Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Patton Albertson Miller Group LLC

Patton Albertson Miller Group LLC lowered its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 5.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 59,624 shares of the semiconductor manufacturer’s stock after selling 3,704 shares during the period. Broadcom comprises 1.5% of Patton Albertson Miller Group LLC’s portfolio, making the stock its 11th largest holding. Patton Albertson Miller Group LLC’s holdings in Broadcom were worth $9,983,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AVGO. True Wealth Design LLC lifted its stake in shares of Broadcom by 7.2% in the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock worth $165,000 after acquiring an additional 48 shares during the period. Samalin Investment Counsel LLC raised its position in shares of Broadcom by 1.0% during the fourth quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer’s stock worth $1,155,000 after purchasing an additional 50 shares during the period. Mizuho Bank Ltd. raised its position in shares of Broadcom by 7.1% during the fourth quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer’s stock worth $174,000 after purchasing an additional 50 shares during the period. Fulton Breakefield Broenniman LLC raised its position in shares of Broadcom by 2.4% during the first quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer’s stock worth $357,000 after purchasing an additional 50 shares during the period. Finally, American Financial Advisors LLC raised its position in Broadcom by 3.8% in the 1st quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer’s stock valued at $240,000 after buying an additional 52 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other Broadcom news, CFO Kirsten M. Spears sold 56,310 shares of the company’s stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the completion of the sale, the chief financial officer directly owned 361,937 shares of the company’s stock, valued at approximately $91,117,639.75. This represents a 13.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Henry Samueli sold 473,898 shares of the stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the sale, the director directly owned 38,188,575 shares of the company’s stock, valued at approximately $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock worth $217,224,641 over the last 90 days. 2.00% of the stock is currently owned by insiders.

Broadcom Price Performance

AVGO stock opened at $286.45 on Friday. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $288.28. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The company has a market capitalization of $1.35 trillion, a P/E ratio of 107.28, a PEG ratio of 2.00 and a beta of 1.12. The company has a fifty day moving average price of $252.91 and a 200-day moving average price of $219.98.

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

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

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.82%. Broadcom’s dividend payout ratio (DPR) is currently 88.39%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AVGO. Citigroup raised their target price on Broadcom from $285.00 to $315.00 and gave the company a “buy” rating in a research report on Monday, July 7th. Mizuho boosted their target price on Broadcom from $315.00 to $320.00 and gave the stock an “outperform” rating in a research report on Wednesday. Oppenheimer lifted their price target on Broadcom from $265.00 to $305.00 and gave the stock an “outperform” rating in a research note on Tuesday. Evercore ISI reaffirmed an “outperform” rating and issued a $304.00 price target (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Finally, Hsbc Global Res raised Broadcom from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, June 24th. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $292.08.

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.