Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Jericho Financial LLP

Jericho Financial LLP trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO) by 12.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 28,975 shares of the semiconductor manufacturer’s stock after selling 4,009 shares during the quarter. Broadcom accounts for about 3.5% of Jericho Financial LLP’s portfolio, making the stock its 13th biggest holding. Jericho Financial LLP’s holdings in Broadcom were worth $4,851,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of AVGO. Ridgecrest Wealth Partners LLC lifted its stake in Broadcom by 737.3% during the first quarter. Ridgecrest Wealth Partners LLC now owns 28,402 shares of the semiconductor manufacturer’s stock valued at $4,755,000 after buying an additional 25,010 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in Broadcom by 3.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 653,773 shares of the semiconductor manufacturer’s stock valued at $109,461,000 after buying an additional 22,779 shares in the last quarter. 1858 Wealth Management LLC lifted its stake in Broadcom by 8.9% during the first quarter. 1858 Wealth Management LLC now owns 5,295 shares of the semiconductor manufacturer’s stock valued at $887,000 after buying an additional 432 shares in the last quarter. Kennedy Investment Group lifted its stake in Broadcom by 4.4% during the first quarter. Kennedy Investment Group now owns 53,824 shares of the semiconductor manufacturer’s stock valued at $9,012,000 after buying an additional 2,262 shares in the last quarter. Finally, Madison Wealth Partners Inc lifted its stake in Broadcom by 3.2% during the first quarter. Madison Wealth Partners Inc now owns 2,735 shares of the semiconductor manufacturer’s stock valued at $458,000 after buying an additional 84 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Broadcom

In other news, Director Henry Samueli sold 663,976 shares of the stock in a transaction that occurred on 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 approximately $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 can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now directly owns 465,956 shares of the company’s stock, valued at $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 819,134 shares of company stock worth $157,921,449 over the last 90 days. Insiders own 2.00% of the company’s stock.

Broadcom Trading Down 0.5%

NASDAQ:AVGO opened at $249.99 on Monday. The stock’s 50 day moving average price is $220.48 and its 200 day moving average price is $212.76. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43. The company has a market capitalization of $1.18 trillion, a P/E ratio of 93.63, a P/E/G ratio of 1.78 and a beta of 1.11. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data 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 return on equity of 35.49% and a net margin of 22.64%. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the prior year, the company posted $10.96 earnings per share. The firm’s revenue was up 20.2% on a year-over-year basis. On average, research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom announced that its board has authorized a stock repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management 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 dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.94%. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

Analyst Upgrades and Downgrades

A number of analysts have commented on AVGO shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research note on Friday, June 6th. Evercore ISI reaffirmed an “outperform” rating and set a $304.00 price objective (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Wells Fargo & Company increased their price target on shares of Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a research report on Friday, June 6th. Citigroup increased their price target on shares of Broadcom from $276.00 to $285.00 and gave the stock a “buy” rating in a research report on Monday, June 9th. Finally, Benchmark increased their price target on shares of Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Three investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $276.09.

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.