Lbp Am Sa Reduces Holdings in Broadcom Inc. (NASDAQ:AVGO)

LBP AM SA decreased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 5.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 677,020 shares of the semiconductor manufacturer's stock after selling 39,575 shares during the quarter. Broadcom accounts for approximately 1.8% of LBP AM SA's holdings, making the stock its 10th biggest position. LBP AM SA's holdings in Broadcom were worth $113,353,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Norges Bank purchased a new stake in shares of Broadcom during the 4th quarter valued at about $16,893,010,000. GAMMA Investing LLC increased its holdings in Broadcom by 18,179.3% in the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after acquiring an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Broadcom by 46.9% in the 4th 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 in the last quarter. GQG Partners LLC increased its holdings in Broadcom by 200.0% in the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after acquiring an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after acquiring an additional 6,573,204 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on AVGO. Redburn Atlantic began coverage on shares of Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price for the company. KeyCorp increased their target price on shares of Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a report on Tuesday. Mizuho increased their target price on shares of Broadcom from $310.00 to $315.00 and gave the stock an "outperform" rating in a report on Thursday, July 3rd. Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 24th. Finally, Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a report on Saturday. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Broadcom has a consensus rating of "Buy" and an average target price of $285.00.

Broadcom Trading Up 2.2%

NASDAQ:AVGO traded up $6.10 during midday trading on Wednesday, hitting $277.90. 20,105,827 shares of the company traded hands, compared to its average volume of 28,408,625. The firm's fifty day moving average is $242.02 and its 200-day moving average is $217.92. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $279.37. The firm has a market capitalization of $1.31 trillion, a P/E ratio of 104.08, a P/E/G ratio of 1.95 and a beta of 1.12. 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 released 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 35.49% and a net margin of 22.64%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter last year, the firm posted $10.96 earnings per share. The business's revenue was up 20.2% compared to the same quarter last year. On average, sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.85%. Broadcom's payout ratio is 88.39%.

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

Insiders Place Their Bets

In other news, Director Gayla J. Delly sold 3,000 shares of the firm's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total transaction of $795,390.00. Following the transaction, the director owned 33,352 shares in the company, valued at approximately $8,842,615.76. This trade represents a 8.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Mark David Brazeal sold 50,000 shares of the firm's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the transaction, the insider owned 415,956 shares in the company, valued at approximately $105,353,335.68. This represents a 10.73% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 854,716 shares of company stock valued at $221,433,761. Insiders own 2.00% of the company's stock.

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.