Premier Fund Managers Ltd Sells 2,835 Shares of Broadcom Inc. (NASDAQ:AVGO)

Premier Fund Managers Ltd lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 4.5% during the first quarter, HoldingsChannel reports. The firm owned 60,713 shares of the semiconductor manufacturer’s stock after selling 2,835 shares during the quarter. Premier Fund Managers Ltd’s holdings in Broadcom were worth $10,267,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Banco Bilbao Vizcaya Argentaria S.A. raised its stake in shares of Broadcom by 3.8% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock worth $120,070,000 after purchasing an additional 18,845 shares in the last quarter. Nebula Research & Development LLC raised its stake in shares of Broadcom by 1,100.8% during the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock worth $3,642,000 after purchasing an additional 14,399 shares in the last quarter. Diversify Wealth Management LLC raised its stake in shares of Broadcom by 5.6% during the 1st quarter. Diversify Wealth Management LLC now owns 38,016 shares of the semiconductor manufacturer’s stock worth $6,365,000 after purchasing an additional 2,016 shares in the last quarter. OMNI 360 Wealth Inc. raised its stake in shares of Broadcom by 51.6% during the 1st quarter. OMNI 360 Wealth Inc. now owns 2,980 shares of the semiconductor manufacturer’s stock worth $499,000 after purchasing an additional 1,014 shares in the last quarter. Finally, Coppell Advisory Solutions LLC raised its stake in Broadcom by 1,512.3% in the 4th quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer’s stock valued at $21,660,000 after acquiring an additional 86,884 shares during the period. Institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of research analyst reports. Hsbc Global Res upgraded Broadcom from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, June 24th. Oppenheimer increased their price target on Broadcom from $265.00 to $305.00 and gave the company an “outperform” rating in a research note on Tuesday, July 15th. Susquehanna increased their price target on Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a research note on Friday, June 6th. KeyCorp increased their price target on Broadcom from $315.00 to $330.00 and gave the company an “overweight” rating in a research note on Tuesday, July 8th. Finally, Truist Financial set a $295.00 price target on Broadcom and gave the company 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 given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $292.08.

Broadcom Stock Performance

AVGO opened at $294.30 on Tuesday. The firm has a market cap of $1.38 trillion, a P/E ratio of 110.22, a price-to-earnings-growth ratio of 2.06 and a beta of 1.12. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $295.45. 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 business’s fifty day moving average is $261.32 and its 200-day moving average is $222.57.

Broadcom (NASDAQ:AVGO) last released its 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. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the firm posted $10.96 EPS. Sell-side analysts expect that Broadcom Inc. will post 5.38 EPS 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 $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.80%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

Broadcom announced that its board has authorized a stock repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, CFO Kirsten M. Spears sold 36,350 shares of the firm’s stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the sale, the chief financial officer directly owned 325,587 shares of the company’s stock, valued at $85,066,115.49. This trade represents a 10.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Hock E. Tan sold 40,000 shares of the firm’s stock in a transaction dated 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 directly owned 482,836 shares in the company, valued at $129,540,070.44. This trade represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,224,641 over the last ninety days. 2.00% of the stock is owned by insiders.

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.