Fox Hill Wealth Management Sells 202 Shares of Broadcom Inc. (NASDAQ:AVGO)

Fox Hill Wealth Management lowered its stake in Broadcom Inc. (NASDAQ:AVGO) by 17.8% during the second quarter, Holdings Channel reports. The firm owned 930 shares of the semiconductor manufacturer’s stock after selling 202 shares during the period. Fox Hill Wealth Management’s holdings in Broadcom were worth $1,493,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Ashton Thomas Private Wealth LLC increased its holdings in Broadcom by 12.0% in the 2nd quarter. Ashton Thomas Private Wealth LLC now owns 11,128 shares of the semiconductor manufacturer’s stock valued at $17,866,000 after buying an additional 1,191 shares during the period. Invera Wealth Advisors LLC boosted its position in shares of Broadcom by 9.6% during the 2nd quarter. Invera Wealth Advisors LLC now owns 916 shares of the semiconductor manufacturer’s stock worth $1,570,000 after acquiring an additional 80 shares in the last quarter. Fairbanks Capital Management Inc. increased its stake in Broadcom by 2.5% in the second quarter. Fairbanks Capital Management Inc. now owns 2,864 shares of the semiconductor manufacturer’s stock valued at $4,598,000 after acquiring an additional 70 shares during the last quarter. Harrington Investments INC acquired a new position in Broadcom during the second quarter valued at approximately $207,000. Finally, Oak Thistle LLC bought a new stake in Broadcom during the second quarter worth $942,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Up 5.2 %

Shares of NASDAQ AVGO opened at $148.21 on Wednesday. Broadcom Inc. has a 52-week low of $79.51 and a 52-week high of $185.16. 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 company’s 50 day moving average price is $188.66 and its 200-day moving average price is $156.32. The company has a market capitalization of $689.90 billion, a P/E ratio of 6.37, a price-to-earnings-growth ratio of 2.41 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the prior year, the firm posted $0.95 earnings per share. The business’s quarterly revenue was up 47.3% compared to the same quarter last year. Equities analysts forecast that Broadcom Inc. will post 3.75 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be issued a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date of this dividend is Thursday, September 19th. Broadcom’s payout ratio is presently 9.12%.

Insider Buying and Selling at Broadcom

In other news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the sale, the director now owns 27,480 shares of the company’s stock, valued at approximately $4,809,714.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction dated 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 owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Justine Page sold 2,540 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the sale, the director now directly owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on AVGO. Barclays lifted their price target on Broadcom from $150.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, June 13th. Sanford C. Bernstein boosted their target price on Broadcom from $160.00 to $195.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. Bank of America restated a “buy” rating and issued a $215.00 price target (up from $200.00) on shares of Broadcom in a research note on Monday, June 24th. Rosenblatt Securities lowered their price objective on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Finally, Evercore ISI raised their target price on shares of Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a research report on Thursday, June 13th. Two investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and an average target price of $189.23.

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.