Mitsubishi UFJ Asset Management UK Ltd. Sells 16,500 Shares of Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Mitsubishi UFJ Asset Management UK Ltd. significantly reduced its stake in Broadcom Inc. by 68.8%, selling 16,500 shares and leaving them with 7,500 shares valued at approximately $1.26 million.
• Broadcom has a market capitalization of $1.45 trillion and reported quarterly earnings of $1.58 per share, exceeding analysts' expectations.
• Insiders sold a total of 829,716 shares of Broadcom stock valued at $217 million over the last 90 days, with directors having decreased their ownership stakes.

Mitsubishi UFJ Asset Management UK Ltd. reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 68.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,500 shares of the semiconductor manufacturer's stock after selling 16,500 shares during the quarter. Mitsubishi UFJ Asset Management UK Ltd.'s holdings in Broadcom were worth $1,256,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Ted Buchan & Co grew its holdings in shares of Broadcom by 3.2% during the first quarter. Ted Buchan & Co now owns 12,621 shares of the semiconductor manufacturer's stock worth $2,113,000 after purchasing an additional 393 shares during the last quarter. American Money Management LLC grew its holdings in shares of Broadcom by 23.8% during the first quarter. American Money Management LLC now owns 2,538 shares of the semiconductor manufacturer's stock worth $425,000 after purchasing an additional 488 shares during the last quarter. E Fund Management Co. Ltd. grew its holdings in shares of Broadcom by 7.2% during the first quarter. E Fund Management Co. Ltd. now owns 225,309 shares of the semiconductor manufacturer's stock worth $37,723,000 after purchasing an additional 15,194 shares during the last quarter. Financial Network Wealth Advisors LLC grew its holdings in shares of Broadcom by 48.2% during the first quarter. Financial Network Wealth Advisors LLC now owns 329 shares of the semiconductor manufacturer's stock worth $55,000 after purchasing an additional 107 shares during the last quarter. Finally, NFP Retirement Inc. grew its holdings in shares of Broadcom by 17.5% during the first quarter. NFP Retirement Inc. now owns 2,334 shares of the semiconductor manufacturer's stock worth $391,000 after purchasing an additional 347 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on AVGO shares. Bank of America increased their target price on Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Truist Financial set a $295.00 target price on Broadcom and gave the stock a "buy" rating in a report on Friday, June 6th. HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target on the stock in a report on Tuesday, June 24th. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Finally, Mizuho raised their price target on Broadcom from $315.00 to $320.00 and gave the company an "outperform" rating in a report on Wednesday, July 16th. Two equities research analysts have rated the stock with a hold rating, twenty-six have issued 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 an average rating of "Buy" and a consensus target price of $295.96.

Insider Buying and Selling at Broadcom

In related news, insider Mark David Brazeal sold 50,000 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the transaction, the insider directly owned 415,956 shares of the company's stock, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer directly owned 1,014,152 shares in the company, valued at $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 829,716 shares of company stock worth $217,040,489 in the last three months. 2.00% of the stock is owned by insiders.

Broadcom Stock Up 0.7%

Shares of NASDAQ:AVGO traded up $2.14 during trading on Thursday, hitting $311.23. 15,694,460 shares of the company were exchanged, compared to its average volume of 17,086,756. The stock has a market cap of $1.46 trillion, a price-to-earnings ratio of 116.57, a P/E/G ratio of 2.20 and a beta of 1.15. Broadcom Inc. has a fifty-two week low of $134.90 and a fifty-two week high of $317.35. The firm has a fifty day moving average price of $277.08 and a two-hundred day moving average price of $228.95. 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 posted 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. The business 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 firm's revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $10.96 EPS. As a group, research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors 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 presently 88.39%.

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.