Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Bluesphere Advisors LLC

Bluesphere Advisors LLC reduced its holdings in Broadcom Inc. (NASDAQ:AVGO) by 11.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,598 shares of the semiconductor manufacturer’s stock after selling 197 shares during the quarter. Bluesphere Advisors LLC’s holdings in Broadcom were worth $268,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. SlateStone Wealth LLC raised its stake in shares of Broadcom by 0.3% during the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer’s stock worth $3,207,000 after purchasing an additional 47 shares in the last quarter. True Wealth Design LLC increased its holdings in Broadcom by 7.2% in the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock worth $165,000 after buying an additional 48 shares during the last quarter. Global Strategic Investment Solutions LLC raised its position in Broadcom by 1.5% during the fourth quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer’s stock valued at $782,000 after acquiring an additional 50 shares in the last quarter. Cascade Financial Partners LLC raised its position in Broadcom by 1.8% during the fourth quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer’s stock valued at $668,000 after acquiring an additional 50 shares in the last quarter. Finally, Samalin Investment Counsel LLC lifted its stake in Broadcom by 1.0% in the fourth quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer’s stock valued at $1,155,000 after acquiring an additional 50 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Evercore ISI restated an “outperform” rating and set a $304.00 price target (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Susquehanna increased their target price on shares of Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a research report on Friday, June 6th. Benchmark raised their target price on Broadcom from $255.00 to $315.00 and gave the company a “buy” rating 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 research note on Friday, May 30th. Finally, Barclays increased their price objective on Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a report on Monday, June 9th. Three research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and a consensus price target of $281.25.

Broadcom Price Performance

Shares of Broadcom stock opened at $263.77 on Wednesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The company has a market cap of $1.24 trillion, a PE ratio of 98.79, a price-to-earnings-growth ratio of 1.81 and a beta of 1.11. The firm has a fifty day moving average price of $223.68 and a two-hundred day moving average price of $213.63. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.87.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. During the same quarter last year, the company earned $10.96 earnings per share. The firm’s revenue was up 20.2% on a year-over-year basis. Analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.89%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s payout ratio is presently 88.39%.

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

Insider Transactions at Broadcom

In related news, Director Justine Page sold 800 shares of the firm’s stock in a transaction on Monday, April 14th. The stock was sold at an average price of $185.00, for a total value of $148,000.00. Following the completion of the transaction, the director now directly owns 25,380 shares of the company’s stock, valued at $4,695,300. This trade represents a 3.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the business’s stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the sale, the insider now directly owns 789,784 shares in the company, valued at $199,720,577.92. This trade represents a 1.25% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 211,468 shares of company stock valued at $51,519,450. 2.00% of the stock is owned by corporate insiders.

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.