Broadcom Inc. (NASDAQ:AVGO) Shares Sold by SeaBridge Investment Advisors LLC

by · The Cerbat Gem

SeaBridge Investment Advisors LLC trimmed its position in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 4.4% in the first quarter, HoldingsChannel.com reports. The firm owned 27,159 shares of the semiconductor manufacturer’s stock after selling 1,257 shares during the quarter. Broadcom comprises approximately 1.0% of SeaBridge Investment Advisors LLC’s investment portfolio, making the stock its 29th biggest holding. SeaBridge Investment Advisors LLC’s holdings in Broadcom were worth $4,547,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Barnes Dennig Private Wealth Management LLC acquired a new stake in Broadcom in the first quarter worth approximately $25,000. Inlight Wealth Management LLC acquired a new stake in Broadcom in the first quarter worth approximately $26,000. Sunbeam Capital Management LLC acquired a new stake in Broadcom in the fourth quarter worth approximately $28,000. Vermillion Wealth Management Inc. acquired a new stake in Broadcom in the fourth quarter worth approximately $30,000. Finally, Wood Tarver Financial Group LLC lifted its position in shares of Broadcom by 342.5% during the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer’s stock valued at $30,000 after acquiring an additional 137 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on AVGO shares. Cowen reiterated a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. KeyCorp increased their price objective on Broadcom from $315.00 to $330.00 and gave the company an “overweight” rating in a research report on Tuesday, July 8th. Benchmark increased their price objective on Broadcom from $255.00 to $315.00 and gave the company a “buy” 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. Finally, Barclays increased their price objective on Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research report on Monday, June 9th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $292.08.

Check Out Our Latest Stock Analysis on AVGO

Insider Transactions at Broadcom

In related news, insider Mark David Brazeal sold 50,000 shares of the company’s stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the sale, the insider directly owned 415,956 shares in the company, valued at approximately $105,353,335.68. This represents a 10.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Gayla J. Delly sold 3,000 shares of the company’s stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total transaction of $795,390.00. Following the completion of the sale, the director owned 33,352 shares of the company’s stock, valued at $8,842,615.76. This represents a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 828,916 shares of company stock valued at $216,785,761 in the last three months. 2.00% of the stock is currently owned by company insiders.

Broadcom Trading Up 1.9%

NASDAQ AVGO opened at $280.94 on Wednesday. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $283.36. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $1.32 trillion, a PE ratio of 105.22, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. The firm’s fifty day simple moving average is $249.82 and its 200-day simple moving average is $219.20.

Broadcom (NASDAQ:AVGO – Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the prior year, the business posted $10.96 earnings per share. Broadcom’s revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, 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. Investors of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.84%. The ex-dividend date was Friday, June 20th. Broadcom’s dividend payout ratio is presently 88.39%.

Broadcom announced that its Board of Directors has initiated 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 a sign that the company’s management believes its stock is undervalued.

Broadcom Company Profile

(Free Report)

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.

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