Elite Wealth Management Inc. Sells 1,277 Shares of Broadcom Inc. (NASDAQ:AVGO)

Elite Wealth Management Inc. lowered its position in Broadcom Inc. (NASDAQ:AVGO) by 3.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 34,902 shares of the semiconductor manufacturer’s stock after selling 1,277 shares during the quarter. Broadcom comprises approximately 0.8% of Elite Wealth Management Inc.’s portfolio, making the stock its 11th largest holding. Elite Wealth Management Inc.’s holdings in Broadcom were worth $5,844,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in AVGO. Apollon Financial LLC increased its stake in Broadcom by 0.7% in the first quarter. Apollon Financial LLC now owns 19,858 shares of the semiconductor manufacturer’s stock valued at $3,325,000 after acquiring an additional 131 shares during the last quarter. Apollon Wealth Management LLC increased its stake in Broadcom by 23.3% in the first quarter. Apollon Wealth Management LLC now owns 259,033 shares of the semiconductor manufacturer’s stock valued at $43,370,000 after acquiring an additional 49,007 shares during the last quarter. Bogart Wealth LLC increased its stake in Broadcom by 75.7% in the first quarter. Bogart Wealth LLC now owns 76,566 shares of the semiconductor manufacturer’s stock valued at $12,819,000 after acquiring an additional 32,986 shares during the last quarter. Sigma Planning Corp boosted its position in Broadcom by 22.7% during the first quarter. Sigma Planning Corp now owns 74,858 shares of the semiconductor manufacturer’s stock valued at $12,533,000 after buying an additional 13,839 shares during the period. Finally, Catalyst Financial Partners LLC boosted its position in Broadcom by 7.9% during the first quarter. Catalyst Financial Partners LLC now owns 22,970 shares of the semiconductor manufacturer’s stock valued at $3,846,000 after buying an additional 1,677 shares during the period. Institutional investors own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In related news, insider Mark David Brazeal sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the transaction, the insider owned 415,956 shares in the company, valued at $105,353,335.68. The trade was a 10.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Henry Samueli sold 473,898 shares of the company’s 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 transaction, the director owned 38,188,575 shares in the company, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 828,916 shares of company stock worth $216,785,761. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

AVGO has been the subject of several analyst reports. The Goldman Sachs Group began coverage on shares of Broadcom in a research report on Thursday. They set a “buy” rating and a $315.00 price target for the company. Oppenheimer increased their target price on shares of Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a report on Friday, May 30th. Benchmark increased their target price on shares of Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a report on Friday, June 6th. JPMorgan Chase & Co. increased their target price 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, KeyCorp increased their target price on shares of Broadcom from $315.00 to $330.00 and gave the stock an “overweight” rating in a report on Tuesday, July 8th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $290.21.

Broadcom Price Performance

AVGO stock opened at $274.38 on Monday. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $281.18. 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 has a 50-day moving average price of $246.70 and a 200 day moving average price of $218.54. The stock has a market cap of $1.29 trillion, a PE ratio of 102.76, a P/E/G ratio of 1.95 and a beta of 1.12.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (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 analysts’ expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the company earned $10.96 EPS. Equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

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

Broadcom Announces Dividend

The firm also recently declared 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 annualized dividend and a dividend yield of 0.86%. Broadcom’s payout ratio 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.