Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Cornell Pochily Investment Advisors Inc.

Cornell Pochily Investment Advisors Inc. decreased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 11.0% during the 1st quarter, Holdings Channel reports. The institutional investor owned 2,007 shares of the semiconductor manufacturer’s stock after selling 247 shares during the period. Cornell Pochily Investment Advisors Inc.’s holdings in Broadcom were worth $336,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Tallon Kerry Patrick acquired a new position in shares of Broadcom in the 4th quarter worth approximately $357,000. Capital & Planning LLC grew its stake in shares of Broadcom by 15.3% in the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer’s stock worth $969,000 after purchasing an additional 554 shares during the last quarter. LaFleur & Godfrey LLC grew its stake in shares of Broadcom by 18.7% in the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock worth $18,145,000 after purchasing an additional 12,345 shares during the last quarter. Brighton Jones LLC grew its stake in shares of Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock worth $6,882,000 after purchasing an additional 5,322 shares during the last quarter. Finally, Union Bancaire Privee UBP SA acquired a new position in shares of Broadcom in the 4th quarter worth approximately $71,312,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Price Performance

NASDAQ AVGO opened at $248.70 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $1.17 trillion, a PE ratio of 202.86, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The company has a 50 day moving average price of $213.01 and a two-hundred day moving average price of $209.50. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.43.

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, beating analysts’ consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company’s revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the company earned $10.96 earnings per share. As a group, equities analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

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

Broadcom announced that its Board of Directors has authorized a stock buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on AVGO. Barclays lifted their price objective on shares of Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a research note on Monday, June 9th. William Blair reissued an “outperform” rating on shares of Broadcom in a research report on Friday, March 7th. Cowen reissued a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. JPMorgan Chase & Co. lifted their target price 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. Finally, Oppenheimer lifted their target price on shares of Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a research report on Friday, May 30th. Three investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and an average target price of $276.09.

Insider Activity at Broadcom

In other news, Director Justine Page sold 800 shares of the business’s 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 in the company, valued at approximately $6,026,834.58. The trade was a 2.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of the company’s stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the sale, the insider now directly owns 789,784 shares in the company, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 730,576 shares of company stock worth $133,778,494. 2.00% of the stock is owned by insiders.

About Broadcom

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.