Palouse Capital Management Inc. Has $114,000 Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Palouse Capital Management Inc. reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 96.1% in the second quarter, Holdings Channel reports. The institutional investor owned 71 shares of the semiconductor manufacturer’s stock after selling 1,764 shares during the period. Palouse Capital Management Inc.’s holdings in Broadcom were worth $114,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Legend Financial Advisors Inc. boosted 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 valued at $25,000 after purchasing an additional 8 shares during the last quarter. Richardson Capital Management LLC bought a new position in shares of Broadcom in the first quarter valued at approximately $29,000. Delta Asset Management LLC TN boosted its position in shares of Broadcom by 242.9% during the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after buying an additional 17 shares during the last quarter. Redmont Wealth Advisors LLC purchased a new position in shares of Broadcom during the first quarter valued at approximately $36,000. Finally, Ulland Investment Advisors LLC bought a new stake in Broadcom during the first quarter worth $37,000. 76.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Mizuho raised their price objective on Broadcom from $162.50 to $190.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Melius Research began coverage on shares of Broadcom in a research report on Monday, June 3rd. They set a “buy” rating and a $185.00 price target on the stock. Oppenheimer reduced their price objective on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday, July 16th. Citigroup reissued a “buy” rating and set a $156.00 target price on shares of Broadcom in a research report on Tuesday, June 11th. Finally, Melius initiated coverage on Broadcom in a research note on Monday, June 3rd. They issued a “buy” rating and a $185.00 target price on the stock. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $189.23.

Broadcom Trading Down 0.5 %

Shares of AVGO stock opened at $161.67 on Thursday. The stock has a market capitalization of $752.55 billion, a price-to-earnings ratio of 6.95, a PEG ratio of 2.55 and a beta of 1.16. The company’s fifty day simple moving average is $156.94 and its two-hundred day simple moving average is $146.43. Broadcom Inc. has a 1 year low of $79.51 and a 1 year high of $185.16. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94.

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

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be given a $0.53 dividend. 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%. The ex-dividend date is Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is 9.12%.

Insider Activity

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the sale, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.00% of the stock is owned by company insiders.

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.