von Borstel & Associates Inc. Sells 70 Shares of Broadcom Inc. (NASDAQ:AVGO)

von Borstel & Associates Inc. lowered its stake in Broadcom Inc. (NASDAQ:AVGO) by 5.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,250 shares of the semiconductor manufacturer’s stock after selling 70 shares during the period. von Borstel & Associates Inc.’s holdings in Broadcom were worth $209,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of AVGO. Rialto Wealth Management LLC bought a new position in Broadcom in the fourth quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom in the fourth quarter valued at about $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom in the fourth quarter valued at about $30,000. Sellwood Investment Partners LLC bought a new position in Broadcom in the fourth quarter valued at about $32,000. Finally, Barnes Dennig Private Wealth Management LLC bought a new position in Broadcom in the first quarter valued at about $25,000. Institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on AVGO. KeyCorp lifted their target price on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Morgan Stanley lifted their target price on Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a research report on Friday, June 6th. Hsbc Global Res upgraded Broadcom from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 24th. Rosenblatt Securities lifted their target price on Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Finally, UBS Group lifted their target price on Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom has an average rating of “Buy” and an average price target of $281.46.

Broadcom Price Performance

Broadcom stock opened at $274.87 on Friday. The stock’s 50 day moving average is $238.77 and its 200 day moving average is $217.22. 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 firm has a market cap of $1.29 trillion, a P/E ratio of 102.95, a P/E/G ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a one year low of $128.50 and a one year high of $277.71.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm earned $10.96 earnings per share. As a group, research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued 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 payout ratio is currently 88.39%.

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

Insiders Place Their Bets

In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the sale, the chief financial officer directly owned 325,587 shares in the company, valued at approximately $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the sale, the director owned 38,188,575 shares of the company’s stock, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 854,716 shares of company stock valued at $221,433,761 in the last 90 days. 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.