Broadcom Inc. (NASDAQ:AVGO) Stake Lessened by Fjarde AP Fonden Fourth Swedish National Pension Fund

Key Points

• Fjarde AP Fonden Fourth Swedish National Pension Fund reduced its stake in Broadcom Inc. by 18.7%, owning 575,690 shares after the sale, which constitutes 1.2% of its investment portfolio.
• Broadcom reported a 20.2% revenue increase year-over-year, with a quarterly revenue of $15 billion and an EPS of $1.58, exceeding analysts' expectations.
• The company's quarterly dividend was recently announced at $0.59 per share, reflecting an annual yield of 0.8% with a payout ratio of 88.39%.

Fjarde AP Fonden Fourth Swedish National Pension Fund cut its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 18.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 575,690 shares of the semiconductor manufacturer's stock after selling 132,800 shares during the period. Broadcom makes up approximately 1.2% of Fjarde AP Fonden Fourth Swedish National Pension Fund's investment portfolio, making the stock its 16th biggest position. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Broadcom were worth $96,388,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Barnes Dennig Private Wealth Management LLC bought a new stake in Broadcom during the first quarter worth approximately $25,000. Cheviot Value Management LLC purchased a new stake in shares of Broadcom in the 1st quarter valued at approximately $25,000. Inlight Wealth Management LLC purchased a new stake in shares of Broadcom in the 1st quarter valued at approximately $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom in the 4th quarter valued at approximately $28,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom in the 4th quarter valued at approximately $30,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Trading Down 1.2%

Shares of NASDAQ AVGO opened at $309.09 on Thursday. Broadcom Inc. has a 1-year low of $134.90 and a 1-year high of $317.35. The company has a market cap of $1.45 trillion, a PE ratio of 115.76, a P/E/G ratio of 2.22 and a beta of 1.15. 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 company has a 50-day moving average of $276.06 and a two-hundred day moving average of $228.20.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter in the previous year, the company earned $10.96 EPS. Broadcom's revenue was up 20.2% on a year-over-year basis. As a group, equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The company also recently disclosed 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 was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.8%. Broadcom's payout ratio is currently 88.39%.

Insider Activity

In related news, CFO Kirsten M. Spears sold 56,310 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the completion of the transaction, the chief financial officer owned 361,937 shares in the company, valued at approximately $91,117,639.75. The trade was a 13.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the transaction, the chief executive officer owned 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 829,716 shares of company stock valued at $217,040,489. 2.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

AVGO has been the subject of a number of research analyst reports. Wells Fargo & Company increased their target price on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research report on Friday, June 6th. Wall Street Zen lowered shares of Broadcom from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Oppenheimer increased their price target on shares of Broadcom from $265.00 to $305.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Redburn Atlantic began coverage on shares of Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target on the stock. Finally, JPMorgan Chase & Co. increased their price target on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target 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.

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.