Delap Wealth Advisory LLC Sells 896 Shares of Broadcom Inc. (NASDAQ:AVGO)

Delap Wealth Advisory LLC trimmed its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 86.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 138 shares of the semiconductor manufacturer’s stock after selling 896 shares during the quarter. Delap Wealth Advisory LLC’s holdings in Broadcom were worth $222,000 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. raised its stake in shares of 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 period. Richardson Capital Management LLC purchased a new position in Broadcom during the first quarter worth about $29,000. Delta Asset Management LLC TN grew its position in Broadcom by 242.9% during the first 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 purchased a new position in Broadcom during the first quarter worth about $36,000. Finally, Ulland Investment Advisors LLC purchased a new position in Broadcom during the first quarter worth about $37,000. 76.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on AVGO. Oppenheimer reduced their target price on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday, July 16th. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 target price on shares of Broadcom in a research report on Friday, September 6th. Melius began coverage on Broadcom in a research report on Monday, June 3rd. They set a “buy” rating and a $185.00 target price for the company. Wells Fargo & Company boosted their target price on Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 13th. Finally, The Goldman Sachs Group upped their price objective on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Two investment 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. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $189.23.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction dated 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 sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction 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 completion of the sale, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

Broadcom Trading Up 2.2 %

NASDAQ:AVGO opened at $171.10 on Friday. The firm has a market capitalization of $796.45 billion, a P/E ratio of 7.36, a PEG ratio of 2.55 and a beta of 1.16. 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 Inc. has a one year low of $79.51 and a one year high of $185.16. The company’s 50-day simple moving average is $156.81 and its 200 day simple moving average is $146.91.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping 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 firm had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same period in the previous year, the firm posted $0.95 EPS. The business’s revenue for the quarter was up 47.3% compared to the same quarter last year. As a group, analysts forecast 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 issued a dividend of $0.53 per share. 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 annualized dividend and a dividend yield of 1.24%. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

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.