Dakota Wealth Management Reduces Holdings in Broadcom Inc. (NASDAQ:AVGO)

Dakota Wealth Management lessened its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 238,332 shares of the semiconductor manufacturer's stock after selling 7,021 shares during the quarter. Broadcom makes up 0.9% of Dakota Wealth Management's holdings, making the stock its 14th biggest position. Dakota Wealth Management's holdings in Broadcom were worth $39,904,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Broadcom in the fourth quarter valued at about $16,893,010,000. GAMMA Investing LLC grew 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 purchasing an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after purchasing an additional 15,171,849 shares during the period. GQG Partners LLC grew its position in shares of Broadcom by 200.0% in the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock valued at $2,367,819,000 after purchasing an additional 6,809,245 shares during the period. Finally, Vanguard Group Inc. grew its position 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. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Trading Up 2.3%

Broadcom stock traded up $6.59 during trading on Thursday, hitting $287.40. The company had a trading volume of 8,754,629 shares, compared to its average volume of 27,932,090. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $288.21. 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 company's 50 day simple moving average is $251.34 and its 200-day simple moving average is $219.63. The stock has a market cap of $1.35 trillion, a price-to-earnings ratio of 107.53, a price-to-earnings-growth ratio of 2.00 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results 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. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the prior year, the firm earned $10.96 EPS. The firm's revenue for the quarter was up 20.2% on a year-over-year basis. As a group, analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.82%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is currently 88.39%.

Insider Activity

In related news, Director Justine Page sold 800 shares of the company's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $274.30, for a total transaction of $219,440.00. Following the sale, the director directly owned 24,582 shares of the company's stock, valued at $6,742,842.60. This represents a 3.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kirsten M. Spears sold 36,350 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the transaction, the chief financial officer owned 325,587 shares of the company's stock, valued at $85,066,115.49. This trade represents a 10.04% decrease in their position. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock worth $217,224,641 over the last 90 days. Company insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on AVGO. Citigroup lifted their target price on shares of Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Morgan Stanley raised their price target on shares of Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. Evercore ISI reissued an "outperform" rating and issued a $304.00 price target (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. KeyCorp raised their price target on shares of Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Finally, Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $292.08.

About Broadcom

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.