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

LBP AM SA trimmed its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 5.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 677,020 shares of the semiconductor manufacturer's stock after selling 39,575 shares during the quarter. Broadcom makes up about 1.8% of LBP AM SA's portfolio, making the stock its 10th biggest holding. LBP AM SA's holdings in Broadcom were worth $113,353,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of the stock. SlateStone Wealth LLC raised its holdings in shares of Broadcom by 0.3% in the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock valued at $3,207,000 after acquiring an additional 47 shares in the last quarter. True Wealth Design LLC raised its holdings in shares of Broadcom by 7.2% in the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after acquiring an additional 48 shares in the last quarter. Cascade Financial Partners LLC raised its holdings in shares of Broadcom by 1.8% in the 4th quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer's stock valued at $668,000 after acquiring an additional 50 shares in the last quarter. Samalin Investment Counsel LLC raised its holdings in shares of Broadcom by 1.0% in the 4th quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer's stock valued at $1,155,000 after acquiring an additional 50 shares in the last quarter. Finally, Mizuho Bank Ltd. raised its holdings in shares of Broadcom by 7.1% during the 4th quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer's stock valued at $174,000 after buying an additional 50 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Broadcom Trading Down 0.9%

Shares of AVGO stock traded down $2.50 during trading hours on Thursday, reaching $275.40. The company's stock had a trading volume of 17,848,136 shares, compared to its average volume of 28,277,906. The stock has a market capitalization of $1.30 trillion, a P/E ratio of 103.15, a P/E/G ratio of 1.98 and a beta of 1.12. Broadcom Inc. has a one year low of $128.50 and a one year high of $281.42. The firm's fifty day simple moving average is $245.29 and its 200 day simple moving average is $218.63. 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 data 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. The firm 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%. The business's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period last year, the company earned $10.96 EPS. Equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its board has approved a stock buyback program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.86%. Broadcom's dividend payout ratio is currently 88.39%.

Insider Activity at Broadcom

In related news, Director Gayla J. Delly sold 3,000 shares of Broadcom stock in a transaction that occurred 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 sale, the director directly owned 33,352 shares in the company, valued at $8,842,615.76. The trade was a 8.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the sale, the chief executive officer owned 482,836 shares in the company, valued at $129,540,070.44. This represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 854,716 shares of company stock valued at $221,433,761 over the last ninety days. Insiders own 2.00% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. KeyCorp raised their price objective on Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a report on Tuesday. Mizuho raised their price objective on Broadcom from $310.00 to $315.00 and gave the company an "outperform" rating in a report on Thursday, July 3rd. Bank of America raised their price objective on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a report on Friday, June 6th. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a report on Friday, June 6th. Finally, UBS Group raised their price objective on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a report on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $290.21.

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.