Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Evernest Financial Advisors LLC

Evernest Financial Advisors LLC cut its stake in Broadcom Inc. (NASDAQ:AVGO) by 19.9% in the first quarter, Holdings Channel.com reports. The fund owned 6,837 shares of the semiconductor manufacturer’s stock after selling 1,694 shares during the quarter. Evernest Financial Advisors LLC’s holdings in Broadcom were worth $1,145,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of AVGO. Barnes Dennig Private Wealth Management LLC purchased a new stake in Broadcom in the first quarter valued at approximately $25,000. Cheviot Value Management LLC purchased a new stake in Broadcom in the 1st quarter valued at $25,000. Inlight Wealth Management LLC acquired a new stake in Broadcom during the 1st quarter worth $26,000. Sunbeam Capital Management LLC purchased a new position in Broadcom during the 4th quarter worth $28,000. Finally, Vermillion Wealth Management Inc. acquired a new position in Broadcom in the fourth quarter valued at $30,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the completion of the transaction, the chief executive officer owned 1,014,152 shares in the company, valued at $256,489,182.32. This represents a 10.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the business’s stock in a transaction dated 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 sale, the director owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 830,516 shares of company stock worth $217,224,641 in the last ninety days. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of research reports. Morgan Stanley set a $338.00 price target on Broadcom and gave the stock an “overweight” rating in a report on Wednesday, July 30th. Citigroup lifted their price objective on shares of Broadcom from $285.00 to $315.00 and gave the company a “buy” rating in a research report on Monday, July 7th. Susquehanna increased their target price on Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a research note on Friday, June 6th. Rosenblatt Securities boosted their price objective on shares of Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Finally, Truist Financial set a $295.00 price target on Broadcom and gave the company a “buy” rating in a research report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three 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 $294.92.

Broadcom Stock Performance

Broadcom stock opened at $301.67 on Thursday. 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 12 month low of $134.90 and a 12 month high of $306.95. The company has a fifty day moving average price of $270.33 and a two-hundred day moving average price of $225.92. The company has a market cap of $1.42 trillion, a PE ratio of 112.99, a P/E/G ratio of 2.08 and a beta of 1.15.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion during 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 quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the business posted $10.96 EPS. Research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders 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 0.8%. Broadcom’s payout ratio is presently 88.39%.

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.