IAM Advisory LLC Lowers Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

IAM Advisory LLC lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 7.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,724 shares of the semiconductor manufacturer’s stock after selling 1,569 shares during the quarter. Broadcom comprises about 0.9% of IAM Advisory LLC’s holdings, making the stock its 17th largest position. IAM Advisory LLC’s holdings in Broadcom were worth $3,470,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Tallon Kerry Patrick purchased a new position in shares of Broadcom during the 4th quarter worth approximately $357,000. Capital & Planning LLC grew its holdings in Broadcom by 15.3% during the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer’s stock worth $969,000 after acquiring an additional 554 shares during the period. LaFleur & Godfrey LLC raised its position in Broadcom by 18.7% in the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock worth $18,145,000 after acquiring an additional 12,345 shares in the last quarter. Brighton Jones LLC lifted its holdings in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock valued at $6,882,000 after acquiring an additional 5,322 shares during the period. Finally, Union Bancaire Privee UBP SA acquired a new stake in Broadcom in the fourth quarter valued at $71,312,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO opened at $246.95 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The company has a market capitalization of $1.16 trillion, a price-to-earnings ratio of 201.43, a PEG ratio of 2.29 and a beta of 1.11. The company’s 50 day simple moving average is $203.73 and its 200 day simple moving average is $206.22. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43.

Broadcom (NASDAQ:AVGO) last announced 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 business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $10.96 earnings per share. On average, sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.96%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s payout ratio is 113.46%.

Broadcom declared that its board has authorized a share buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

AVGO has been the topic of a number of recent analyst reports. Benchmark upped their price target on shares of Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a research note on Friday. Evercore ISI upped their price target on shares of Broadcom from $267.00 to $304.00 and gave the stock an “outperform” rating in a research note on Friday. Susquehanna upped their price target on shares of Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a research note on Friday. Citigroup reaffirmed a “buy” rating and set a $276.00 price target (up from $210.00) on shares of Broadcom in a research note on Tuesday. Finally, Mizuho upped their price target on shares of Broadcom from $300.00 to $310.00 and gave the stock an “outperform” rating in a research note on Friday. Two equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $270.25.

Insider Activity at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares of the company’s stock, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Justine Page sold 800 shares of the company’s stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $185.00, for a total transaction of $148,000.00. Following the transaction, the director now directly owns 25,380 shares in the company, valued at $4,695,300. The trade was a 3.06% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 720,576 shares of company stock valued at $131,249,694. Company insiders own 2.00% of the company’s stock.

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.