DAVENPORT & Co LLC Reduces Stock Position in Broadcom Inc. (NASDAQ:AVGO)

DAVENPORT & Co LLC cut its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 14.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 636,575 shares of the semiconductor manufacturer's stock after selling 111,669 shares during the quarter. DAVENPORT & Co LLC's holdings in Broadcom were worth $106,791,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in AVGO. Vanguard Group Inc. increased its position in Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after buying an additional 6,573,204 shares during the last quarter. Geode Capital Management LLC raised 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 acquiring an additional 3,018,294 shares in the last quarter. FMR LLC grew its stake in Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after buying an additional 2,873,809 shares in the last quarter. Norges Bank acquired a new position in Broadcom during the fourth quarter valued at approximately $16,893,010,000. Finally, Northern Trust Corp lifted its stake in Broadcom by 12.0% during the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after purchasing an additional 5,258,925 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 50,000 shares of the business's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kirsten M. Spears sold 56,310 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the sale, the chief financial officer directly owned 361,937 shares of the company's stock, valued at $91,117,639.75. The trade was a 13.46% decrease in their ownership of the stock. 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 corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Wall Street Zen lowered Broadcom from a "buy" rating to a "hold" rating in a research note on Sunday, June 15th. William Blair reissued an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. HSBC raised shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price for the company in a report on Tuesday, June 24th. Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, UBS Group boosted their target price on shares of Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $281.46.

Broadcom Trading Up 1.8%

AVGO traded up $4.72 during trading on Thursday, hitting $274.62. The company's stock had a trading volume of 5,899,946 shares, compared to its average volume of 28,669,911. The firm has a market capitalization of $1.29 trillion, a P/E ratio of 102.90, a PEG ratio of 1.88 and a beta of 1.12. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $277.71. 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's fifty day moving average price is $235.38 and its 200-day moving average price is $216.81.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) 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 business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period in the prior year, the firm earned $10.96 earnings per share. Broadcom's revenue was up 20.2% on a year-over-year basis. Analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its board has approved a stock repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's management believes its shares are undervalued.

Broadcom Announces Dividend

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

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.