Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Verum Partners LLC

Verum Partners LLC decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 5.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,228 shares of the semiconductor manufacturer’s stock after selling 449 shares during the period. Verum Partners LLC’s holdings in Broadcom were worth $1,210,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Tallon Kerry Patrick acquired a new position in Broadcom in the fourth quarter valued at approximately $357,000. Capital & Planning LLC lifted its holdings in shares of Broadcom by 15.3% in the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer’s stock worth $969,000 after purchasing an additional 554 shares during the last quarter. LaFleur & Godfrey LLC boosted its position in Broadcom by 18.7% during the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock valued at $18,145,000 after purchasing an additional 12,345 shares during the period. Brighton Jones LLC boosted its position in Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock valued at $6,882,000 after purchasing an additional 5,322 shares during the period. Finally, Union Bancaire Privee UBP SA bought a new position in Broadcom during the 4th quarter worth $71,312,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the transaction, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction that occurred 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 transaction, the director now directly owns 26,182 shares in the company, valued at approximately $6,026,834.58. This trade represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 720,576 shares of company stock valued at $131,249,694. Corporate insiders own 2.00% of the company’s stock.

Broadcom Price Performance

NASDAQ:AVGO opened at $246.95 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The business’s 50-day moving average price is $203.73 and its 200 day moving average price is $206.22. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43. The firm has a market cap of $1.16 trillion, a P/E ratio of 201.43, a PEG ratio of 2.29 and a beta of 1.11.

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, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. During the same quarter in the previous year, the company posted $10.96 EPS. The business’s revenue was up 20.2% compared to the same quarter last year. As a group, sell-side analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its board has approved a share repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Broadcom Dividend Announcement

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

Wall Street Analyst Weigh In

AVGO has been the topic of a number of recent research reports. Mizuho raised their target price on Broadcom from $300.00 to $310.00 and gave the company an “outperform” rating in a research note on Friday. Evercore ISI lifted their price objective on shares of Broadcom from $267.00 to $304.00 and gave the company an “outperform” rating in a research report on Friday. Wall Street Zen upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Saturday. Bank of America lifted their price target on Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a report on Friday. Finally, Susquehanna boosted their price objective on Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a research report on Friday. Two investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $270.25.

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.