Creekmur Asset Management LLC Sells 730 Shares of Broadcom Inc. (NASDAQ:AVGO)

Creekmur Asset Management LLC decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 10.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,446 shares of the semiconductor manufacturer’s stock after selling 730 shares during the quarter. Creekmur Asset Management LLC’s holdings in Broadcom were worth $1,079,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC raised its stake in Broadcom by 21.8% in 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 during the last quarter. Revolve Wealth Partners LLC grew its position in Broadcom by 10.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock worth $1,854,000 after purchasing an additional 756 shares during the period. Bank Pictet & Cie Europe AG grew its position in Broadcom by 16.4% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer’s stock worth $51,283,000 after purchasing an additional 31,225 shares during the period. Highview Capital Management LLC DE grew its position in Broadcom by 1.3% during the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer’s stock worth $5,917,000 after purchasing an additional 322 shares during the period. Finally, Madison Investment Advisors LLC acquired a new stake in Broadcom during the 4th quarter worth about $576,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Broadcom stock opened at $285.61 on Friday. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $288.28. The company has a market capitalization of $1.34 trillion, a price-to-earnings ratio of 107.10, a price-to-earnings-growth ratio of 2.00 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The firm’s fifty day moving average price is $252.91 and its 200 day moving average price is $219.98.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the previous year, the firm posted $10.96 EPS. The firm’s quarterly 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date was Friday, June 20th. Broadcom’s payout ratio is 88.39%.

Broadcom announced that its board has initiated a stock buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

AVGO has been the topic of several analyst reports. UBS Group increased their price target on Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Cowen restated a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. JPMorgan Chase & Co. raised their target price on Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a research report on Friday, June 6th. Barclays raised their target price on Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research report on Monday, June 9th. Finally, Bank of America raised their target price on Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Broadcom presently has a consensus rating of “Buy” and an average price target of $292.08.

Insider Activity

In other news, insider Charlie B. Kawwas sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the sale, the insider owned 789,784 shares in the company, valued at $199,720,577.92. The trade was a 1.25% 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 the SEC website. Also, insider Mark David Brazeal sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the transaction, the insider owned 415,956 shares in the company, valued at approximately $105,353,335.68. This represents a 10.73% decrease in their position. 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 three months. Insiders own 2.00% of the company’s stock.

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.