Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Foresight Capital Management Advisors Inc.

Foresight Capital Management Advisors Inc. lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,523 shares of the semiconductor manufacturer’s stock after selling 425 shares during the quarter. Broadcom accounts for 2.2% of Foresight Capital Management Advisors Inc.’s investment portfolio, making the stock its 14th biggest position. Foresight Capital Management Advisors Inc.’s holdings in Broadcom were worth $3,604,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of AVGO. Canton Hathaway LLC acquired a new position in shares of Broadcom during the fourth quarter worth about $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom during the fourth quarter worth about $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom during the fourth quarter worth about $28,000. Vermillion Wealth Management Inc. acquired a new position in shares of Broadcom in the fourth quarter worth about $30,000. Finally, Sellwood Investment Partners LLC acquired a new position in shares of Broadcom in the fourth quarter worth about $32,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity

In related news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was 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 of the company’s stock, valued at $95,564,585.40. This represents a 5.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Justine Page sold 800 shares of the stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the transaction, the director now directly owns 26,182 shares of the company’s stock, valued at $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 ninety days, insiders sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts recently commented on the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a research note on Friday, June 6th. Erste Group Bank upgraded Broadcom from a “hold” rating to a “buy” rating in a research note on Thursday, June 5th. Morgan Stanley boosted their price target on Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday, June 6th. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Finally, KeyCorp boosted their price target on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Two research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $272.71.

Broadcom Stock Up 0.1%

NASDAQ:AVGO opened at $244.63 on Wednesday. The firm has a market capitalization of $1.15 trillion, a PE ratio of 199.54, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The stock has a 50 day moving average of $206.98 and a 200-day moving average of $207.63. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43. 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 (NASDAQ:AVGO) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business’s revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the company earned $10.96 earnings per share. Analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

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

Broadcom Dividend Announcement

The business also recently announced 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 0.96%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

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.