Conning Inc. Sells 5,711 Shares of Broadcom Inc. (NASDAQ:AVGO)

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

Other large investors have also recently bought and sold shares of the company. SlateStone Wealth LLC raised its position in shares of Broadcom by 0.3% during the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock valued at $3,207,000 after acquiring an additional 47 shares during the last quarter. True Wealth Design LLC raised its position in shares of Broadcom by 7.2% during the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after acquiring an additional 48 shares during the last quarter. Cascade Financial Partners LLC raised its position in shares of Broadcom by 1.8% during the 4th quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer's stock valued at $668,000 after acquiring an additional 50 shares during the last quarter. Samalin Investment Counsel LLC raised its position in shares of Broadcom by 1.0% during the 4th quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer's stock valued at $1,155,000 after acquiring an additional 50 shares during the last quarter. Finally, Mizuho Bank Ltd. raised its position in shares of Broadcom by 7.1% during the 4th quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer's stock valued at $174,000 after acquiring an additional 50 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on AVGO. Truist Financial set a $295.00 target price on shares of Broadcom and gave the company a "buy" rating in a research report on Friday, June 6th. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 target price on shares of Broadcom in a research report on Friday, June 6th. Susquehanna upped their target price on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research report on Friday, June 6th. Benchmark upped their price objective on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Finally, Barclays upped 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. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Broadcom has a consensus rating of "Buy" and an average target price of $281.46.

Insider Activity

In other Broadcom news, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the sale, the director owned 38,188,575 shares of the company's stock, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 50,000 shares of the business's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the sale, the insider directly owned 415,956 shares in the company, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 854,716 shares of company stock valued at $221,433,761. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Performance

AVGO stock traded up $0.51 during mid-day trading on Monday, hitting $275.69. 2,114,685 shares of the company were exchanged, compared to its average volume of 28,475,023. The business has a 50 day simple moving average of $238.77 and a 200-day simple moving average of $217.17. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $1.30 trillion, a PE ratio of 103.38, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $277.71.

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 for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm's quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the business earned $10.96 earnings per share. On average, equities analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors 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 (DPR) is 88.39%.

Broadcom announced that its board has authorized a share repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.

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.