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

Novare Capital Management LLC lessened its stake in Broadcom Inc. (NASDAQ:AVGO) by 4.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 152,422 shares of the semiconductor manufacturer’s stock after selling 7,578 shares during the quarter. Broadcom accounts for about 2.2% of Novare Capital Management LLC’s portfolio, making the stock its 8th largest holding. Novare Capital Management LLC’s holdings in Broadcom were worth $25,520,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Barnes Dennig Private Wealth Management LLC acquired a new position in Broadcom in the 1st quarter worth about $25,000. Rialto Wealth Management LLC acquired a new position in Broadcom in the 4th quarter worth about $26,000. Inlight Wealth Management LLC acquired a new position in Broadcom in the 1st quarter worth about $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom in the 4th quarter worth about $28,000. Finally, Vermillion Wealth Management Inc. acquired a new position in Broadcom in the 4th quarter worth about $30,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Up 1.8%

Broadcom stock opened at $274.87 on Friday. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $277.71. The stock’s fifty day simple moving average is $238.77 and its 200-day simple moving average is $217.17. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $1.29 trillion, a P/E ratio of 102.95, a P/E/G ratio of 1.96 and a beta of 1.12.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) 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 35.49% and a net margin of 22.64%. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the business posted $10.96 EPS. As a group, equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently disclosed 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 annualized dividend and a dividend yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom’s payout ratio is presently 88.39%.

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 50,000 shares of Broadcom stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value 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 trade represents a 10.73% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the transaction, the insider owned 789,784 shares of the company’s stock, valued at $199,720,577.92. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 854,716 shares of company stock worth $221,433,761. Corporate insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on AVGO. Redburn Atlantic began coverage on Broadcom in a report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price target for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a report on Friday, June 6th. Oppenheimer upped their price target on Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a report on Friday, May 30th. Barclays increased their target price on Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a report on Monday, June 9th. Finally, Erste Group Bank upgraded Broadcom from a “hold” rating to a “buy” rating in a research report on Thursday, June 5th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of “Buy” and a consensus target price of $281.46.

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.