Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Strategy Asset Managers LLC

Key Points

• Strategy Asset Managers LLC reduced its stake in Broadcom by 2.2%, retaining ownership of 124,522 shares, which represents approximately 4.3% of their total holdings valued at about $20.8 million.
• Insiders have recently sold significant shares of Broadcom, including Charlie B. Kawwas and Henry Samueli, with total insider sales reaching approximately $217.2 million in the last quarter.
• Broadcom's recent quarterly earnings surpassed analysts' expectations, reporting $1.58 earnings per share and $15 billion in revenue, with projections indicating a strong fiscal outlook for the current year.

Strategy Asset Managers LLC trimmed its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 124,522 shares of the semiconductor manufacturer's stock after selling 2,764 shares during the period. Broadcom makes up about 4.3% of Strategy Asset Managers LLC's portfolio, making the stock its largest holding. Strategy Asset Managers LLC's holdings in Broadcom were worth $20,849,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in AVGO. Banco Bilbao Vizcaya Argentaria S.A. increased its holdings in shares of Broadcom by 3.8% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after buying an additional 18,845 shares in the last quarter. PARUS FINANCE UK Ltd increased its holdings in shares of Broadcom by 175.3% in the first quarter. PARUS FINANCE UK Ltd now owns 100,578 shares of the semiconductor manufacturer's stock valued at $16,840,000 after buying an additional 64,038 shares in the last quarter. Nebula Research & Development LLC raised its stake in Broadcom by 1,100.8% during the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock valued at $3,642,000 after purchasing an additional 14,399 shares during the period. Keener Financial Planning LLC raised its stake in Broadcom by 34.8% during the 1st quarter. Keener Financial Planning LLC now owns 890 shares of the semiconductor manufacturer's stock valued at $149,000 after purchasing an additional 230 shares during the period. Finally, Diversify Wealth Management LLC raised its stake in Broadcom by 5.6% during the 1st quarter. Diversify Wealth Management LLC now owns 38,016 shares of the semiconductor manufacturer's stock valued at $6,365,000 after purchasing an additional 2,016 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Barclays boosted their target price on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Finally, Evercore ISI restated an "outperform" rating and set a $304.00 price target (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $294.92.

Broadcom Stock Performance

AVGO stock traded up $2.09 during mid-day trading on Thursday, reaching $303.76. 16,280,889 shares of the stock traded hands, compared to its average volume of 17,130,764. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 52 week low of $134.90 and a 52 week high of $310.34. The business has a 50-day moving average of $271.57 and a two-hundred day moving average of $226.37. The firm has a market capitalization of $1.43 trillion, a PE ratio of 113.77, a P/E/G ratio of 2.15 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (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 company had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the prior year, the company earned $10.96 earnings per share. The business's quarterly revenue was up 20.2% compared to the same quarter last year. As a group, equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

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

Insider Buying and Selling at Broadcom

In other news, insider Charlie B. Kawwas sold 10,000 shares of the company's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the transaction, the insider owned 789,784 shares of the company's stock, valued at approximately $199,720,577.92. This represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kirsten M. Spears sold 56,310 shares of the company's stock in a transaction dated 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 transaction, the chief financial officer directly owned 361,937 shares of the company's stock, valued at $91,117,639.75. This represents a 13.46% 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 in the last three months. Company insiders own 2.00% of the company's stock.

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.