Broadcom Inc. (NASDAQ:AVGO) Stock Position Trimmed by Raymond James Financial Services Advisors Inc.

Raymond James Financial Services Advisors Inc. cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 4.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 495,111 shares of the semiconductor manufacturer’s stock after selling 23,400 shares during the quarter. Broadcom accounts for about 1.0% of Raymond James Financial Services Advisors Inc.’s holdings, making the stock its 10th biggest holding. Raymond James Financial Services Advisors Inc. owned approximately 0.11% of Broadcom worth $656,225,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of AVGO. Sutton Place Investors LLC bought a new position in shares of Broadcom during the 1st quarter valued at about $307,000. Strategic Financial Concepts LLC purchased a new stake in Broadcom in the first quarter worth approximately $338,000. Byrne Asset Management LLC bought a new position in Broadcom during the first quarter valued at approximately $425,000. Rovin Capital UT ADV grew its position in Broadcom by 17.8% during the first quarter. Rovin Capital UT ADV now owns 378 shares of the semiconductor manufacturer’s stock valued at $501,000 after acquiring an additional 57 shares during the last quarter. Finally, Bay Rivers Group raised its stake in shares of Broadcom by 0.7% during the first quarter. Bay Rivers Group now owns 6,505 shares of the semiconductor manufacturer’s stock worth $8,622,000 after acquiring an additional 45 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

AVGO has been the topic of several recent research reports. UBS Group increased their target price on shares of Broadcom to $1,480.00 and gave the company a “buy” rating in a report on Monday, February 26th. Evercore ISI started coverage on Broadcom in a research note on Tuesday, April 16th. They set an “outperform” rating and a $1,620.00 price objective on the stock. Oppenheimer reissued an “outperform” rating and issued a $1,500.00 target price (up previously from $1,100.00) on shares of Broadcom in a research note on Friday, March 1st. Cantor Fitzgerald increased their target price on Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a report on Monday, March 4th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $1,325.00 price target on shares of Broadcom in a research note on Friday, January 19th. Three investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $1,285.41.

Broadcom Stock Down 2.9 %

Shares of AVGO traded down $38.35 on Tuesday, reaching $1,300.27. The stock had a trading volume of 2,208,554 shares, compared to its average volume of 2,907,510. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. Broadcom Inc. has a 12-month low of $601.29 and a 12-month high of $1,438.17. The firm has a market capitalization of $602.57 billion, a price-to-earnings ratio of 48.19, a price-to-earnings-growth ratio of 2.74 and a beta of 1.25. The company has a 50-day simple moving average of $1,310.04 and a 200-day simple moving average of $1,143.82.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, beating the consensus estimate of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The business had revenue of $11.96 billion during the quarter, compared to analyst estimates of $11.79 billion. During the same quarter last year, the firm posted $9.83 earnings per share. The company’s revenue for the quarter was up 34.2% on a year-over-year basis. Sell-side analysts predict that Broadcom Inc. will post 35.96 EPS for the current year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were paid a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a yield of 1.62%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s payout ratio is currently 77.84%.

Insiders Place Their Bets

In other news, Director Justine Page sold 110 shares of Broadcom stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the completion of the transaction, the director now directly owns 3,125 shares in the company, valued at $4,134,375. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Justine Page sold 110 shares of the stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $1,323.00, for a total value of $145,530.00. Following the sale, the director now directly owns 3,125 shares of the company’s stock, valued at $4,134,375. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 5,000 shares of Broadcom 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 completion of the transaction, the insider now directly owns 16,575 shares of the company’s stock, valued at approximately $22,276,800. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,920 shares of company stock worth $40,306,667. 2.00% of the stock is currently owned by company insiders.

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.