Jericho Financial LLP Decreases Stake in Broadcom Inc. (NASDAQ:AVGO)

Jericho Financial LLP trimmed its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 12.2% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 28,975 shares of the semiconductor manufacturer's stock after selling 4,009 shares during the period. Broadcom accounts for 3.5% of Jericho Financial LLP's portfolio, making the stock its 13th largest holding. Jericho Financial LLP's holdings in Broadcom were worth $4,851,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of AVGO. Vanguard Group Inc. lifted its position in Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after purchasing an additional 6,573,204 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Broadcom by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock valued at $23,647,209,000 after acquiring an additional 3,018,294 shares during the last quarter. FMR LLC grew its position in Broadcom by 3.2% in the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after acquiring an additional 2,873,809 shares in the last quarter. Norges Bank bought a new stake in Broadcom during the fourth quarter worth approximately $16,893,010,000. Finally, Northern Trust Corp raised 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 purchasing an additional 5,258,925 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 117,758 shares of the 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 sale, the chief executive officer now owns 1,014,152 shares in the company, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 25,000 shares of the business's stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the transaction, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. This trade represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 875,444 shares of company stock worth $172,097,492. 2.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

AVGO has been the subject of a number of recent research reports. KeyCorp lifted their target price on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday, March 7th. Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Evercore ISI restated an "outperform" rating and issued a $304.00 target price (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. Wall Street Zen downgraded shares of Broadcom from a "buy" rating to a "hold" rating in a report on Sunday, June 15th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. Three 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 stock. According to MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and an average price target of $281.25.

Broadcom Stock Up 3.9%

Shares of NASDAQ AVGO traded up $10.00 during midday trading on Tuesday, reaching $263.77. 32,724,001 shares of the company's stock traded hands, compared to its average volume of 29,327,658. The company has a market cap of $1.24 trillion, a price-to-earnings ratio of 98.79, a P/E/G ratio of 1.81 and a beta of 1.11. The stock's 50 day simple moving average is $223.68 and its 200-day simple moving average is $213.63. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.58.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its 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. The business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business's revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter last year, the firm earned $10.96 EPS. On average, analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom announced that its Board of Directors has authorized a stock repurchase program on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board believes its shares are undervalued.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.89%. Broadcom's dividend payout ratio (DPR) is presently 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.