Broadcom Inc. (NASDAQ:AVGO) Shares Sold by CHURCHILL MANAGEMENT Corp

CHURCHILL MANAGEMENT Corp decreased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 17.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 297,259 shares of the semiconductor manufacturer's stock after selling 63,077 shares during the quarter. Broadcom comprises 0.6% of CHURCHILL MANAGEMENT Corp's holdings, making the stock its 19th largest position. CHURCHILL MANAGEMENT Corp's holdings in Broadcom were worth $49,770,000 as of its most recent filing with the SEC.

Several other large investors also recently added to or reduced their stakes in AVGO. Vanguard Group Inc. grew its holdings in shares of Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after purchasing an additional 6,573,204 shares during the period. Geode Capital Management LLC boosted its holdings in Broadcom by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock valued at $23,647,209,000 after purchasing an additional 3,018,294 shares during the last quarter. FMR LLC grew its stake in shares of Broadcom by 3.2% in the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock valued at $21,624,718,000 after buying an additional 2,873,809 shares during the period. Norges Bank acquired a new stake in shares of Broadcom during the 4th quarter worth approximately $16,893,010,000. Finally, Northern Trust Corp raised 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 during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Performance

NASDAQ:AVGO traded up $4.97 during mid-day trading on Friday, reaching $274.87. 10,592,655 shares of the stock were exchanged, compared to its average volume of 28,641,799. The stock has a market capitalization of $1.29 trillion, a P/E ratio of 102.95, a P/E/G ratio of 1.92 and a beta of 1.12. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $277.71. The company has a 50 day simple moving average of $237.12 and a 200-day simple moving average of $216.98. 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 (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company's revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the company earned $10.96 earnings per share. Analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its board has approved a stock buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. Broadcom's dividend payout ratio is presently 88.39%.

Insider Buying and Selling

In other news, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction dated 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 completion of the sale, the chief executive officer owned 1,014,152 shares in the company, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider directly owned 789,784 shares in the company, valued at approximately $199,720,577.92. This represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 854,716 shares of company stock valued at $221,433,761 in the last quarter. Corporate insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on AVGO. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Evercore ISI reissued an "outperform" rating and set a $304.00 price objective (up from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Citigroup boosted their price objective on shares of Broadcom from $276.00 to $285.00 and gave the company a "buy" rating in a report on Monday, June 9th. Finally, Barclays lifted their price target on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. Two investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Broadcom currently has a consensus rating of "Buy" and an average price target of $281.46.

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.