Broadcom Inc. (NASDAQ:AVGO) Position Lowered by Gulf International Bank UK Ltd

Key Points

• Gulf International Bank UK Ltd has reduced its stake in Broadcom Inc. by 25.8%, resulting in ownership of 255,794 shares valued at approximately $42.8 million.
• Institutional investors collectively own 76.43% of Broadcom, with significant stake increases by firms like National Pension Service and Russell Investments Group during the first quarter.
• Analysts have recently raised their price targets for Broadcom, with Barclays setting a new target of $265 and Evercore ISI raising theirs to $304, indicating strong market confidence in the company.

Gulf International Bank UK Ltd lowered its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 25.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 255,794 shares of the semiconductor manufacturer's stock after selling 88,780 shares during the period. Broadcom makes up approximately 1.5% of Gulf International Bank UK Ltd's portfolio, making the stock its 9th biggest holding. Gulf International Bank UK Ltd's holdings in Broadcom were worth $42,827,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Barnes Dennig Private Wealth Management LLC acquired a new position in Broadcom during the first quarter worth $25,000. Cheviot Value Management LLC acquired a new position in Broadcom during the first quarter worth $25,000. Inlight Wealth Management LLC acquired a new position in Broadcom during the first quarter worth $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom during the fourth quarter worth $28,000. Finally, Vermillion Wealth Management Inc. acquired a new position in Broadcom during the fourth quarter worth $30,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Bank of America upped their price objective on Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a report on Friday, June 6th. KeyCorp upped their price objective on Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Oppenheimer boosted their target price on Broadcom from $265.00 to $305.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Truist Financial set a $295.00 target price on Broadcom and gave the stock a "buy" rating in a research report on Friday, June 6th. Finally, Mizuho boosted their target price on Broadcom from $315.00 to $320.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Two analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, Broadcom has an average rating of "Buy" and an average price target of $295.96.

Broadcom Price Performance

Shares of NASDAQ:AVGO traded up $2.14 on Thursday, hitting $311.23. The company had a trading volume of 15,694,460 shares, compared to its average volume of 26,255,822. The business has a 50 day moving average of $276.06 and a 200 day moving average of $228.20. Broadcom Inc. has a 52-week low of $134.90 and a 52-week high of $317.35. The company has a market cap of $1.46 trillion, a PE ratio of 116.57, a PEG ratio of 2.22 and a beta of 1.15. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period last year, the company earned $10.96 EPS. The firm's quarterly revenue was up 20.2% on a year-over-year basis. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Insider Transactions at Broadcom

In other Broadcom news, Director Henry Samueli sold 473,898 shares of the firm's 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 sale, the director directly owned 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kirsten M. Spears sold 36,350 shares of the firm's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the sale, the chief financial officer directly owned 325,587 shares in the company, valued at approximately $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 829,716 shares of company stock worth $217,040,489 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

About Broadcom

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.