FDx Advisors Inc. Sells 508 Shares of Broadcom Inc. (NASDAQ:AVGO)

FDx Advisors Inc. reduced its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 7.7% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,108 shares of the semiconductor manufacturer’s stock after selling 508 shares during the quarter. FDx Advisors Inc.’s holdings in Broadcom were worth $1,023,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sunbeam Capital Management LLC bought a new stake in Broadcom during the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. bought a new stake in Broadcom during the 4th quarter valued at about $30,000. Sellwood Investment Partners LLC bought a new stake in shares of Broadcom in the fourth quarter worth approximately $32,000. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Broadcom in the first quarter worth approximately $25,000. Finally, Inlight Wealth Management LLC bought a new stake in shares of Broadcom in the first quarter worth approximately $26,000. 76.43% of the stock is currently owned by institutional investors.

Insider Transactions at Broadcom

In other news, CFO Kirsten M. Spears sold 56,310 shares of the business’s stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the transaction, the chief financial officer owned 361,937 shares of the company’s stock, valued at approximately $91,117,639.75. The trade was a 13.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the business’s stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the transaction, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 829,716 shares of company stock valued at $216,933,761. 2.00% of the stock is owned by corporate insiders.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $274.38 on Friday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $281.18. The company has a market capitalization of $1.29 trillion, a P/E ratio of 102.76, a P/E/G ratio of 1.95 and a beta of 1.12. The firm’s 50 day simple moving average is $246.70 and its two-hundred day simple moving average is $218.72.

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

Broadcom declared that its board has approved a stock repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board 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 issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on AVGO shares. Wall Street Zen upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research note on Saturday, July 5th. Seaport Res Ptn upgraded shares of Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Oppenheimer lifted their price target on shares of Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a research note on Friday, May 30th. Cowen reiterated a “buy” rating on shares of Broadcom in a research note on Friday, June 6th. Finally, Rosenblatt Securities lifted their price target on shares of Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $290.21.

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.