Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Generation Capital Management LLC

Generation Capital Management LLC reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,655 shares of the semiconductor manufacturer’s stock after selling 335 shares during the period. Broadcom makes up approximately 1.9% of Generation Capital Management LLC’s investment portfolio, making the stock its 18th biggest holding. Generation Capital Management LLC’s holdings in Broadcom were worth $2,119,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Avalon Trust Co lifted its stake in shares of Broadcom by 2.1% during the first quarter. Avalon Trust Co now owns 353,528 shares of the semiconductor manufacturer’s stock worth $59,191,000 after buying an additional 7,122 shares during the period. Manchester Capital Management LLC lifted its stake in shares of Broadcom by 4.6% during the first quarter. Manchester Capital Management LLC now owns 13,178 shares of the semiconductor manufacturer’s stock worth $2,206,000 after buying an additional 585 shares during the period. Novus Advisors LLC lifted its stake in shares of Broadcom by 5.6% during the first quarter. Novus Advisors LLC now owns 1,900 shares of the semiconductor manufacturer’s stock worth $318,000 after buying an additional 100 shares during the period. Cheviot Value Management LLC acquired a new stake in shares of Broadcom during the first quarter worth $25,000. Finally, Cedar Wealth Management LLC lifted its stake in shares of Broadcom by 1,466.7% during the first quarter. Cedar Wealth Management LLC now owns 2,820 shares of the semiconductor manufacturer’s stock worth $472,000 after buying an additional 2,640 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on AVGO. KeyCorp raised their target price on shares of Broadcom from $315.00 to $330.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. raised their target price on shares of Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Oppenheimer raised their target price on shares of Broadcom from $265.00 to $305.00 and gave the stock an “outperform” rating in a report on Tuesday, July 15th. Bank of America raised their target price on shares of Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Finally, Barclays raised their target price on shares of Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a report on Monday, June 9th. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $294.92.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 40,000 shares of the business’s stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the sale, the chief executive officer owned 482,836 shares of the company’s stock, valued at $129,540,070.44. The trade was a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Kirsten M. Spears sold 36,350 shares of the business’s stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the sale, the chief financial officer directly owned 325,587 shares of the company’s stock, valued at $85,066,115.49. This represents a 10.04% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 830,516 shares of company stock valued at $217,224,641. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Down 1.7%

AVGO stock opened at $288.64 on Friday. The stock has a market capitalization of $1.36 trillion, a P/E ratio of 108.10, a P/E/G ratio of 2.05 and a beta of 1.15. The firm has a 50-day simple moving average of $266.56 and a 200-day simple moving average of $224.53. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $306.95.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts’ consensus estimates 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 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 quarter in the previous year, the company earned $10.96 earnings per share. Equities analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

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

Broadcom declared that its board has authorized a share repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Broadcom Company 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.