Petra Financial Advisors Inc. Sells 8,052 Shares of Broadcom Inc. (NASDAQ:AVGO)

Petra Financial Advisors Inc. decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 77.5% during the 1st quarter, Holdings Channel reports. The institutional investor owned 2,344 shares of the semiconductor manufacturer’s stock after selling 8,052 shares during the quarter. Petra Financial Advisors Inc.’s holdings in Broadcom were worth $392,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Tallon Kerry Patrick bought a new position in Broadcom during the fourth quarter worth about $357,000. Capital & Planning LLC grew its position in shares of Broadcom by 15.3% during 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 increased its holdings in shares of Broadcom by 18.7% during the fourth 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 period. Brighton Jones LLC increased 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 period. Finally, Union Bancaire Privee UBP SA acquired a new stake in shares of Broadcom in the fourth quarter valued at approximately $71,312,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on AVGO. Evercore ISI reissued an “outperform” rating and set a $304.00 price target (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Morgan Stanley increased their target price on Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Erste Group Bank upgraded Broadcom from a “hold” rating to a “buy” rating in a research report on Thursday, June 5th. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the stock a “buy” rating in a research report on Friday, June 6th. Finally, Seaport Res Ptn raised shares of Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. Three equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and a consensus target price of $276.09.

Broadcom Price Performance

Shares of AVGO opened at $249.99 on Friday. The business has a 50-day moving average of $220.48 and a 200-day moving average of $212.17. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The company has a market capitalization of $1.18 trillion, a price-to-earnings ratio of 93.63, a price-to-earnings-growth ratio of 1.79 and a beta of 1.11. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share 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 the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $10.96 EPS. As a group, equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

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

Broadcom declared that its Board of Directors has authorized a stock repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding 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 usually a sign that the company’s management believes its shares are undervalued.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction that occurred 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 approximately $256,489,182.32. This represents a 10.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 849,134 shares of company stock worth $163,760,949 over the last quarter. Company insiders own 2.00% of the company’s stock.

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.