGO)

Institute for Wealth Management LLC. reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.1% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 24,310 shares of the semiconductor manufacturer’s stock after selling 774 shares during the period. Institute for Wealth Management LLC.’s holdings in Broadcom were worth $4,070,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Tallon Kerry Patrick purchased a new stake in Broadcom during the 4th quarter worth about $357,000. Capital & Planning LLC increased its stake in shares of Broadcom by 15.3% during the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer’s stock worth $969,000 after buying an additional 554 shares during the period. LaFleur & Godfrey LLC increased its stake in shares of Broadcom by 18.7% during the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock worth $18,145,000 after buying an additional 12,345 shares during the period. Brighton Jones LLC grew its holdings in Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock worth $6,882,000 after acquiring an additional 5,322 shares in the last quarter. Finally, Union Bancaire Privee UBP SA purchased a new stake in shares of Broadcom in the 4th quarter valued at approximately $71,312,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently commented on AVGO shares. JPMorgan Chase & Co. boosted their target price on shares of Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a research note on Friday, June 6th. 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, June 6th. Rosenblatt Securities boosted their target price on Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Erste Group Bank raised Broadcom from a “hold” rating to a “buy” rating in a report on Thursday, June 5th. Finally, UBS Group raised their price objective on shares of Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Three investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $276.09.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction on Monday, March 24th. The stock was 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 owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Justine Page sold 800 shares of the business’s stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the sale, the director now owns 25,380 shares in the company, valued at $4,695,300. The trade was a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 849,134 shares of company stock valued at $163,760,949. 2.00% of the stock is owned by corporate insiders.

Broadcom Trading Up 0.8%

NASDAQ:AVGO opened at $251.26 on Thursday. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.43. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The stock’s 50 day simple moving average is $217.54 and its 200-day simple moving average is $211.02. The firm has a market cap of $1.18 trillion, a P/E ratio of 94.10, a PEG ratio of 1.77 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. During the same period in the previous year, the company posted $10.96 EPS. Broadcom’s revenue was up 20.2% compared to the same quarter last year. Equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

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 given 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 yield of 0.94%. Broadcom’s payout ratio is currently 88.39%.

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

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.