Kintegral Advisory LLC Has $4.55 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Kintegral Advisory LLC reduced its stake in Broadcom Inc. (NASDAQ:AVGO) by 32.9% during the first quarter, Holdings Channel.com reports. The fund owned 27,173 shares of the semiconductor manufacturer’s stock after selling 13,325 shares during the period. Kintegral Advisory LLC’s holdings in Broadcom were worth $4,550,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Barnes Dennig Private Wealth Management LLC acquired a new position in Broadcom in the first quarter valued at approximately $25,000. Rialto Wealth Management LLC acquired a new position in Broadcom in the fourth quarter valued at approximately $26,000. Inlight Wealth Management LLC acquired a new position in Broadcom in the first quarter valued at approximately $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom in the fourth quarter valued at approximately $28,000. Finally, Vermillion Wealth Management Inc. acquired a new position in Broadcom in the fourth quarter valued at approximately $30,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. William Blair reissued an “outperform” rating on shares of Broadcom in a research note on Friday, March 7th. Bank of America boosted their price target on Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Evercore ISI reissued an “outperform” rating and issued a $304.00 price target (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Wall Street Zen raised Broadcom from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, KeyCorp boosted their price objective on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, March 7th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $281.46.

Broadcom Trading Up 1.8%

Shares of Broadcom stock opened at $274.87 on Friday. The stock has a fifty day simple moving average of $238.77 and a 200 day simple moving average of $217.22. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $277.71. The company has a market capitalization of $1.29 trillion, a P/E ratio of 102.95, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO) last announced its quarterly 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 return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the prior year, the company posted $10.96 earnings per share. Broadcom’s revenue was up 20.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

Broadcom declared that its Board of Directors has initiated a share repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Broadcom

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 value of $29,782,175.78. Following the completion of the transaction, the chief executive officer owned 1,014,152 shares in the company, valued at $256,489,182.32. This represents a 10.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of the company’s stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the transaction, the insider owned 789,784 shares of the company’s stock, valued at $199,720,577.92. This trade represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 854,716 shares of company stock worth $221,433,761. 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.