Berkshire Asset Management LLC PA Sells 1,545 Shares of Broadcom Inc. $AVGO

Key Points

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Berkshire Asset Management LLC PA lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,833 shares of the semiconductor manufacturer's stock after selling 1,545 shares during the quarter. Berkshire Asset Management LLC PA's holdings in Broadcom were worth $3,655,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Broadcom in the first quarter worth about $25,000. Cheviot Value Management LLC purchased a new stake in shares of Broadcom in the first quarter worth about $25,000. Inlight Wealth Management LLC purchased a new stake in shares of Broadcom in the first quarter worth about $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom in the fourth quarter worth about $28,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom in the fourth quarter worth about $30,000. Institutional investors own 76.43% of the company's stock.

Insiders Place Their Bets

In related news, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the sale, the chief executive officer owned 482,836 shares in the company, valued at $129,540,070.44. The trade was a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Justine Page sold 800 shares of the business's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $307.46, for a total transaction of $245,968.00. Following the sale, the director owned 23,782 shares in the company, valued at approximately $7,312,013.72. This trade represents a 3.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 830,516 shares of company stock valued at $217,286,457 over the last quarter. 2.00% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on AVGO shares. KeyCorp increased their price target on shares of Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Bank of America increased their price target on shares of Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Wells Fargo & Company increased their price target on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. Evercore ISI reaffirmed an "outperform" rating and issued a $304.00 target price (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Finally, Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $295.96.

Broadcom Stock Performance

NASDAQ:AVGO opened at $305.76 on Tuesday. The stock has a market cap of $1.44 trillion, a P/E ratio of 114.52, a price-to-earnings-growth ratio of 2.18 and a beta of 1.15. The firm's fifty day simple moving average is $279.50 and its 200 day simple moving average is $230.48. Broadcom Inc. has a twelve month low of $134.90 and a twelve month high of $317.35. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $10.96 earnings per share. As a group, research analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.8%. Broadcom's payout ratio is 88.39%.

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.

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