Assenagon Asset Management S.A. Sells 64,071 Shares of Broadcom Inc. (NASDAQ:AVGO)

Assenagon Asset Management S.A. reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 5.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,123,722 shares of the semiconductor manufacturer's stock after selling 64,071 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Broadcom were worth $188,145,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Kozak & Associates Inc. increased its holdings in Broadcom by 15.9% in the 1st quarter. Kozak & Associates Inc. now owns 6,777 shares of the semiconductor manufacturer's stock worth $1,209,000 after purchasing an additional 930 shares in the last quarter. MV Capital Management Inc. increased its holdings in Broadcom by 22.3% in the 1st quarter. MV Capital Management Inc. now owns 3,682 shares of the semiconductor manufacturer's stock worth $616,000 after purchasing an additional 672 shares in the last quarter. Franklin Street Advisors Inc. NC increased its holdings in Broadcom by 30.8% in the 1st quarter. Franklin Street Advisors Inc. NC now owns 209,611 shares of the semiconductor manufacturer's stock worth $35,095,000 after purchasing an additional 49,347 shares in the last quarter. Trueblood Wealth Management LLC increased its holdings in Broadcom by 4.1% in the 1st quarter. Trueblood Wealth Management LLC now owns 6,057 shares of the semiconductor manufacturer's stock worth $1,014,000 after purchasing an additional 239 shares in the last quarter. Finally, Ipsen Advisor Group LLC increased its holdings in Broadcom by 2.6% in the 1st quarter. Ipsen Advisor Group LLC now owns 6,610 shares of the semiconductor manufacturer's stock worth $1,107,000 after purchasing an additional 168 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Broadcom Trading Down 2.9%

NASDAQ AVGO traded down $7.37 during trading hours on Friday, hitting $248.70. 19,002,301 shares of the company's stock were exchanged, compared to its average volume of 30,383,406. The stock has a 50-day simple moving average of $213.01 and a 200 day simple moving average of $209.15. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The firm has a market cap of $1.17 trillion, a price-to-earnings ratio of 202.86, a PEG ratio of 2.29 and a beta of 1.11. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period in the prior year, the firm earned $10.96 earnings per share. Broadcom's revenue for the quarter was up 20.2% on a year-over-year basis. On average, equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom declared that its Board of Directors has authorized a stock repurchase plan on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its shares are undervalued.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.95%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's payout ratio is currently 88.39%.

Insider Activity at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now directly owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. The trade was a 5.76% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 730,576 shares of company stock valued at $133,778,494. 2.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

AVGO has been the subject of a number of recent research reports. Susquehanna upped their target price on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a report on Friday, June 6th. Mizuho upped their target price on Broadcom from $300.00 to $310.00 and gave the stock an "outperform" rating in a report on Friday, June 6th. JPMorgan Chase & Co. increased their price target on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Redburn Atlantic assumed coverage on Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price target for the company. Finally, KeyCorp increased their price target on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research note on Friday, March 7th. Two investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $276.09.

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.