Broadcom Inc. (NASDAQ:AVGO) Shares Sold by J. W. Coons Advisors LLC

J. W. Coons Advisors LLC decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 9.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,081 shares of the semiconductor manufacturer's stock after selling 1,117 shares during the quarter. J. W. Coons Advisors LLC's holdings in Broadcom were worth $1,855,000 as of its most recent SEC filing.

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A number of other hedge funds and other institutional investors have also made changes to their positions in AVGO. IMA Advisory Services Inc. lifted its position in shares of Broadcom by 1.6% during the 1st quarter. IMA Advisory Services Inc. now owns 9,329 shares of the semiconductor manufacturer's stock valued at $1,562,000 after buying an additional 144 shares in the last quarter. Triumph Capital Management purchased a new position in shares of Broadcom during the 1st quarter valued at approximately $371,000. Roundview Capital LLC lifted its position in shares of Broadcom by 6.0% during the 1st quarter. Roundview Capital LLC now owns 18,280 shares of the semiconductor manufacturer's stock valued at $3,061,000 after buying an additional 1,033 shares in the last quarter. Advisors Preferred LLC purchased a new position in shares of Broadcom during the 1st quarter valued at approximately $1,272,000. Finally, Auto Owners Insurance Co lifted its holdings in Broadcom by 27,096.7% in the 1st quarter. Auto Owners Insurance Co now owns 650,000 shares of the semiconductor manufacturer's stock valued at $108,830,000 after purchasing an additional 647,610 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Activity at Broadcom

In related news, Director Gayla J. Delly sold 3,000 shares of the firm's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $265.13, for a total transaction of $795,390.00. Following the sale, the director directly owned 33,352 shares in the company, valued at approximately $8,842,615.76. This trade represents a 8.25% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Hock E. Tan sold 40,000 shares of the firm's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the sale, the chief executive officer owned 482,836 shares in the company, valued at approximately $129,540,070.44. The trade was a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,224,641 over the last three months. Insiders own 2.00% of the company's stock.

Broadcom Stock Down 3.3%

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Broadcom stock opened at $278.59 on Wednesday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $290.54. The stock's fifty day moving average is $254.41 and its two-hundred day moving average is $220.17. The firm has a market capitalization of $1.31 trillion, a price-to-earnings ratio of 104.34, a price-to-earnings-growth ratio of 2.05 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its 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 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. The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. Analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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Broadcom announced that its Board of Directors has authorized a share repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company's leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.85%. Broadcom's dividend payout ratio is presently 88.39%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on AVGO shares. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Benchmark lifted their price target on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a report on Friday, June 6th. KeyCorp lifted their price target on Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Wall Street Zen upgraded Broadcom from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Finally, Wells Fargo & Company raised their price objective on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research report on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $292.08.

Read Our Latest Analysis on Broadcom

About Broadcom

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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