Horizon Investments LLC Has $13.39 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Horizon Investments LLC reduced its holdings in Broadcom Inc. by 26.2%, now owning 79,971 shares worth approximately $13.39 million after selling 28,343 shares this quarter.
• Multiple institutional investors have recently acquired shares, with hedge funds now owning 76.43% of the company's stock.
• Broadcom's stock has received positive analyst ratings, with a consensus rating of "Buy" and an average price target of $295.96, reflecting growing confidence in the company's performance.

Horizon Investments LLC trimmed its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 26.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 79,971 shares of the semiconductor manufacturer's stock after selling 28,343 shares during the period. Horizon Investments LLC's holdings in Broadcom were worth $13,390,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Sunbeam Capital Management LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at about $28,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom in the fourth quarter valued at about $30,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Broadcom in the first quarter valued at about $25,000. Cheviot Value Management LLC acquired a new stake in shares of Broadcom in the first quarter valued at about $25,000. Finally, Inlight Wealth Management LLC acquired a new stake in shares of Broadcom in the first quarter valued at about $26,000. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of recent research reports. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Evercore ISI reaffirmed an "outperform" rating and issued a $304.00 target price (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. UBS Group boosted their price target on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. JPMorgan Chase & Co. boosted their price target on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Finally, Hsbc Global Res raised Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. Two research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $295.96.

Insider Activity at Broadcom

In other news, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the completion of the transaction, the chief executive officer owned 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. The trade was a 10.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction on 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 directly owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock worth $217,286,457 in the last three months. Insiders own 2.00% of the company's stock.

Broadcom Price Performance

Shares of AVGO stock traded down $4.89 during trading on Friday, hitting $306.34. The company had a trading volume of 22,795,520 shares, compared to its average volume of 17,011,082. 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 firm has a market capitalization of $1.44 trillion, a P/E ratio of 114.73, a price-to-earnings-growth ratio of 2.21 and a beta of 1.15. The stock's 50-day moving average price is $278.27 and its 200 day moving average price is $229.63. Broadcom Inc. has a one year low of $134.90 and a one year high of $317.35.

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, beating the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the previous year, the company posted $10.96 earnings per share. The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. Equities analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

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

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.