Miller Howard Investments Inc. NY Trims Holdings in Broadcom Inc. (NASDAQ:AVGO)

Miller Howard Investments Inc. NY trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 24.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,902 shares of the semiconductor manufacturer's stock after selling 1,562 shares during the period. Miller Howard Investments Inc. NY's holdings in Broadcom were worth $821,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of AVGO. Norges Bank acquired a new position in shares of Broadcom in the 4th quarter valued at about $16,893,010,000. GAMMA Investing LLC raised its position in Broadcom by 18,179.3% during the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after acquiring an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after acquiring an additional 15,171,849 shares during the period. GQG Partners LLC boosted its position 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 purchasing an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on AVGO. UBS Group boosted their target price on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Cowen restated a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Cantor Fitzgerald restated an "overweight" rating and issued a $300.00 price target on shares of Broadcom in a research note on Friday, June 6th. Finally, Truist Financial set a $295.00 price objective on Broadcom and gave the company a "buy" rating in a report on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $281.46.

Broadcom Price Performance

Shares of AVGO stock traded up $4.97 during trading hours on Thursday, reaching $274.87. The company had a trading volume of 10,592,655 shares, compared to its average volume of 28,686,867. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $277.71. 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 company has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.95, a PEG ratio of 1.88 and a beta of 1.12. The stock has a fifty day moving average of $235.38 and a 200-day moving average of $216.81.

Broadcom (NASDAQ:AVGO - Get Free Report) last released 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. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter 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. On average, equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

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

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

Insider Activity

In other Broadcom news, CEO Hock E. Tan sold 40,000 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer directly owned 482,836 shares in the company, valued at $129,540,070.44. The trade was a 7.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Henry Samueli sold 473,898 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the sale, the director owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold 854,716 shares of company stock valued at $221,433,761 in the last quarter. Insiders own 2.00% of the company's stock.

Broadcom Company 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.