Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Miller Howard Investments Inc. NY

Miller Howard Investments Inc. NY lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 24.2% during the first quarter, Holdings Channel reports. The firm owned 4,902 shares of the semiconductor manufacturer’s stock after selling 1,562 shares during the quarter. Miller Howard Investments Inc. NY’s holdings in Broadcom were worth $821,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Barnes Dennig Private Wealth Management LLC purchased a new stake in Broadcom during the 1st quarter valued at approximately $25,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom in the 4th quarter valued at approximately $26,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom in the 1st quarter valued at approximately $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom in the 4th quarter valued at approximately $28,000. Finally, Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom in the 4th quarter valued at approximately $30,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Performance

Broadcom stock opened at $269.90 on Thursday. The firm has a market capitalization of $1.27 trillion, a P/E ratio of 101.09, a PEG ratio of 1.88 and a beta of 1.12. The stock has a fifty day moving average price of $235.38 and a 200 day moving average price of $216.81. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $277.71. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO) last released 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 firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $10.96 earnings per share. Equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its board has initiated a share repurchase plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.87%. Broadcom’s dividend payout ratio is presently 88.39%.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 40,000 shares of the company’s stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the sale, the chief executive officer directly owned 482,836 shares in the company, valued at $129,540,070.44. This represents a 7.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the company’s stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the sale, the director owned 38,188,575 shares of the company’s stock, valued at $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 854,716 shares of company stock valued at $221,433,761 over the last three months. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on AVGO. Redburn Atlantic began coverage on Broadcom in a research note on Wednesday, May 28th. They issued a “buy” rating and a $301.00 target price on the stock. JPMorgan Chase & Co. lifted their target price on Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a research note on Friday, June 6th. Evercore ISI reaffirmed an “outperform” rating and set a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. Wells Fargo & Company upped their price objective on Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a report on Friday, June 6th. Finally, Erste Group Bank raised Broadcom from a “hold” rating to a “buy” rating in a report on Thursday, June 5th. Two equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $281.25.

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.