Clarendon Private LLC Sells 228 Shares of Broadcom Inc. (NASDAQ:AVGO)

Clarendon Private LLC trimmed its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.9% during the first quarter, Holdings Channel.com reports. The firm owned 11,748 shares of the semiconductor manufacturer’s stock after selling 228 shares during the period. Broadcom accounts for approximately 2.1% of Clarendon Private LLC’s holdings, making the stock its 9th largest position. Clarendon Private LLC’s holdings in Broadcom were worth $1,967,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of AVGO. Banco Bilbao Vizcaya Argentaria S.A. raised its holdings in Broadcom by 3.8% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock worth $120,070,000 after purchasing an additional 18,845 shares during the period. Nebula Research & Development LLC raised its holdings in Broadcom by 1,100.8% in the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock worth $3,642,000 after purchasing an additional 14,399 shares during the period. Diversify Wealth Management LLC raised its holdings in Broadcom by 5.6% in the first quarter. Diversify Wealth Management LLC now owns 38,016 shares of the semiconductor manufacturer’s stock worth $6,365,000 after purchasing an additional 2,016 shares during the period. OMNI 360 Wealth Inc. raised its holdings in Broadcom by 51.6% in the first quarter. OMNI 360 Wealth Inc. now owns 2,980 shares of the semiconductor manufacturer’s stock worth $499,000 after purchasing an additional 1,014 shares during the period. Finally, Coppell Advisory Solutions LLC raised its holdings in Broadcom by 1,512.3% in the fourth quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer’s stock worth $21,660,000 after purchasing an additional 86,884 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Broadcom

In related news, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the sale, the director directly owned 38,188,575 shares of the company’s stock, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Gayla J. Delly sold 3,000 shares of Broadcom stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $265.13, for a total transaction of $795,390.00. Following the sale, the director directly owned 33,352 shares in the company, valued at $8,842,615.76. This trade represents a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock worth $217,224,641 in the last ninety days. Insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of Broadcom stock opened at $294.30 on Tuesday. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $295.45. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The company has a 50-day simple moving average of $261.32 and a two-hundred day simple moving average of $222.57. The stock has a market capitalization of $1.38 trillion, a price-to-earnings ratio of 110.22, a price-to-earnings-growth ratio of 2.06 and a beta of 1.12.

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. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period last year, the firm earned $10.96 EPS. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. Analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.80%. The ex-dividend date was Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on AVGO shares. Barclays increased their price objective on shares of Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a research report on Monday, June 9th. Cantor Fitzgerald reissued an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, June 6th. Mizuho increased their price objective on shares of Broadcom from $315.00 to $320.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 16th. KeyCorp increased their price objective on shares of Broadcom from $315.00 to $330.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 8th. Finally, Seaport Res Ptn raised shares of Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $292.08.

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.