Hudson Valley Investment Advisors Inc. ADV Sells 3,059 Shares of Broadcom Inc. (NASDAQ:AVGO)

Hudson Valley Investment Advisors Inc. ADV reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 4.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 59,374 shares of the semiconductor manufacturer’s stock after selling 3,059 shares during the quarter. Broadcom accounts for 1.2% of Hudson Valley Investment Advisors Inc. ADV’s portfolio, making the stock its 27th biggest holding. Hudson Valley Investment Advisors Inc. ADV’s holdings in Broadcom were worth $9,941,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Sara Bay Financial lifted its holdings in shares of Broadcom by 0.8% during the first quarter. Sara Bay Financial now owns 7,966 shares of the semiconductor manufacturer’s stock valued at $1,347,000 after purchasing an additional 62 shares in the last quarter. First Affirmative Financial Network lifted its holdings in Broadcom by 5.8% in the first quarter. First Affirmative Financial Network now owns 5,596 shares of the semiconductor manufacturer’s stock valued at $937,000 after acquiring an additional 308 shares during the period. Congress Asset Management Co. lifted its holdings in Broadcom by 784.0% in the first quarter. Congress Asset Management Co. now owns 591,601 shares of the semiconductor manufacturer’s stock valued at $99,052,000 after acquiring an additional 524,676 shares during the period. StoneCrest Wealth Management Inc. lifted its holdings in Broadcom by 28.3% in the first quarter. StoneCrest Wealth Management Inc. now owns 2,793 shares of the semiconductor manufacturer’s stock valued at $468,000 after acquiring an additional 616 shares during the period. Finally, Tower Wealth Partners Inc. lifted its holdings in Broadcom by 20.5% in the first quarter. Tower Wealth Partners Inc. now owns 1,861 shares of the semiconductor manufacturer’s stock valued at $312,000 after acquiring an additional 316 shares during the period. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Performance

NASDAQ:AVGO opened at $246.95 on Friday. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.43. The stock has a 50-day moving average price of $203.73 and a 200 day moving average price of $206.22. The stock has a market capitalization of $1.16 trillion, a P/E ratio of 201.43, a P/E/G ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter last year, the business posted $10.96 EPS. Equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom announced that its board has approved a share 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 purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is 113.46%.

Insider Transactions at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of Broadcom stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the sale, the director now directly owns 26,182 shares of the company’s stock, valued at $6,026,834.58. The trade was a 2.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction 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 sale, the insider now directly owns 465,956 shares of the company’s stock, valued at approximately $83,872,080. This trade represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 720,576 shares of company stock worth $131,249,694. 2.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on AVGO. JPMorgan Chase & Co. increased their target price on Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a report on Friday. Morgan Stanley increased their target price on Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a report on Friday. Cantor Fitzgerald reissued an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a report on Friday. Erste Group Bank raised Broadcom from a “hold” rating to a “buy” rating in a report on Thursday. Finally, Mizuho increased their target price on Broadcom from $300.00 to $310.00 and gave the company an “outperform” rating in a report on Friday. Two investment analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $270.25.

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.