Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 567,165 shares of the semiconductor manufacturer's stock after selling 14,836 shares during the period. Broadcom accounts for about 1.1% of Mutual of America Capital Management LLC's holdings, making the stock its 9th biggest position. Mutual of America Capital Management LLC's holdings in Broadcom were worth $94,960,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the business. Sunbeam Capital Management LLC purchased a new position in Broadcom in the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. acquired a new stake in Broadcom during the fourth quarter worth about $30,000. Sellwood Investment Partners LLC bought a new position in Broadcom in the 4th quarter worth about $32,000. Barnes Dennig Private Wealth Management LLC bought a new position in Broadcom in the 1st quarter worth about $25,000. Finally, Inlight Wealth Management LLC bought a new position in Broadcom in the 1st quarter worth about $26,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Mark David Brazeal sold 50,000 shares of the company'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 sale, the insider directly owned 415,956 shares of the company's stock, valued at $105,353,335.68. This represents a 10.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Henry Samueli sold 473,898 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the sale, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock worth $217,224,641 in the last 90 days. Company insiders own 2.00% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on AVGO shares. Evercore ISI restated an "outperform" rating and set a $304.00 target price (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Morgan Stanley lifted their target price on shares of Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. The Goldman Sachs Group began coverage on Broadcom in a report on Thursday, July 10th. They set a "buy" rating and a $315.00 target price on the stock. Citigroup boosted their price objective on shares of Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Finally, Susquehanna boosted their target price on shares of Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $292.08.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $283.34 on Friday. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $288.28. The company has a market cap of $1.33 trillion, a price-to-earnings ratio of 106.12, a price-to-earnings-growth ratio of 2.02 and a beta of 1.12. The company has a 50-day moving average price of $254.41 and a 200-day moving average price of $220.25. 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 quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter in the prior year, the company posted $10.96 earnings per share. The business's revenue for the quarter was up 20.2% on a year-over-year basis. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom announced that its board has initiated a stock buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.83%. Broadcom's dividend 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.

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