Broadcom Inc (NASDAQ:AVGO) Shares Sold by Patton Albertson Miller Group LLC

Patton Albertson Miller Group LLC lowered its position in shares of Broadcom Inc (NASDAQ:AVGO) by 2.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,214 shares of the semiconductor manufacturer’s stock after selling 127 shares during the quarter. Patton Albertson Miller Group LLC’s holdings in Broadcom were worth $1,236,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Busey Wealth Management boosted its position in Broadcom by 1.0% during the fourth quarter. Busey Wealth Management now owns 3,148 shares of the semiconductor manufacturer’s stock worth $996,000 after acquiring an additional 32 shares during the last quarter. IPG Investment Advisors LLC boosted its position in Broadcom by 4.7% during the fourth quarter. IPG Investment Advisors LLC now owns 895 shares of the semiconductor manufacturer’s stock worth $283,000 after acquiring an additional 40 shares during the last quarter. OLD National Bancorp IN boosted its position in Broadcom by 3.3% during the first quarter. OLD National Bancorp IN now owns 1,268 shares of the semiconductor manufacturer’s stock worth $301,000 after acquiring an additional 40 shares during the last quarter. Park Avenue Securities LLC boosted its position in Broadcom by 2.5% during the first quarter. Park Avenue Securities LLC now owns 1,640 shares of the semiconductor manufacturer’s stock worth $389,000 after acquiring an additional 40 shares during the last quarter. Finally, Wedge Capital Management L L P NC boosted its holdings in shares of Broadcom by 4.8% in the 1st quarter. Wedge Capital Management L L P NC now owns 892 shares of the semiconductor manufacturer’s stock valued at $211,000 after purchasing an additional 41 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

In other Broadcom news, CFO Thomas H. Krause sold 40,000 shares of the business’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $316.39, for a total transaction of $12,655,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 57,171 shares of the business’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $310.65, for a total transaction of $17,760,171.15. The disclosure for this sale can be found here. Insiders have sold a total of 135,809 shares of company stock valued at $41,955,987 over the last three months. 3.00% of the stock is currently owned by company insiders.

A number of brokerages have weighed in on AVGO. Charter Equity upgraded shares of Broadcom from a “market perform” rating to an “outperform” rating in a report on Sunday, April 19th. Argus raised their target price on shares of Broadcom from $250.00 to $350.00 and gave the company a “buy” rating in a research note on Tuesday, June 9th. Susquehanna Bancshares raised their target price on shares of Broadcom from $300.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Mizuho reaffirmed a “buy” rating and set a $350.00 price target (up previously from $325.00) on shares of Broadcom in a research note on Sunday. Finally, Credit Suisse Group initiated coverage on shares of Broadcom in a research note on Monday, June 15th. They set an “outperform” rating and a $400.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $336.06.

Shares of NASDAQ AVGO traded down $2.24 during midday trading on Tuesday, hitting $311.30. The company’s stock had a trading volume of 2,121,783 shares, compared to its average volume of 3,188,953. Broadcom Inc has a 1-year low of $155.67 and a 1-year high of $331.58. The firm’s fifty day moving average price is $287.62 and its 200-day moving average price is $285.48. The company has a debt-to-equity ratio of 1.88, a quick ratio of 2.01 and a current ratio of 2.15. The firm has a market cap of $121.77 billion, a P/E ratio of 55.69, a P/E/G ratio of 1.44 and a beta of 0.92.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, June 4th. The semiconductor manufacturer reported $5.14 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $5.14. Broadcom had a net margin of 10.97% and a return on equity of 32.00%. The business had revenue of $5.74 billion during the quarter, compared to analyst estimates of $5.69 billion. During the same period in the previous year, the business posted $5.21 EPS. The company’s quarterly revenue was up 4.1% on a year-over-year basis. As a group, research analysts predict that Broadcom Inc will post 17.45 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd will be paid a dividend of $3.25 per share. This represents a $13.00 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date of this dividend is Friday, June 19th. Broadcom’s payout ratio is 74.67%.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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