Central Asset Investments & Management Holdings HK Ltd Cuts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Central Asset Investments & Management Holdings HK Ltd reduced its stake in Broadcom Inc. by 41.9%, now owning 2,410 shares valued at approximately $404,000, making it the company's 29th biggest holding.
• Insider trading activity included a significant sale by Director Henry Samueli, who sold 473,898 shares for about $125.7 million, decreasing his ownership stake by 1.23%.
• Broadcom reported earnings of $1.58 per share for the last quarter, surpassing expectations with 20.2% year-over-year revenue growth and a total revenue of $15 billion.

Central Asset Investments & Management Holdings HK Ltd decreased its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 41.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,410 shares of the semiconductor manufacturer's stock after selling 1,740 shares during the period. Broadcom comprises 0.7% of Central Asset Investments & Management Holdings HK Ltd's investment portfolio, making the stock its 29th biggest position. Central Asset Investments & Management Holdings HK Ltd's holdings in Broadcom were worth $404,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of AVGO. Nuveen LLC acquired a new position in Broadcom in the 1st quarter worth about $6,649,117,000. GAMMA Investing LLC increased its position in shares of Broadcom by 18,179.3% in the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after buying an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Broadcom by 46.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after buying an additional 15,171,849 shares during the period. Northern Trust Corp lifted its position in shares of Broadcom by 12.0% during the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after buying an additional 5,258,925 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of Broadcom by 16.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 31,854,414 shares of the semiconductor manufacturer's stock valued at $5,333,384,000 after buying an additional 4,550,647 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Trading Up 2.9%

NASDAQ:AVGO traded up $8.93 on Tuesday, hitting $312.83. The stock had a trading volume of 17,604,553 shares, compared to its average volume of 16,984,464. The company has a fifty day moving average price of $275.10 and a two-hundred day moving average price of $227.64. Broadcom Inc. has a 1-year low of $134.90 and a 1-year high of $313.44. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The stock has a market cap of $1.47 trillion, a price-to-earnings ratio of 117.16, a PEG ratio of 2.16 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping 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 revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the prior year, the business posted $10.96 earnings per share. Equities research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

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

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 40,000 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the sale, the chief executive officer directly owned 482,836 shares of the company's stock, valued at approximately $129,540,070.44. The trade was a 7.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Justine Page sold 800 shares of the company's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $274.30, for a total transaction of $219,440.00. Following the completion of the transaction, the director owned 24,582 shares in the company, valued at approximately $6,742,842.60. This represents a 3.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock worth $217,224,641 in the last 90 days. Insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Redburn Atlantic initiated coverage on shares of Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price target for the company. JPMorgan Chase & Co. boosted their target price 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. Oppenheimer raised their price target on shares of Broadcom from $265.00 to $305.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Morgan Stanley set a $338.00 price objective on Broadcom and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Finally, Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Two analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, Broadcom currently has an average rating of "Buy" and an average price target of $294.92.

Broadcom Company 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.