Broadcom Inc. (NASDAQ:AVGO) Stock Position Lowered by Westover Capital Advisors LLC

Westover Capital Advisors LLC lessened its holdings in Broadcom Inc. (NASDAQ:AVGO) by 3.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,110 shares of the semiconductor manufacturer’s stock after selling 266 shares during the period. Broadcom comprises approximately 2.9% of Westover Capital Advisors LLC’s holdings, making the stock its 7th biggest holding. Westover Capital Advisors LLC’s holdings in Broadcom were worth $11,415,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in AVGO. Legend Financial Advisors Inc. increased its stake in Broadcom by 72.7% during the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 8 shares during the period. Richardson Capital Management LLC purchased a new stake in Broadcom during the 1st quarter worth $29,000. Delta Asset Management LLC TN increased its stake in Broadcom by 242.9% during the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after buying an additional 17 shares during the period. Redmont Wealth Advisors LLC purchased a new stake in Broadcom during the 1st quarter worth $36,000. Finally, Ulland Investment Advisors LLC bought a new stake in shares of Broadcom in the 1st quarter worth about $37,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $167.69 on Friday. Broadcom Inc. has a one year low of $79.51 and a one year high of $185.16. The stock has a fifty day moving average of $188.15 and a 200-day moving average of $156.65. The company has a market capitalization of $780.58 billion, a PE ratio of 7.21, a price-to-earnings-growth ratio of 2.55 and a beta of 1.16. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s revenue for the quarter was up 47.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.95 earnings per share. As a group, equities analysts anticipate that Broadcom Inc. will post 3.77 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be paid a $0.53 dividend. The ex-dividend date is Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.26%. Broadcom’s dividend payout ratio is 9.03%.

Insider Transactions at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Justine Page sold 2,540 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the transaction, the director now directly owns 27,480 shares in the company, valued at $4,809,714.48. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

AVGO has been the subject of several research analyst reports. Wells Fargo & Company boosted their target price on shares of Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 13th. Melius Research began coverage on shares of Broadcom in a report on Monday, June 3rd. They issued a “buy” rating and a $185.00 price target for the company. Evercore ISI lifted their price target on shares of Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. Melius began coverage on shares of Broadcom in a report on Monday, June 3rd. They issued a “buy” rating and a $185.00 price target for the company. Finally, Citigroup reaffirmed a “buy” rating and issued a $156.00 price target on shares of Broadcom in a report on Tuesday, June 11th. Two equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $189.23.

Broadcom Company Profile

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.