IFC Advisors LLC Sells 106 Shares of Broadcom Inc. (NASDAQ:AVGO)

IFC Advisors LLC decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,616 shares of the semiconductor manufacturer’s stock after selling 106 shares during the quarter. IFC Advisors LLC’s holdings in Broadcom were worth $2,615,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in AVGO. Barnes Dennig Private Wealth Management LLC bought a new stake in Broadcom during the 1st quarter valued at approximately $25,000. Inlight Wealth Management LLC acquired a new position in Broadcom in the 1st quarter valued at approximately $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom in the 4th quarter valued at approximately $28,000. Vermillion Wealth Management Inc. acquired a new position in Broadcom in the 4th quarter valued at approximately $30,000. Finally, Wood Tarver Financial Group LLC raised its holdings in Broadcom by 342.5% in the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer’s stock valued at $30,000 after acquiring an additional 137 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 117,758 shares of the firm’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer directly owned 1,014,152 shares in the company, valued at $256,489,182.32. This trade represents a 10.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Henry Samueli sold 473,898 shares of the firm’s stock in a transaction on 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 completion of the transaction, the director owned 38,188,575 shares in the company, 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 829,716 shares of company stock worth $216,933,761 over the last three months. Insiders own 2.00% of the company’s stock.

Broadcom Stock Down 0.4%

Shares of AVGO opened at $274.38 on Friday. The firm has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.76, a PEG ratio of 1.96 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The business’s fifty day moving average price is $246.70 and its two-hundred day moving average price is $218.87. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $281.18.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion for 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 last year, the company earned $10.96 EPS. On average, analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

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

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders 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 dividend on an annualized basis and a yield of 0.86%. Broadcom’s payout ratio is 88.39%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on AVGO shares. Morgan Stanley upped their price target on Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a report on Friday, June 6th. Evercore ISI reaffirmed an “outperform” rating and issued a $304.00 price target (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. UBS Group upped their price target on Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a report on Friday, June 6th. Citigroup upped their price target on Broadcom from $285.00 to $315.00 and gave the company a “buy” rating in a report on Monday, July 7th. Finally, Hsbc Global Res raised Broadcom from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 24th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $290.21.

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.