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Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Watchtower Advisors LP

Broadcom logo with Computer and Technology background

Key Points

  • Watchtower Advisors LP reduced its stake in Broadcom Inc. by 30.1%, now owning approximately $8.2 million worth of shares, marking Broadcom as the fund's 8th largest position.
  • Analysts have shown a positive outlook for Broadcom, with multiple upgrades including a price target increase to $400 by HSBC, contributing to a consensus rating of "Buy" with an average target price of $294.92.
  • Recently, Broadcom announced a quarterly dividend of $0.59 per share, reflecting an annualized yield of 0.8%, with a high dividend payout ratio of 88.39%.
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Watchtower Advisors LP reduced its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 30.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 48,950 shares of the semiconductor manufacturer's stock after selling 21,050 shares during the period. Broadcom accounts for approximately 5.9% of Watchtower Advisors LP's investment portfolio, making the stock its 8th biggest position. Watchtower Advisors LP's holdings in Broadcom were worth $8,196,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Broadcom in the first quarter valued at about $25,000. Cheviot Value Management LLC bought a new stake in Broadcom in the 1st quarter valued at about $25,000. Inlight Wealth Management LLC acquired a new position in shares of Broadcom during the 1st quarter worth approximately $26,000. Sunbeam Capital Management LLC acquired a new position in shares of Broadcom during the 4th quarter worth approximately $28,000. Finally, Vermillion Wealth Management Inc. bought a new position in shares of Broadcom during the fourth quarter worth approximately $30,000. 76.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on AVGO shares. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. Wells Fargo & Company lifted their price objective on Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a report on Friday, June 6th. HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price for the company in a research report on Tuesday, June 24th. Mizuho raised their price target on Broadcom from $315.00 to $320.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 16th. Finally, Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, Broadcom has a consensus rating of "Buy" and an average target price of $294.92.

View Our Latest Stock Report on AVGO

Insider Buying and Selling at Broadcom

In other news, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the transaction, the director directly owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the sale, the insider directly owned 789,784 shares of the company's stock, valued at $199,720,577.92. This represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock valued at $217,224,641 over the last three months. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Trading Up 0.7%

NASDAQ AVGO opened at $303.76 on Friday. Broadcom Inc. has a 12 month low of $134.90 and a 12 month high of $310.34. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $1.43 trillion, a PE ratio of 113.77, a price-to-earnings-growth ratio of 2.15 and a beta of 1.15. The business's 50-day moving average price is $271.57 and its two-hundred day moving average price is $226.37.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share 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 business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the prior year, the firm posted $10.96 EPS. The company's revenue for the quarter was up 20.2% compared to the same quarter last year. On average, analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The company also recently announced 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. This represents a $2.36 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is currently 88.39%.

About Broadcom

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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