Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Prudential PLC

Key Points

• Prudential PLC decreased its holdings in Broadcom Inc. by 1.4%, owning 475,748 shares worth approximately $79.65 million, making it the 19th largest holding in Prudential's portfolio.
• Broadcom's recent earnings report surpassed expectations, with a 20.2% year-over-year revenue increase and earnings per share of $1.58, beating the consensus estimate of $1.57.
• The company announced a quarterly dividend of $0.59 per share, with a total annualized yield of 0.8%, reflecting a payout ratio of 88.39% as of their last dividend declaration.

Prudential PLC decreased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 475,748 shares of the semiconductor manufacturer's stock after selling 6,605 shares during the quarter. Broadcom accounts for about 0.4% of Prudential PLC's holdings, making the stock its 19th largest holding. Prudential PLC's holdings in Broadcom were worth $79,654,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Broadcom by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 477,220,137 shares of the semiconductor manufacturer's stock worth $79,900,968,000 after purchasing an additional 2,085,534 shares during the period. Northern Trust Corp raised its holdings in Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after purchasing an additional 5,258,925 shares during the period. Price T Rowe Associates Inc. MD raised 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 purchasing an additional 15,171,849 shares during the period. Nuveen LLC acquired a new position in Broadcom in the 1st quarter worth about $6,649,117,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Broadcom by 1.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 34,401,379 shares of the semiconductor manufacturer's stock worth $7,975,616,000 after buying an additional 581,704 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Trading Down 0.4%

Shares of Broadcom stock opened at $303.90 on Tuesday. The firm has a market capitalization of $1.43 trillion, a price-to-earnings ratio of 113.82, a PEG ratio of 2.17 and a beta of 1.15. Broadcom Inc. has a fifty-two week low of $134.90 and a fifty-two week high of $310.34. 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 stock has a 50 day moving average of $273.98 and a 200 day moving average of $227.04.

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 the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion during 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 for the quarter was up 20.2% compared to the same quarter last year. During the same period in the prior year, the business posted $10.96 earnings per share. As a group, research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is 88.39%.

Insider Activity at Broadcom

In other Broadcom news, CFO Kirsten M. Spears sold 56,310 shares of the company's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the transaction, the chief financial officer directly owned 361,937 shares in the company, valued at $91,117,639.75. This represents a 13.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction 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 owned 1,014,152 shares in the company, valued at $256,489,182.32. This trade represents a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock valued at $217,224,641 over the last ninety days. 2.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Cowen reiterated a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Bank of America boosted their price objective on Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Barclays boosted their price objective on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Evercore ISI reiterated an "outperform" rating and set a $304.00 price objective (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Finally, UBS Group boosted their price objective on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom has an average rating of "Buy" and a consensus target price of $294.92.

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.

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