Allred Capital Management LLC Sells 305 Shares of Broadcom Inc. (NASDAQ:AVGO)

Allred Capital Management LLC trimmed its position in Broadcom Inc. (NASDAQ:AVGOGet Rating) by 15.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,617 shares of the semiconductor manufacturer’s stock after selling 305 shares during the quarter. Allred Capital Management LLC’s holdings in Broadcom were worth $1,018,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in AVGO. Hanson & Doremus Investment Management acquired a new position in Broadcom in the first quarter valued at $26,000. Focused Wealth Management Inc lifted its holdings in Broadcom by 101.0% in the fourth quarter. Focused Wealth Management Inc now owns 40 shares of the semiconductor manufacturer’s stock valued at $27,000 after buying an additional 4,000 shares during the period. Ahrens Investment Partners LLC lifted its holdings in Broadcom by 125.0% in the first quarter. Ahrens Investment Partners LLC now owns 45 shares of the semiconductor manufacturer’s stock valued at $28,000 after buying an additional 25 shares during the period. West Bancorporation Inc. acquired a new position in Broadcom in the fourth quarter valued at $29,000. Finally, Semmax Financial Advisors Inc. lifted its holdings in Broadcom by 300.0% in the fourth quarter. Semmax Financial Advisors Inc. now owns 44 shares of the semiconductor manufacturer’s stock valued at $29,000 after buying an additional 33 shares during the period. 81.53% of the stock is owned by institutional investors.

Broadcom Price Performance

NASDAQ AVGO traded up $1.51 on Thursday, hitting $529.30. The stock had a trading volume of 31,329 shares, compared to its average volume of 1,844,317. Broadcom Inc. has a 52-week low of $462.66 and a 52-week high of $677.76. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.90 and a current ratio of 2.14. The company has a market capitalization of $213.74 billion, a price-to-earnings ratio of 25.95, a price-to-earnings-growth ratio of 1.04 and a beta of 1.09. The firm has a 50-day moving average of $519.11 and a 200-day moving average of $564.34.

Broadcom (NASDAQ:AVGOGet Rating) last posted its quarterly earnings data on Thursday, May 26th. The semiconductor manufacturer reported $8.39 earnings per share for the quarter, beating the consensus estimate of $7.88 by $0.51. The firm had revenue of $8.10 billion for the quarter, compared to analysts’ expectations of $7.91 billion. Broadcom had a net margin of 29.76% and a return on equity of 56.29%. The business’s quarterly revenue was up 22.6% on a year-over-year basis. During the same quarter last year, the company posted $5.89 EPS. Equities analysts expect that Broadcom Inc. will post 33.96 EPS for the current year.

Broadcom declared that its board has approved a stock buyback plan on Thursday, May 26th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 4.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Wednesday, June 22nd were issued a dividend of $4.10 per share. This represents a $16.40 annualized dividend and a dividend yield of 3.10%. The ex-dividend date was Tuesday, June 21st. Broadcom’s dividend payout ratio is currently 81.31%.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several recent analyst reports. Truist Financial boosted their target price on shares of Broadcom to $658.00 in a report on Friday, May 27th. Bank of America dropped their price objective on shares of Broadcom from $780.00 to $625.00 and set a “buy” rating on the stock in a report on Wednesday, June 29th. KeyCorp upped their price objective on shares of Broadcom from $720.00 to $780.00 and gave the company an “overweight” rating in a report on Friday, May 27th. StockNews.com upgraded shares of Broadcom from a “buy” rating to a “strong-buy” rating in a report on Friday, May 13th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Broadcom from $700.00 to $635.00 in a research report on Wednesday, July 20th. Four analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and an average price target of $680.46.

Broadcom Company Profile

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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.

Further Reading

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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