Werba Rubin Papier Wealth Management Sells 81 Shares of Broadcom Inc. (NASDAQ:AVGO)

Werba Rubin Papier Wealth Management lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 37.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 134 shares of the semiconductor manufacturer’s stock after selling 81 shares during the period. Werba Rubin Papier Wealth Management’s holdings in Broadcom were worth $215,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Ballentine Partners LLC increased its holdings in shares of Broadcom by 8.5% in the second quarter. Ballentine Partners LLC now owns 7,359 shares of the semiconductor manufacturer’s stock worth $11,815,000 after purchasing an additional 576 shares during the last quarter. MRA Advisory Group increased its stake in Broadcom by 38.9% in the 2nd quarter. MRA Advisory Group now owns 897 shares of the semiconductor manufacturer’s stock worth $1,440,000 after acquiring an additional 251 shares during the last quarter. Koss Olinger Consulting LLC bought a new position in shares of Broadcom during the 2nd quarter valued at approximately $1,670,000. Pier 88 Investment Partners LLC boosted its position in shares of Broadcom by 171.1% during the 2nd quarter. Pier 88 Investment Partners LLC now owns 1,220 shares of the semiconductor manufacturer’s stock valued at $1,959,000 after acquiring an additional 770 shares during the last quarter. Finally, Caprock Group LLC grew its holdings in shares of Broadcom by 65.4% in the second quarter. Caprock Group LLC now owns 11,233 shares of the semiconductor manufacturer’s stock valued at $18,036,000 after purchasing an additional 4,441 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

AVGO has been the subject of a number of recent research reports. Bank of America reissued a “buy” rating and issued a $215.00 price objective (up from $200.00) on shares of Broadcom in a research note on Monday, June 24th. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Rosenblatt Securities lowered their price objective on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Barclays boosted their target price on Broadcom from $150.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, June 13th. Finally, JPMorgan Chase & Co. raised their price target on Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $189.23.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $148.21 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $689.90 billion, a price-to-earnings ratio of 6.37, a price-to-earnings-growth ratio of 2.41 and a beta of 1.16. The firm has a 50 day moving average of $188.66 and a 200 day moving average of $156.32. Broadcom Inc. has a 52 week low of $79.51 and a 52 week high of $185.16.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share 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 during the quarter, compared to analysts’ expectations of $12.98 billion. During the same period in the prior year, the business posted $0.95 EPS. The firm’s quarterly revenue was up 47.3% on a year-over-year basis. On average, sell-side analysts predict that Broadcom Inc. will post 3.75 earnings per share for the current fiscal 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 given a $0.53 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.43%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is presently 9.12%.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of Broadcom 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 transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Justine Page sold 2,540 shares of Broadcom stock in a transaction that occurred on 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 in the company, valued at approximately $4,809,714.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 7,502 shares of the company’s 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 transaction, the chief executive officer now owns 138,191 shares in the company, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.

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.