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Westpac Banking Corp Has $17.02 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Broadcom logo with Computer and Technology background

Key Points

  • Westpac Banking Corp has reduced its stake in Broadcom Inc. by 7.1%, bringing its total shares to 101,659, which is 1.3% of its total holdings valued at approximately $17 million.
  • Broadcom recently reported quarterly earnings of $1.58 per share, surpassing expectations, and a remarkable 20.2% year-over-year revenue growth to $15 billion.
  • The company declared a quarterly dividend of $0.59 per share, representing an annual yield of 0.8% with a payout ratio of 88.39%.
  • Want stock alerts on Broadcom? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Westpac Banking Corp trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 101,659 shares of the semiconductor manufacturer's stock after selling 7,768 shares during the period. Broadcom comprises about 1.3% of Westpac Banking Corp's holdings, making the stock its 7th largest position. Westpac Banking Corp's holdings in Broadcom were worth $17,021,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom in the 4th quarter worth $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom in the 4th quarter worth $30,000. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Broadcom in the 1st quarter worth $25,000. Cheviot Value Management LLC bought a new stake in shares of Broadcom in the 1st quarter worth $25,000. Finally, Inlight Wealth Management LLC bought a new stake in shares of Broadcom in the 1st quarter worth $26,000. 76.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on AVGO. Cantor Fitzgerald reiterated an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a research note on Friday, June 6th. Wells Fargo & Company upped their target price on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research note on Friday, June 6th. Evercore ISI reiterated an "outperform" rating and set a $304.00 target price (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. Finally, KeyCorp lifted their target price on Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Two 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 company. According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $294.92.

Read Our Latest Research Report on AVGO

Insiders Place Their Bets

In other Broadcom news, Director Henry Samueli sold 473,898 shares of the firm's stock in a transaction 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 owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 117,758 shares of the firm's stock in a transaction 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 completion of the sale, the chief executive officer directly owned 1,014,152 shares in the company, valued at approximately $256,489,182.32. This trade represents a 10.40% 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 quarter. Insiders own 2.00% of the company's stock.

Broadcom Stock Performance

Shares of NASDAQ:AVGO traded up $8.93 during midday trading on Tuesday, reaching $312.83. 17,604,553 shares of the company traded hands, compared to its average volume of 16,984,464. 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 12 month low of $134.90 and a 12 month high of $313.44. The firm has a market capitalization of $1.47 trillion, a price-to-earnings ratio of 117.16, a price-to-earnings-growth ratio of 2.16 and a beta of 1.15. The firm's fifty day moving average price is $275.10 and its two-hundred day moving average price is $227.64.

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

Broadcom Dividend Announcement

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 $0.59 dividend. 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 is currently 88.39%.

Broadcom Profile

(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)

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