Independent Advisor Alliance Trims Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Independent Advisor Alliance cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.1% in the 1st quarter, HoldingsChannel reports. The firm owned 205,115 shares of the semiconductor manufacturer’s stock after selling 2,295 shares during the period. Broadcom makes up 1.1% of Independent Advisor Alliance’s portfolio, making the stock its 14th biggest position. Independent Advisor Alliance’s holdings in Broadcom were worth $34,342,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Broadcom by 0.4% during the first quarter. Vanguard Group Inc. now owns 477,220,137 shares of the semiconductor manufacturer’s stock valued at $79,900,968,000 after purchasing an additional 2,085,534 shares during the last quarter. Northern Trust Corp lifted its position in Broadcom by 12.0% during the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer’s stock valued at $11,380,411,000 after purchasing an additional 5,258,925 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock valued at $11,018,089,000 after purchasing an additional 15,171,849 shares during the last quarter. Nuveen LLC bought a new stake in Broadcom during the first quarter valued at approximately $6,649,117,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Broadcom by 1.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 34,401,379 shares of the semiconductor manufacturer’s stock valued at $7,975,616,000 after purchasing an additional 581,704 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. UBS Group lifted their target price on shares of Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Barclays lifted their target price on shares of Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research report on Monday, June 9th. HSBC upgraded shares of Broadcom from a “hold” rating to a “buy” rating and set a $400.00 price objective for the company in a report on Tuesday, June 24th. JPMorgan Chase & Co. boosted their price objective on shares of Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Finally, The Goldman Sachs Group began coverage on shares of Broadcom in a report on Thursday, July 10th. They issued a “buy” rating and a $315.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, Broadcom has an average rating of “Buy” and an average price target of $294.92.

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 40,000 shares of the company’s stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the sale, the chief executive officer directly owned 482,836 shares of the company’s stock, valued at $129,540,070.44. This represents a 7.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gayla J. Delly sold 3,000 shares of the company’s stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $265.13, for a total transaction of $795,390.00. Following the completion of the sale, the director directly owned 33,352 shares in the company, valued at $8,842,615.76. This represents a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 830,516 shares of company stock worth $217,224,641. 2.00% of the stock is owned by insiders.

Broadcom Stock Up 0.4%

Shares of Broadcom stock opened at $304.97 on Monday. 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 company’s fifty day simple moving average is $272.87 and its two-hundred day simple moving average is $226.63. The company has a market cap of $1.43 trillion, a P/E ratio of 114.22, a PEG ratio of 2.17 and a beta of 1.15. Broadcom Inc. has a 12-month low of $134.90 and a 12-month high of $310.34.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the firm earned $10.96 EPS. Research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a $0.59 dividend. 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 dividend payout ratio is currently 88.39%.

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.