Mizuho Securities USA LLC Sells 67,349 Shares of Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Mizuho Securities USA LLC has reduced its stake in Broadcom Inc. by 15.2%, holding 375,316 shares after selling 67,349 shares during the 1st quarter.
• Wall Street analysts are optimistic about Broadcom, with twenty-six buy ratings and a consensus price target of $294.92.
• Broadcom recently declared a quarterly dividend of $0.59, resulting in an annualized yield of 0.8%, with a dividend payout ratio of 88.39%.

Mizuho Securities USA LLC lessened its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 15.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 375,316 shares of the semiconductor manufacturer's stock after selling 67,349 shares during the period. Broadcom comprises 1.3% of Mizuho Securities USA LLC's portfolio, making the stock its 9th largest holding. Mizuho Securities USA LLC's holdings in Broadcom were worth $62,839,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Barnes Dennig Private Wealth Management LLC purchased a new stake in Broadcom during the first quarter worth approximately $25,000. Cheviot Value Management LLC purchased a new position in shares of Broadcom in the first quarter valued at $25,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom in the first quarter valued at $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom in the fourth quarter valued at $28,000. Finally, Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom in the fourth quarter valued at $30,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on AVGO shares. Wells Fargo & Company upped their target price on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research note on Friday, June 6th. Redburn Atlantic started coverage on shares of Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price for the company. Arete Research upgraded shares of Broadcom to a "strong-buy" rating in a research note on Monday, July 28th. Cantor Fitzgerald restated an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a research note on Friday, June 6th. Finally, JPMorgan Chase & Co. upped their price target on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Two research 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's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $294.92.

Broadcom Price Performance

Shares of NASDAQ:AVGO traded up $1.21 during trading hours on Friday, hitting $304.97. 12,439,353 shares of the company's stock traded hands, compared to its average volume of 17,052,154. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a 52 week low of $134.90 and a 52 week high of $310.34. The company has a market cap of $1.43 trillion, a price-to-earnings ratio of 114.22, a price-to-earnings-growth ratio of 2.17 and a beta of 1.15. The company's fifty day simple moving average is $272.87 and its two-hundred day simple moving average is $226.72.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly 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 business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm's revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $10.96 earnings per share. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

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

Insider Activity

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was 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 in the company, valued at $256,489,182.32. This trade represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Kirsten M. Spears sold 56,310 shares of the firm'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 completion of the sale, 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is currently owned by company insiders.

About Broadcom

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.