Realta Investment Advisors Sells 778 Shares of Broadcom Inc. (NASDAQ:AVGO)

by · The Markets Daily

Realta Investment Advisors decreased its position in shares of Broadcom Inc. (NASDAQ:AVGOFree Report) by 3.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 19,862 shares of the semiconductor manufacturer’s stock after selling 778 shares during the period. Broadcom accounts for about 1.5% of Realta Investment Advisors’ investment portfolio, making the stock its 12th largest position. Realta Investment Advisors’ holdings in Broadcom were worth $3,326,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AVGO. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Broadcom during the first quarter valued at approximately $25,000. Inlight Wealth Management LLC bought a new stake in shares of Broadcom during the first quarter valued at approximately $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom during the fourth quarter valued at approximately $30,000. Finally, Wood Tarver Financial Group LLC raised its position in shares of Broadcom by 342.5% during the first quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer’s stock valued at $30,000 after buying an additional 137 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on AVGO. Evercore ISI reaffirmed an “outperform” rating and set a $304.00 price target (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. JPMorgan Chase & Co. upped their price target on shares of Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a research note on Friday, June 6th. Morgan Stanley upped their price target on shares of Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a research note on Friday, June 6th. Benchmark upped their price target on shares of Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Finally, The Goldman Sachs Group began coverage on shares of Broadcom in a research note on Thursday. They set a “buy” rating and a $315.00 price target on the stock. 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $290.21.

Get Our Latest Research Report on Broadcom

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the completion of the sale, the chief executive officer directly owned 1,014,152 shares of the company’s stock, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 50,000 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the sale, the insider directly owned 415,956 shares of the company’s stock, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 829,716 shares of company stock worth $216,933,761 over the last quarter. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Down 0.4%

Shares of Broadcom stock opened at $274.38 on Friday. 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. The firm’s 50-day moving average is $246.70 and its two-hundred day moving average is $218.87. The stock has a market cap of $1.29 trillion, a price-to-earnings ratio of 102.76, a PEG ratio of 1.96 and a beta of 1.12.

Broadcom (NASDAQ:AVGOGet Free Report) last issued its 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 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 period in the prior year, the business earned $10.96 EPS. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. As a group, research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal 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 dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom’s payout ratio is 88.39%.

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

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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