Altrius Capital Management Inc Sells 1,022 Shares of Broadcom Inc. (NASDAQ:AVGO)

Altrius Capital Management Inc lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 29.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,460 shares of the semiconductor manufacturer’s stock after selling 1,022 shares during the quarter. Altrius Capital Management Inc’s holdings in Broadcom were worth $3,950,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of AVGO. TBH Global Asset Management LLC lifted its position in shares of Broadcom by 29.2% in the fourth quarter. TBH Global Asset Management LLC now owns 641 shares of the semiconductor manufacturer’s stock valued at $715,000 after acquiring an additional 145 shares in the last quarter. Gilbert & Cook Inc. raised its stake in Broadcom by 4.9% during the 4th quarter. Gilbert & Cook Inc. now owns 837 shares of the semiconductor manufacturer’s stock valued at $934,000 after purchasing an additional 39 shares during the period. Aveo Capital Partners LLC lifted its holdings in Broadcom by 15.9% in the 4th quarter. Aveo Capital Partners LLC now owns 459 shares of the semiconductor manufacturer’s stock worth $512,000 after purchasing an additional 63 shares in the last quarter. 9258 Wealth Management LLC lifted its holdings in Broadcom by 1.5% in the 4th quarter. 9258 Wealth Management LLC now owns 3,884 shares of the semiconductor manufacturer’s stock worth $4,336,000 after purchasing an additional 58 shares in the last quarter. Finally, Gryphon Financial Partners LLC boosted its stake in Broadcom by 99.5% in the 4th quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock worth $1,731,000 after purchasing an additional 801 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the transaction, the chief executive officer now owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on AVGO. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price objective on shares of Broadcom in a research report on Friday, September 6th. Wells Fargo & Company boosted their price target on shares of Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 13th. UBS Group cut their price objective on Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research report on Monday, September 9th. Jefferies Financial Group boosted their target price on Broadcom from $155.00 to $205.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Finally, The Goldman Sachs Group increased their price target on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $189.23.

Broadcom Price Performance

AVGO opened at $161.67 on Thursday. The business has a fifty day moving average of $156.94 and a 200 day moving average of $146.43. The stock has a market cap of $752.55 billion, a P/E ratio of 6.95, a PEG ratio of 2.55 and a beta of 1.16. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 52-week low of $79.51 and a 52-week high of $185.16.

Broadcom (NASDAQ:AVGO) last issued 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 firm had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business’s revenue was up 47.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.95 earnings per share. As a group, sell-side analysts anticipate that Broadcom Inc. will post 3.77 EPS for the current year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.31%. Broadcom’s dividend payout ratio (DPR) is 9.12%.

Broadcom 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.