Conning Inc. Has $5.13 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Conning Inc. trimmed its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 15.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,616 shares of the semiconductor manufacturer's stock after selling 5,711 shares during the quarter. Conning Inc.'s holdings in Broadcom were worth $5,126,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. SlateStone Wealth LLC lifted its position in shares of Broadcom by 0.3% in the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock worth $3,207,000 after purchasing an additional 47 shares in the last quarter. True Wealth Design LLC lifted its position in shares of Broadcom by 7.2% in the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock worth $165,000 after purchasing an additional 48 shares in the last quarter. Cascade Financial Partners LLC lifted its position in shares of Broadcom by 1.8% in the fourth quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer's stock worth $668,000 after purchasing an additional 50 shares in the last quarter. Samalin Investment Counsel LLC lifted its position in shares of Broadcom by 1.0% in the fourth quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer's stock worth $1,155,000 after purchasing an additional 50 shares in the last quarter. Finally, Mizuho Bank Ltd. lifted its position in shares of Broadcom by 7.1% in the fourth quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer's stock worth $174,000 after purchasing an additional 50 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Oppenheimer increased their price target on shares of Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday. Barclays raised their price objective 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. Morgan Stanley raised their price objective on shares of Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Finally, Redburn Atlantic initiated coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $281.46.

Insider Activity

In other news, CEO Hock E. Tan sold 40,000 shares of the business's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the transaction, the chief executive officer directly owned 482,836 shares in the company, valued at approximately $129,540,070.44. The trade was a 7.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark David Brazeal sold 50,000 shares of the business's stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the transaction, the insider owned 415,956 shares of the company's stock, valued at $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 854,716 shares of company stock worth $221,433,761. Corporate insiders own 2.00% of the company's stock.

Broadcom Price Performance

Shares of NASDAQ AVGO traded up $4.97 during midday trading on Friday, reaching $274.87. 10,592,655 shares of the company traded hands, compared to its average volume of 28,575,138. The firm has a market cap of $1.29 trillion, a PE ratio of 102.95, a PEG ratio of 1.96 and a beta of 1.12. The stock's 50-day simple moving average is $238.77 and its 200-day simple moving average is $217.17. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $277.71. 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 (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 return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the previous year, the business posted $10.96 earnings per share. The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

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

Broadcom declared that its board has initiated 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 purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its shares are undervalued.

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.