Davidson Capital Management Inc. Sells 7,027 Shares of Broadcom Inc. (NASDAQ:AVGO)

Davidson Capital Management Inc. lowered its stake in Broadcom Inc. (NASDAQ:AVGO) by 34.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,196 shares of the semiconductor manufacturer’s stock after selling 7,027 shares during the quarter. Davidson Capital Management Inc.’s holdings in Broadcom were worth $2,209,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Tallon Kerry Patrick bought a new position in shares of Broadcom in the 4th quarter valued at $357,000. Capital & Planning LLC increased its holdings in 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 in the last quarter. LaFleur & Godfrey LLC raised its position in Broadcom by 18.7% in the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer’s stock valued at $18,145,000 after purchasing an additional 12,345 shares during the last quarter. Brighton Jones LLC grew its holdings in shares of Broadcom by 21.8% during the fourth 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 bought a new stake in shares of Broadcom during the fourth quarter worth about $71,312,000. Institutional investors own 76.43% of the company’s stock.

Broadcom Trading Up 0.8%

Shares of Broadcom stock opened at $251.26 on Thursday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43. The stock has a 50 day moving average price of $217.54 and a two-hundred day moving average price of $211.02. The stock has a market capitalization of $1.18 trillion, a PE ratio of 94.10, a price-to-earnings-growth ratio of 1.77 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 the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter last year, the firm posted $10.96 EPS. Broadcom’s revenue was up 20.2% compared to the same quarter last year. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its Board of Directors has approved a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Broadcom Announces Dividend

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

Insider Buying and Selling

In other news, Director Justine Page sold 800 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $250.35, for a total value of $200,280.00. Following the completion of the sale, the director now directly owns 25,382 shares of the company’s stock, valued at $6,354,383.70. This represents a 3.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the transaction, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 849,134 shares of company stock worth $163,760,949 in the last quarter. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on AVGO. Truist Financial set a $295.00 target price on shares of Broadcom and gave the stock a “buy” rating in a research report on Friday, June 6th. Wells Fargo & Company raised their price target on shares of Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a research note on Friday, June 6th. Erste Group Bank upgraded Broadcom from a “hold” rating to a “buy” rating in a report on Thursday, June 5th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 price target on shares of Broadcom in a research report on Friday, June 6th. Finally, Barclays raised their price objective on Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a research report on Monday, June 9th. Three 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. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $276.09.

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.