Commonwealth Financial Services LLC Sells 69 Shares of Broadcom Inc. (NASDAQ:AVGO)

Commonwealth Financial Services LLC decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 9.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 642 shares of the semiconductor manufacturer’s stock after selling 69 shares during the period. Commonwealth Financial Services LLC’s holdings in Broadcom were worth $1,121,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

Several brokerages have issued reports on AVGO. Oppenheimer decreased their target price on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday, July 16th. Evercore ISI boosted their price objective on shares of Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a report on Thursday, June 13th. Citigroup reiterated a “buy” rating and set a $156.00 target price on shares of Broadcom in a research note on Tuesday, June 11th. Jefferies Financial Group lifted their target price on Broadcom from $155.00 to $205.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Finally, Morgan Stanley upped their price target on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus target price of $189.23.

Broadcom Price Performance

Shares of Broadcom stock opened at $171.10 on Monday. The stock has a market cap of $796.45 billion, a P/E ratio of 7.36, a P/E/G 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. The stock’s fifty day moving average is $156.81 and its 200 day moving average is $146.91. Broadcom Inc. has a one year low of $79.51 and a one year high of $185.16.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.95 earnings per share. Sell-side 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 paid a $0.53 dividend. The ex-dividend date is Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.24%. Broadcom’s dividend payout ratio is 9.12%.

Insider Activity

In related news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The sale was disclosed in a legal filing 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 that occurred 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 completion of the sale, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

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.