Financial Freedom LLC Sells 181 Shares of Broadcom Inc. (NASDAQ:AVGO)

Financial Freedom LLC cut its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 35.4% in the first quarter, HoldingsChannel reports. The firm owned 330 shares of the semiconductor manufacturer’s stock after selling 181 shares during the period. Financial Freedom LLC’s holdings in Broadcom were worth $55,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Canton Hathaway LLC purchased a new position in shares of Broadcom in the 4th quarter valued at $26,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom in the 4th quarter valued at $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom in the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom in the 4th quarter valued at $30,000. Finally, Sellwood Investment Partners LLC purchased a new position in shares of Broadcom in the 4th quarter valued at $32,000. 76.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AVGO. Citigroup lifted their price target on Broadcom from $276.00 to $285.00 and gave the company a “buy” rating in a report on Monday, June 9th. Rosenblatt Securities boosted their target price on Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. William Blair restated an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Evercore ISI reiterated an “outperform” rating and set a $304.00 price target (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Finally, Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a research note on Wednesday, April 30th. Three equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $276.09.

Broadcom Price Performance

NASDAQ:AVGO opened at $252.10 on Tuesday. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $265.43. The stock has a 50 day moving average of $214.93 and a two-hundred day moving average of $210.47. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The firm has a market cap of $1.19 trillion, a P/E ratio of 205.63, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last posted its quarterly 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 business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business’s revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the business earned $10.96 earnings per share. On average, analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.94%. Broadcom’s payout ratio is 88.39%.

Broadcom declared that its board has approved a share repurchase 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 stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the company’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the transaction, the chief executive officer now directly owns 1,014,152 shares in the company, valued at $256,489,182.32. This represents a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Henry Samueli sold 663,976 shares of the company’s stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 848,334 shares of company stock worth $163,560,669. Company insiders own 2.00% of the company’s stock.

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.