Moss Adams Wealth Advisors LLC Reduces Position in Broadcom Inc. (NASDAQ:AVGO)

Moss Adams Wealth Advisors LLC cut its position in Broadcom Inc. (NASDAQ:AVGO) by 3.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,182 shares of the semiconductor manufacturer’s stock after selling 592 shares during the period. Moss Adams Wealth Advisors LLC’s holdings in Broadcom were worth $2,542,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Canton Hathaway LLC acquired a new stake in Broadcom during the 4th quarter worth $26,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom in the 4th quarter valued at about $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom in the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom in the 4th quarter valued at about $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in Broadcom during the 4th quarter valued at about $32,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Down 5.0%

Broadcom stock opened at $246.95 on Monday. The stock has a market capitalization of $1.16 trillion, a PE ratio of 201.43, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The company has a 50 day moving average of $203.73 and a 200-day moving average of $206.81.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. During the same quarter in the prior year, the company posted $10.96 earnings per share. The firm’s revenue was up 20.2% on a year-over-year basis. On average, equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s dividend payout ratio is 88.39%.

Insider Buying and Selling

In other news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the transaction, the director now owns 26,182 shares of the company’s stock, valued at approximately $6,026,834.58. This trade represents a 2.96% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Benchmark boosted their price objective on shares of Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a research report on Friday. Wells Fargo & Company upped their price target on shares of Broadcom from $230.00 to $255.00 and gave the stock an “equal weight” rating in a research report on Friday. UBS Group increased their price objective on shares of Broadcom from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Friday. Seaport Res Ptn upgraded shares of Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Finally, William Blair restated an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Two equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $270.25.

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.