Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Bellwether Advisors LLC

Key Points

• Bellwether Advisors LLC reduced its holdings in Broadcom Inc. by 34.4%, selling 34,325 shares and now holding 65,411 shares valued at approximately $10.95 million.
• Several hedge funds, including Geode Capital Management LLC and FMR LLC, increased their positions in Broadcom, reflecting a strong interest with institutional investors owning 76.43% of the company's stock.
• Broadcom announced a quarterly dividend of $0.59 per share, representing an annualized dividend of $2.36, and has a current dividend payout ratio of 88.39%.

Bellwether Advisors LLC decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 34.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 65,411 shares of the semiconductor manufacturer's stock after selling 34,325 shares during the quarter. Broadcom comprises about 2.3% of Bellwether Advisors LLC's investment portfolio, making the stock its 10th biggest position. Bellwether Advisors LLC's holdings in Broadcom were worth $10,952,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in AVGO. Geode Capital Management LLC increased its holdings in shares of Broadcom by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock worth $23,647,209,000 after buying an additional 3,018,294 shares during the last quarter. FMR LLC boosted its holdings in Broadcom by 3.2% in the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock valued at $21,624,718,000 after acquiring an additional 2,873,809 shares during the last quarter. Northern Trust Corp grew its position in Broadcom by 12.0% during the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after acquiring an additional 5,258,925 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after acquiring an additional 15,171,849 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Broadcom by 1.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 34,401,379 shares of the semiconductor manufacturer's stock worth $7,975,616,000 after purchasing an additional 581,704 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Insider Buying and Selling at Broadcom

In related news, Director Justine Page sold 800 shares of the stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $274.30, for a total transaction of $219,440.00. Following the completion of the transaction, the director directly owned 24,582 shares of the company's stock, valued at approximately $6,742,842.60. This represents a 3.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the transaction, the director owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,224,641 over the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective on the stock in a research note on Tuesday, June 24th. The Goldman Sachs Group began coverage on Broadcom in a report on Thursday, July 10th. They set a "buy" rating and a $315.00 target price on the stock. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 24th. Susquehanna increased their price objective on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research report on Friday, June 6th. Finally, Morgan Stanley lifted their price objective on shares of Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Broadcom presently has an average rating of "Buy" and a consensus price target of $292.08.

Broadcom Stock Up 0.5%

NASDAQ AVGO opened at $290.18 on Friday. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $292.59. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The stock has a market cap of $1.36 trillion, a PE ratio of 108.68, a PEG ratio of 2.06 and a beta of 1.12. The firm has a 50-day simple moving average of $260.05 and a 200 day simple moving average of $222.13.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 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 return on equity of 35.49% and a net margin of 22.64%. Broadcom's revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the prior year, the company earned $10.96 EPS. On average, research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its Board of Directors has initiated a stock buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.81%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is 88.39%.

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.

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