Greystone Financial Group LLC Trims Stake in Broadcom Inc. (NASDAQ:AVGO)

Greystone Financial Group LLC lessened its position in Broadcom Inc. (NASDAQ:AVGO) by 14.4% in the first quarter, HoldingsChannel reports. The firm owned 69,745 shares of the semiconductor manufacturer’s stock after selling 11,717 shares during the quarter. Broadcom accounts for approximately 2.1% of Greystone Financial Group LLC’s holdings, making the stock its 16th biggest holding. Greystone Financial Group LLC’s holdings in Broadcom were worth $11,677,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Canton Hathaway LLC purchased a new position in Broadcom during the fourth quarter valued at $26,000. Rialto Wealth Management LLC bought a new position in shares of Broadcom in the 4th quarter worth about $26,000. Sunbeam Capital Management LLC bought a new position in shares of Broadcom in the 4th quarter worth about $28,000. Vermillion Wealth Management Inc. purchased a new position in Broadcom during the 4th quarter valued at about $30,000. Finally, Sellwood Investment Partners LLC bought a new stake in Broadcom during the fourth quarter worth about $32,000. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on AVGO. Susquehanna upped their price objective on shares of Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a report on Friday. JPMorgan Chase & Co. boosted their price target on Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a research report on Friday. Wall Street Zen raised Broadcom from a “hold” rating to a “buy” rating in a research report on Saturday. Cowen reiterated a “buy” rating on shares of Broadcom in a research note on Friday. Finally, Oppenheimer boosted their target price on Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a report on Friday, May 30th. Two equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $270.25.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of the business’s stock in a transaction dated 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 in the company, valued at $6,026,834.58. The trade was a 2.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares of the company’s stock, valued at $95,564,585.40. The trade was a 5.76% decrease in their position. 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. 2.00% of the stock is owned by company insiders.

Broadcom Stock Down 5.0%

AVGO opened at $246.95 on Monday. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. 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 firm has a 50 day moving average price of $203.73 and a 200-day moving average price of $206.81. The stock has a market capitalization of $1.16 trillion, a price-to-earnings ratio of 201.43, a PEG ratio of 2.29 and a beta of 1.11.

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

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders 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 yield of 0.96%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s dividend payout ratio is 88.39%.

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

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.