Baker Ellis Asset Management LLC Has $7.18 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Baker Ellis Asset Management LLC lowered its position in Broadcom Inc. (NASDAQ:AVGO) by 2.8% during the first quarter, according to its most recent filing with the SEC. The firm owned 42,855 shares of the semiconductor manufacturer’s stock after selling 1,245 shares during the period. Broadcom accounts for approximately 1.0% of Baker Ellis Asset Management LLC’s portfolio, making the stock its 28th largest position. Baker Ellis Asset Management LLC’s holdings in Broadcom were worth $7,175,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Canton Hathaway LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. acquired a new position in shares of Broadcom in the 4th quarter worth approximately $30,000. Finally, Sellwood Investment Partners LLC acquired a new position in shares of Broadcom in the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on AVGO shares. Wall Street Zen upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Saturday, June 7th. Wells Fargo & Company boosted their target price on shares of Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a research report on Friday, June 6th. Cowen reiterated a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. KeyCorp boosted their target price on shares of Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Finally, Barclays boosted their target price on shares of Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research report on Monday. Two research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $272.71.

Broadcom Stock Performance

NASDAQ AVGO opened at $252.91 on Thursday. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The firm has a market cap of $1.19 trillion, a price-to-earnings ratio of 206.29, a PEG ratio of 2.29 and a beta of 1.11. The company has a fifty day moving average price of $209.12 and a 200-day moving average price of $207.94.

Broadcom (NASDAQ:AVGO) last posted 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. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the prior year, the business posted $10.96 EPS. The business’s revenue was up 20.2% compared to the same quarter last year. As a group, equities research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.93%. Broadcom’s payout ratio is 88.39%.

Broadcom declared that its board has authorized a stock buyback plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Transactions at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of the stock in a transaction dated 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 completion of the transaction, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This represents a 1.68% 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 link. Also, Director Justine Page sold 800 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the transaction, the director now owns 26,182 shares of the company’s stock, valued at approximately $6,026,834.58. The trade was a 2.96% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock worth $131,249,694 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

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.