Quotient Wealth Partners LLC Sells 368 Shares of Broadcom Inc. (NASDAQ:AVGO)

Quotient Wealth Partners LLC decreased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 2.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,744 shares of the semiconductor manufacturer’s stock after selling 368 shares during the period. Quotient Wealth Partners LLC’s holdings in Broadcom were worth $2,803,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. SlateStone Wealth LLC lifted its stake in Broadcom by 0.3% in the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer’s stock worth $3,207,000 after purchasing an additional 47 shares during the last quarter. True Wealth Design LLC raised its stake in shares of Broadcom by 7.2% during the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock valued at $165,000 after acquiring an additional 48 shares in the last quarter. Cascade Financial Partners LLC raised its stake in shares of Broadcom by 1.8% during the fourth quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer’s stock valued at $668,000 after acquiring an additional 50 shares in the last quarter. Samalin Investment Counsel LLC raised its stake in shares of Broadcom by 1.0% during the fourth quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer’s stock valued at $1,155,000 after acquiring an additional 50 shares in the last quarter. Finally, Mizuho Bank Ltd. raised its stake in shares of Broadcom by 7.1% during the fourth quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer’s stock valued at $174,000 after acquiring an additional 50 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 1.3%

Shares of Broadcom stock traded up $3.63 during midday trading on Wednesday, reaching $275.43. 4,714,437 shares of the company’s stock traded hands, compared to its average volume of 28,350,324. The company has a market cap of $1.30 trillion, a price-to-earnings ratio of 103.78, a price-to-earnings-growth ratio of 1.95 and a beta of 1.12. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $279.37. 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 company’s 50 day simple moving average is $242.02 and its 200 day simple moving average is $217.92.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business’s revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $10.96 EPS. Equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its board has approved a stock repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.86%. Broadcom’s payout ratio is 88.39%.

Insider Buying and Selling at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the completion of the sale, the chief executive officer owned 482,836 shares of the company’s stock, valued at approximately $129,540,070.44. This represents a 7.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kirsten M. Spears sold 36,350 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the transaction, the chief financial officer owned 325,587 shares of the company’s stock, valued at $85,066,115.49. The trade was a 10.04% decrease in their position. 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 90 days. Company insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on AVGO. Citigroup lifted their price objective on shares of Broadcom from $285.00 to $315.00 and gave the company a “buy” rating in a report on Monday. Cantor Fitzgerald reissued an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a report on Friday, June 6th. Cowen reissued a “buy” rating on shares of Broadcom in a report on Friday, June 6th. JPMorgan Chase & Co. lifted their price objective on shares of Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a report on Friday, June 6th. Finally, Oppenheimer lifted their price objective on shares of Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a report on Friday, May 30th. One 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 company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $285.00.

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.