Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Argus Investors Counsel Inc.

Argus Investors Counsel Inc. trimmed its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 30.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,569 shares of the semiconductor manufacturer’s stock after selling 698 shares during the quarter. Broadcom comprises 1.3% of Argus Investors Counsel Inc.’s investment portfolio, making the stock its 23rd biggest holding. Argus Investors Counsel Inc.’s holdings in Broadcom were worth $2,080,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. WealthPlan Investment Management LLC acquired a new stake in shares of Broadcom in the 3rd quarter valued at approximately $435,000. SageView Advisory Group LLC lifted its holdings in shares of Broadcom by 20.3% in the 3rd quarter. SageView Advisory Group LLC now owns 861 shares of the semiconductor manufacturer’s stock valued at $715,000 after buying an additional 145 shares during the period. Main Street Research LLC lifted its holdings in shares of Broadcom by 30.3% in the 3rd quarter. Main Street Research LLC now owns 818 shares of the semiconductor manufacturer’s stock valued at $679,000 after buying an additional 190 shares during the period. Regent Peak Wealth Advisors LLC lifted its holdings in shares of Broadcom by 1.9% in the 3rd quarter. Regent Peak Wealth Advisors LLC now owns 1,240 shares of the semiconductor manufacturer’s stock valued at $1,030,000 after buying an additional 23 shares during the period. Finally, Cottonwood Capital Advisors LLC lifted its holdings in shares of Broadcom by 17.1% in the 3rd quarter. Cottonwood Capital Advisors LLC now owns 356 shares of the semiconductor manufacturer’s stock valued at $295,000 after buying an additional 52 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AVGO has been the subject of several research analyst reports. Jefferies Financial Group initiated coverage on Broadcom in a research note on Monday, May 13th. They issued a “buy” rating and a $1,550.00 price objective for the company. Mizuho raised their price objective on Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a research note on Thursday, March 7th. TD Cowen raised Broadcom from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $1,400.00 to $1,500.00 in a research note on Thursday, March 21st. Benchmark reaffirmed a “buy” rating and issued a $1,720.00 price objective on shares of Broadcom in a research note on Thursday, March 21st. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $1,700.00 price objective on shares of Broadcom in a research note on Thursday, March 21st. Three analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,296.91.

Insider Activity at Broadcom

In related news, Director Eddy W. Hartenstein sold 3,150 shares of Broadcom stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the transaction, the director now owns 4,643 shares in the company, valued at $5,991,048.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Broadcom news, Director Eddy W. Hartenstein sold 3,150 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the transaction, the director now owns 4,643 shares in the company, valued at $5,991,048.62. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 5,000 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the transaction, the insider now owns 16,575 shares in the company, valued at approximately $22,276,800. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,920 shares of company stock worth $40,306,667. 2.00% of the stock is owned by insiders.

Broadcom Trading Up 0.1 %

Shares of AVGO stock traded up $1.05 during mid-day trading on Thursday, hitting $1,393.29. 3,102,089 shares of the company’s stock were exchanged, compared to its average volume of 2,781,482. Broadcom Inc. has a fifty-two week low of $676.06 and a fifty-two week high of $1,445.40. The stock has a 50-day simple moving average of $1,321.19 and a two-hundred day simple moving average of $1,197.06. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05. The stock has a market cap of $645.68 billion, a price-to-earnings ratio of 51.64, a PEG ratio of 2.79 and a beta of 1.25.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The firm had revenue of $11.96 billion for the quarter, compared to analysts’ expectations of $11.79 billion. During the same quarter last year, the firm earned $9.83 earnings per share. The firm’s revenue for the quarter was up 34.2% compared to the same quarter last year. Equities analysts expect that Broadcom Inc. will post 36.06 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were issued a $5.25 dividend. This represents a $21.00 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s payout ratio is currently 77.84%.

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.