Westhampton Capital LLC Sells 310 Shares of Broadcom Inc. (NASDAQ:AVGO)

Westhampton Capital LLC lowered its position in Broadcom Inc. (NASDAQ:AVGO) by 1.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,451 shares of the semiconductor manufacturer’s stock after selling 310 shares during the quarter. Broadcom makes up about 2.9% of Westhampton Capital LLC’s holdings, making the stock its 4th biggest holding. Westhampton Capital LLC’s holdings in Broadcom were worth $5,266,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. 1858 Wealth Management LLC lifted its holdings in Broadcom by 8.9% during the 1st quarter. 1858 Wealth Management LLC now owns 5,295 shares of the semiconductor manufacturer’s stock worth $887,000 after buying an additional 432 shares during the last quarter. Kennedy Investment Group raised its position in shares of Broadcom by 4.4% during the 1st quarter. Kennedy Investment Group now owns 53,824 shares of the semiconductor manufacturer’s stock worth $9,012,000 after acquiring an additional 2,262 shares in the last quarter. Madison Wealth Partners Inc lifted its stake in Broadcom by 3.2% during the first quarter. Madison Wealth Partners Inc now owns 2,735 shares of the semiconductor manufacturer’s stock worth $458,000 after purchasing an additional 84 shares during the last quarter. MBE Wealth Management LLC boosted its holdings in Broadcom by 64.3% in the first quarter. MBE Wealth Management LLC now owns 1,454 shares of the semiconductor manufacturer’s stock valued at $243,000 after purchasing an additional 569 shares in the last quarter. Finally, Wolff Wiese Magana LLC increased its stake in Broadcom by 2.9% in the first quarter. Wolff Wiese Magana LLC now owns 16,096 shares of the semiconductor manufacturer’s stock valued at $2,695,000 after purchasing an additional 452 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity

In other news, insider Mark David Brazeal sold 25,000 shares of the company’s stock in a transaction on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the transaction, the insider now directly owns 465,956 shares of the company’s stock, valued at $83,872,080. This represents a 5.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Henry Samueli sold 663,976 shares of the stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares of the company’s stock, valued at $7,045,847,733.60. This represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold 819,134 shares of company stock valued at $157,921,449 in the last three months. 2.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several recent analyst reports. Oppenheimer boosted their price objective on shares of Broadcom from $225.00 to $265.00 and gave the stock an “outperform” rating in a research report on Friday, May 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $300.00 price objective on shares of Broadcom in a research note on Friday, June 6th. Susquehanna lifted their target price on Broadcom from $280.00 to $300.00 and gave the stock a “positive” rating in a research report on Friday, June 6th. Erste Group Bank raised Broadcom from a “hold” rating to a “buy” rating in a report on Thursday, June 5th. Finally, Rosenblatt Securities upped their target price on Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Three analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and an average target price of $276.09.

Broadcom Stock Performance

Shares of AVGO opened at $249.99 on Monday. The stock has a market capitalization of $1.18 trillion, a P/E ratio of 93.63, a P/E/G ratio of 1.78 and a beta of 1.11. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43. The company’s fifty day moving average is $220.48 and its two-hundred day moving average is $212.76.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business’s revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the business posted $10.96 earnings per share. On average, sell-side analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom announced that its board has authorized a share repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.94%. The ex-dividend date is Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is 88.39%.

About Broadcom

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.