IAG Wealth Partners LLC Trims Holdings in Broadcom Inc. (NASDAQ:AVGO)

IAG Wealth Partners LLC decreased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 17.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 543 shares of the semiconductor manufacturer’s stock after selling 115 shares during the quarter. IAG Wealth Partners LLC’s holdings in Broadcom were worth $91,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new position in Broadcom during the 4th quarter worth $16,893,010,000. GAMMA Investing LLC raised its position in Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock worth $2,892,548,000 after buying an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Broadcom by 46.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock worth $11,018,089,000 after buying an additional 15,171,849 shares during the last quarter. GQG Partners LLC raised its position in Broadcom by 200.0% during the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock worth $2,367,819,000 after buying an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after buying an additional 6,573,204 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of Broadcom from $250.00 to $325.00 and gave the stock an “overweight” rating in a research report on Friday, June 6th. Wall Street Zen upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Saturday, June 7th. KeyCorp upped their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Cantor Fitzgerald restated an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, June 6th. Finally, Wells Fargo & Company increased their price target on shares of Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a report on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and a consensus price target of $276.09.

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This represents a 5.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider now owns 789,784 shares in the company, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 730,576 shares of company stock valued at $133,778,494 in the last ninety days. Insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $248.70 on Friday. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43. The stock has a market cap of $1.17 trillion, a price-to-earnings ratio of 202.86, a PEG ratio of 2.29 and a beta of 1.11. The company’s 50-day moving average price is $213.01 and its 200 day moving average price is $209.15. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results 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. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. During the same period last year, the company earned $10.96 EPS. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.95%. Broadcom’s dividend payout ratio is currently 88.39%.

Broadcom declared that its Board of Directors has authorized a stock 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 repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

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.