Country Club Bank Sells 23,791 Shares of Broadcom Inc. (NASDAQ:AVGO)

by · The Cerbat Gem

Country Club Bank lessened its position in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 26.1% in the first quarter, HoldingsChannel reports. The fund owned 67,304 shares of the semiconductor manufacturer’s stock after selling 23,791 shares during the period. Country Club Bank’s holdings in Broadcom were worth $11,382,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the company. Fidelis Capital Partners LLC boosted its holdings in shares of Broadcom by 0.4% during the first quarter. Fidelis Capital Partners LLC now owns 49,156 shares of the semiconductor manufacturer’s stock worth $8,230,000 after acquiring an additional 188 shares during the period. Seamount Financial Group Inc. boosted its holdings in shares of Broadcom by 2.3% during the first quarter. Seamount Financial Group Inc. now owns 7,058 shares of the semiconductor manufacturer’s stock worth $1,182,000 after acquiring an additional 161 shares during the period. Genus Capital Management Inc. boosted its holdings in shares of Broadcom by 113.1% during the first quarter. Genus Capital Management Inc. now owns 8,935 shares of the semiconductor manufacturer’s stock worth $1,496,000 after acquiring an additional 77,401 shares during the period. Joseph Group Capital Management boosted its holdings in shares of Broadcom by 7.0% during the first quarter. Joseph Group Capital Management now owns 19,035 shares of the semiconductor manufacturer’s stock worth $3,187,000 after acquiring an additional 1,245 shares during the period. Finally, Burford Brothers Inc. boosted its holdings in shares of Broadcom by 14.6% during the first quarter. Burford Brothers Inc. now owns 1,330 shares of the semiconductor manufacturer’s stock worth $223,000 after acquiring an additional 169 shares during the period. Institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

AVGO stock opened at $275.40 on Friday. The stock has a market capitalization of $1.30 trillion, a PE ratio of 103.15, a price-to-earnings-growth ratio of 1.98 and a beta of 1.12. The company’s 50-day moving average is $245.29 and its 200-day moving average is $218.63. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $281.18.

Broadcom (NASDAQ:AVGO – Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) 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 company had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. During the same quarter in the prior year, the firm earned $10.96 EPS. The business’s revenue was up 20.2% on a year-over-year basis. Equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

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

Broadcom announced that its Board of Directors has approved a share buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on AVGO. Wells Fargo & Company lifted their price target on shares of Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a research report on Friday, June 6th. Evercore ISI reiterated an “outperform” rating and issued a $304.00 price target (up from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Mizuho lifted their price target on shares of Broadcom from $310.00 to $315.00 and gave the company an “outperform” rating in a research report on Thursday, July 3rd. Oppenheimer boosted their price objective on shares of Broadcom from $225.00 to $265.00 and gave the company an “outperform” rating in a research report on Friday, May 30th. Finally, Hsbc Global Res upgraded shares of Broadcom from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 24th. One research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Broadcom presently has an average rating of “Buy” and a consensus target price of $290.21.

Check Out Our Latest Report on AVGO

Insider Buying and Selling

In related news, Director Gayla J. Delly sold 3,000 shares of the company’s stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $265.13, for a total value of $795,390.00. Following the sale, the director owned 33,352 shares in the company, valued at $8,842,615.76. This represents a 8.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Hock E. Tan sold 40,000 shares of the company’s stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the sale, the chief executive officer owned 482,836 shares in the company, valued at $129,540,070.44. This represents a 7.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 829,716 shares of company stock worth $216,933,761 over the last ninety days. Insiders own 2.00% of the company’s stock.

Broadcom 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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