Broadcom Inc. (NASDAQ:AVGO) Stock Position Lowered by HM Payson & Co.

HM Payson & Co. lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 6.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,433,770 shares of the semiconductor manufacturer’s stock after selling 94,432 shares during the period. Broadcom comprises approximately 4.2% of HM Payson & Co.’s holdings, making the stock its 3rd largest holding. HM Payson & Co.’s holdings in Broadcom were worth $240,056,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Banco Bilbao Vizcaya Argentaria S.A. increased its holdings in Broadcom by 3.8% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer’s stock valued at $120,070,000 after purchasing an additional 18,845 shares during the period. Nebula Research & Development LLC increased its holdings in Broadcom by 1,100.8% during the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer’s stock valued at $3,642,000 after purchasing an additional 14,399 shares during the period. Coppell Advisory Solutions LLC increased its holdings in Broadcom by 1,512.3% during the 4th quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer’s stock valued at $21,660,000 after purchasing an additional 86,884 shares during the period. Colonial Trust Co SC increased its holdings in Broadcom by 14.6% during the 4th quarter. Colonial Trust Co SC now owns 10,085 shares of the semiconductor manufacturer’s stock valued at $2,338,000 after purchasing an additional 1,285 shares during the period. Finally, Mackenzie Financial Corp increased its holdings in Broadcom by 7.3% during the 4th quarter. Mackenzie Financial Corp now owns 2,695,694 shares of the semiconductor manufacturer’s stock valued at $624,970,000 after purchasing an additional 183,474 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on AVGO shares. Benchmark boosted their price target on Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a report on Friday, June 6th. UBS Group lifted their price objective on Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Susquehanna lifted their price objective on Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a research report on Friday, June 6th. Mizuho lifted their price objective on Broadcom from $310.00 to $315.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $281.46.

Broadcom Stock Performance

Shares of AVGO opened at $274.87 on Friday. The company has a market cap of $1.29 trillion, a price-to-earnings ratio of 102.95, a P/E/G ratio of 1.96 and a beta of 1.12. The business’s fifty day simple moving average is $238.77 and its two-hundred day simple moving average is $217.17. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $277.71. 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 posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share 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 firm had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. During the same quarter in the previous year, the business earned $10.96 earnings per share. The company’s revenue was up 20.2% on a year-over-year basis. Research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s dividend payout ratio is currently 88.39%.

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

Insider Transactions at Broadcom

In other news, Director Henry Samueli sold 473,898 shares of the business’s stock in a transaction 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 transaction, the director owned 38,188,575 shares in the company, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Mark David Brazeal sold 50,000 shares of the business’s stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the transaction, the insider owned 415,956 shares of the company’s stock, valued at $105,353,335.68. This represents a 10.73% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 854,716 shares of company stock valued at $221,433,761. 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.