Global X Japan Co. Ltd. Decreases Holdings in Broadcom Inc. $AVGO

Key Points

• Global X Japan Co. Ltd. reduced its holdings in Broadcom by 30.3%, now owning 193,053 shares worth approximately $53.2 million, making it Broadcom's 4th largest shareholder.
• Insider sales included Mark David Brazeal selling 16,558 shares and CFO Kirsten M. Spears selling 7,498 shares on September 17, 2023, with total transactions exceeding $8.3 million.
• Broadcom's recent earnings report showed an EPS of $1.69, beating estimates, with revenues of $15.95 billion, highlighting a 22% year-over-year revenue growth.

Global X Japan Co. Ltd. cut its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 30.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 193,053 shares of the semiconductor manufacturer's stock after selling 83,787 shares during the quarter. Broadcom accounts for approximately 5.4% of Global X Japan Co. Ltd.'s holdings, making the stock its 4th largest position. Global X Japan Co. Ltd.'s holdings in Broadcom were worth $53,215,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Broadcom by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 477,220,137 shares of the semiconductor manufacturer's stock worth $79,900,968,000 after buying an additional 2,085,534 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Broadcom by 37.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer's stock valued at $10,968,270,000 after purchasing an additional 17,985,046 shares in the last quarter. Nuveen LLC purchased a new position in shares of Broadcom during the first quarter valued at about $6,649,117,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Broadcom by 2.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 35,243,467 shares of the semiconductor manufacturer's stock valued at $5,900,814,000 after purchasing an additional 842,088 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Broadcom by 3.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 33,852,310 shares of the semiconductor manufacturer's stock valued at $5,668,134,000 after purchasing an additional 1,043,948 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on AVGO shares. Sanford C. Bernstein boosted their target price on Broadcom from $295.00 to $400.00 and gave the company an "outperform" rating in a research report on Friday, September 5th. Truist Financial upped their price target on shares of Broadcom from $295.00 to $365.00 and gave the stock a "buy" rating in a research report on Friday, September 5th. Cowen reaffirmed a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. JPMorgan Chase & Co. lifted their target price on shares of Broadcom from $325.00 to $400.00 and gave the company an "overweight" rating in a report on Friday, September 5th. Finally, Citigroup boosted their price objective on shares of Broadcom from $315.00 to $350.00 and gave the company a "buy" rating in a research report on Friday, September 5th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $356.48.

Broadcom Stock Performance

AVGO traded down $6.15 during trading on Monday, reaching $338.79. 28,599,739 shares of the company's stock were exchanged, compared to its average volume of 29,009,098. Broadcom Inc. has a fifty-two week low of $138.10 and a fifty-two week high of $374.23. The company has a quick ratio of 1.37, a current ratio of 1.50 and a debt-to-equity ratio of 0.86. The business has a 50 day moving average price of $308.05 and a 200 day moving average price of $248.20. The company has a market capitalization of $1.60 trillion, a P/E ratio of 86.43, a PEG ratio of 1.91 and a beta of 1.16.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Thursday, September 4th. The semiconductor manufacturer reported $1.69 EPS for the quarter, beating analysts' consensus estimates of $1.66 by $0.03. The company had revenue of $15.95 billion during the quarter, compared to analysts' expectations of $15.82 billion. Broadcom had a return on equity of 36.60% and a net margin of 31.59%.Broadcom's revenue was up 22.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.24 EPS. Broadcom has set its Q4 2025 guidance at EPS. As a group, analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 22nd will be issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, September 22nd. Broadcom's dividend payout ratio is presently 60.20%.

Insider Buying and Selling

In other Broadcom news, Director Harry L. You purchased 500 shares of the company's stock in a transaction that occurred on Wednesday, September 10th. The shares were acquired at an average price of $363.38 per share, for a total transaction of $181,690.00. Following the purchase, the director owned 35,602 shares in the company, valued at approximately $12,937,054.76. The trade was a 1.42% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Charlie B. Kawwas sold 3,893 shares of the stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $347.82, for a total value of $1,354,063.26. Following the transaction, the insider owned 25,295 shares in the company, valued at $8,798,106.90. The trade was a 13.34% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have acquired 3,550 shares of company stock worth $1,227,869 and have sold 790,522 shares worth $224,295,124. 2.00% of the stock is 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.