Broadcom Inc. (NASDAQ:AVGO) Holdings Reduced by Shira Ridge Wealth Management

Shira Ridge Wealth Management lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 6.3% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 1,625 shares of the semiconductor manufacturer’s stock after selling 109 shares during the quarter. Shira Ridge Wealth Management’s holdings in Broadcom were worth $272,000 as of its most recent filing with the Securities and Exchange Commission.

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

Wall Street Analyst Weigh In

AVGO has been the topic of several research analyst reports. Bank of America lifted their price target on Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a research report on Friday. Truist Financial set a $295.00 target price on Broadcom and gave the stock a “buy” rating in a report on Friday. UBS Group boosted their price target on shares of Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Friday. Barclays raised their price objective on shares of Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research report on Monday. Finally, Evercore ISI boosted their target price on shares of Broadcom from $267.00 to $304.00 and gave the stock an “outperform” rating in a report on Friday. Two research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $272.71.

Insider Buying and Selling at Broadcom

In other news, Director Justine Page sold 800 shares of the stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $185.00, for a total transaction of $148,000.00. Following the transaction, the director now owns 25,380 shares of the company’s stock, valued at approximately $4,695,300. This represents a 3.06% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. The trade was a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock valued at $131,249,694 in the last quarter. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Down 1.1%

NASDAQ:AVGO opened at $244.28 on Tuesday. The business’s fifty day moving average price is $205.17 and its 200 day moving average price is $207.37. The firm has a market capitalization of $1.15 trillion, a price-to-earnings ratio of 199.25, a PEG ratio of 2.29 and a beta of 1.11. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43.

Broadcom (NASDAQ:AVGO) last issued 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 company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $10.96 EPS. On average, sell-side 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 will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.97%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is currently 88.39%.

Broadcom declared that its board has initiated a share repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally 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.