Palouse Capital Management Inc. Sells 1,764 Shares of Broadcom Inc. (NASDAQ:AVGO)

Palouse Capital Management Inc. lowered its stake in Broadcom Inc. (NASDAQ:AVGO) by 96.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm 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 filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of AVGO. Legend Financial Advisors Inc. increased its stake in Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 8 shares during the last quarter. Richardson Capital Management LLC bought a new position in shares of Broadcom in the 1st quarter valued at $29,000. Delta Asset Management LLC TN raised its holdings in shares of 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 in the last quarter. Redmont Wealth Advisors LLC bought a new stake in shares of Broadcom during the 1st quarter worth $36,000. Finally, Ulland Investment Advisors LLC acquired a new stake in Broadcom in the first quarter valued at about $37,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO opened at $161.67 on Thursday. The firm’s fifty day simple moving average is $156.94 and its two-hundred day simple moving average is $146.43. Broadcom Inc. has a 12 month low of $79.51 and a 12 month high of $185.16. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $752.55 billion, a P/E ratio of 6.95, a price-to-earnings-growth ratio of 2.55 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last released its earnings results 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 business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm’s revenue was up 47.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.95 earnings per share. As a group, analysts predict that Broadcom Inc. will post 3.77 EPS for the current year.

Broadcom Increases Dividend

The business 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 of this dividend is Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.31%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is currently 9.12%.

Insider Activity at Broadcom

In related 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on AVGO shares. Melius assumed coverage on Broadcom in a research note on Monday, June 3rd. They set a “buy” rating and a $185.00 target price for the company. Citigroup reiterated a “buy” rating and set a $156.00 price objective on shares of Broadcom in a research report on Tuesday, June 11th. Sanford C. Bernstein raised their target price on shares of Broadcom from $160.00 to $195.00 and gave the company an “outperform” rating in a research report on Thursday, June 13th. UBS Group lowered their price target on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a report on Monday, September 9th. Finally, Evercore ISI increased their price target on Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a research note on Thursday, June 13th. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $189.23.

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.