Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Sierra Summit Advisors LLC

Key Points

• Sierra Summit Advisors LLC has reduced its stake in Broadcom Inc. by 14.7%, owning 17,473 shares worth approximately $2.9 million after selling 3,014 shares.
• Broadcom's recent earnings report revealed EPS of $1.58, exceeding analysts' expectations, with quarterly revenue reaching $15 billion, up 20.2% year-over-year.
• The company's quarterly dividend of $0.59 per share represents a 0.8% dividend yield, with a payout ratio of 88.39% as of June 30th.

Sierra Summit Advisors LLC reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 14.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,473 shares of the semiconductor manufacturer's stock after selling 3,014 shares during the period. Sierra Summit Advisors LLC's holdings in Broadcom were worth $2,926,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Broadcom by 0.4% during the first quarter. Vanguard Group Inc. now owns 477,220,137 shares of the semiconductor manufacturer's stock worth $79,900,968,000 after buying an additional 2,085,534 shares in the last quarter. Northern Trust Corp increased its stake in Broadcom by 12.0% during the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after acquiring an additional 5,258,925 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Broadcom by 46.9% during the fourth 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 acquiring an additional 15,171,849 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Broadcom by 1.7% during the fourth 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 acquiring an additional 581,704 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Broadcom by 3.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 33,852,310 shares of the semiconductor manufacturer's stock worth $5,668,134,000 after acquiring an additional 1,043,948 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Up 0.4%

AVGO stock opened at $304.97 on Friday. The company has a market cap of $1.43 trillion, a P/E ratio of 114.22, a P/E/G ratio of 2.16 and a beta of 1.15. Broadcom Inc. has a 52 week low of $134.90 and a 52 week high of $310.34. The company's 50-day moving average price is $272.87 and its 200 day moving average price is $226.82. 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 announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $10.96 earnings per share. On average, research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued 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 0.8%. Broadcom's payout ratio is 88.39%.

Insider Buying and Selling at Broadcom

In related news, Director Henry Samueli sold 473,898 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the sale, the director directly owned 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justine Page sold 800 shares of the firm's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $274.30, for a total transaction of $219,440.00. Following the completion of the sale, the director directly owned 24,582 shares in the company, valued at $6,742,842.60. This represents a 3.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 830,516 shares of company stock valued at $217,224,641. Corporate insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on AVGO shares. Morgan Stanley set a $338.00 target price on Broadcom and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Bank of America raised their price target on Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Redburn Atlantic began coverage on Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target for the company. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $300.00 price target on shares of Broadcom in a research report 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 assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $294.92.

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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