Broadcom Inc. $AVGO Shares Sold by Andina Capital Management LLC

Andina Capital Management LLC reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 53.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,669 shares of the semiconductor manufacturer’s stock after selling 3,095 shares during the quarter. Andina Capital Management LLC’s holdings in Broadcom were worth $447,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Texas Capital Bank Wealth Management Services Inc grew its position in Broadcom by 51.3% during the first quarter. Texas Capital Bank Wealth Management Services Inc now owns 6,843 shares of the semiconductor manufacturer’s stock worth $1,146,000 after buying an additional 2,320 shares during the period. Colonial Trust Advisors grew its position in Broadcom by 161.4% during the first quarter. Colonial Trust Advisors now owns 8,376 shares of the semiconductor manufacturer’s stock worth $1,402,000 after buying an additional 5,172 shares during the period. Senator Investment Group LP acquired a new position in Broadcom during the first quarter worth about $29,759,000. GSG Advisors LLC grew its position in Broadcom by 19.4% during the first quarter. GSG Advisors LLC now owns 4,839 shares of the semiconductor manufacturer’s stock worth $896,000 after buying an additional 786 shares during the period. Finally, M Holdings Securities Inc. grew its position in Broadcom by 13.6% during the first quarter. M Holdings Securities Inc. now owns 16,138 shares of the semiconductor manufacturer’s stock worth $2,702,000 after buying an additional 1,934 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Kirsten M. Spears sold 56,310 shares of the firm’s stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the transaction, the chief financial officer owned 361,937 shares of the company’s stock, valued at approximately $91,117,639.75. This trade represents a 13.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Henry Samueli sold 473,898 shares of the firm’s stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the transaction, the director directly owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 830,516 shares of company stock worth $217,286,457. 2.00% of the stock is owned by company insiders.

Broadcom Stock Performance

NASDAQ:AVGO opened at $305.76 on Tuesday. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The company has a market cap of $1.44 trillion, a P/E ratio of 114.52, a P/E/G ratio of 2.18 and a beta of 1.15. Broadcom Inc. has a fifty-two week low of $134.90 and a fifty-two week high of $317.35. The firm’s 50 day moving average is $279.50 and its two-hundred day moving average is $230.48.

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

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is currently 88.39%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on AVGO. Redburn Atlantic began coverage on shares of Broadcom in a report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price target on the stock. Benchmark upped their price target on shares of Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a report on Friday, June 6th. Mizuho upped their price target on shares of Broadcom from $315.00 to $320.00 and gave the company an “outperform” rating in a report on Wednesday, July 16th. Wells Fargo & Company upped their price target on shares of Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a report on Friday, June 6th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $304.00 price target (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, Broadcom presently has a consensus rating of “Buy” and a consensus target price of $295.96.

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.