Walled Lake Planning & Wealth Management LLC Reduces Holdings in Broadcom Inc. (NASDAQ:AVGO)

Walled Lake Planning & Wealth Management LLC decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 4.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,380 shares of the semiconductor manufacturer’s stock after selling 59 shares during the quarter. Walled Lake Planning & Wealth Management LLC’s holdings in Broadcom were worth $231,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom during the fourth quarter worth about $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom during the fourth quarter worth about $30,000. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Broadcom during the first quarter worth about $25,000. Inlight Wealth Management LLC acquired a new stake in Broadcom in the first quarter valued at about $26,000. Finally, Mpwm Advisory Solutions LLC acquired a new stake in Broadcom in the fourth quarter valued at about $37,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on AVGO. HSBC upgraded shares of Broadcom from a “hold” rating to a “buy” rating and set a $400.00 price objective for the company in a research report on Tuesday, June 24th. Wall Street Zen upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Saturday, July 5th. Seaport Res Ptn upgraded shares of Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Barclays raised their price objective on shares of Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research report on Monday, June 9th. Finally, Hsbc Global Res upgraded shares of Broadcom from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 24th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $292.08.

Insider Activity

In related news, Director Justine Page sold 800 shares of the stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $274.30, for a total transaction of $219,440.00. Following the sale, the director owned 24,582 shares in the company, valued at $6,742,842.60. This represents a 3.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kirsten M. Spears sold 36,350 shares of the stock in a transaction dated 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 sale, the chief financial officer owned 325,587 shares in the company, valued at approximately $85,066,115.49. This trade represents a 10.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock valued at $217,224,641 over the last quarter. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO stock opened at $294.30 on Tuesday. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $295.45. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The firm has a market capitalization of $1.38 trillion, a P/E ratio of 110.22, a P/E/G ratio of 2.06 and a beta of 1.12. The company’s fifty day moving average price is $261.32 and its two-hundred day moving average price is $222.57.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $10.96 EPS. On average, research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

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

Broadcom announced that its board has authorized 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 buy up to 1.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

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.