GQG Partners LLC Sells 10,211,039 Shares of Broadcom Inc. (NASDAQ:AVGO)

Key Points

• GQG Partners LLC completely divested from Broadcom Inc., selling 10,211,039 shares and retaining only 2,121 shares, worth approximately $355,000.
• Broadcom received multiple upgrades from analysts, with Bank of America raising their price target from $240 to $300, while HSBC set a new target at $400.
• The company recently declared a quarterly dividend of $0.59, equating to an annual yield of 0.8% and a payout ratio of 88.39%.

GQG Partners LLC lowered its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 100.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,121 shares of the semiconductor manufacturer's stock after selling 10,211,039 shares during the period. GQG Partners LLC's holdings in Broadcom were worth $355,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Banco Bilbao Vizcaya Argentaria S.A. boosted its stake in Broadcom by 3.8% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after buying an additional 18,845 shares in the last quarter. PARUS FINANCE UK Ltd boosted its stake in Broadcom by 175.3% in the first quarter. PARUS FINANCE UK Ltd now owns 100,578 shares of the semiconductor manufacturer's stock valued at $16,840,000 after buying an additional 64,038 shares in the last quarter. Nebula Research & Development LLC boosted its stake in Broadcom by 1,100.8% in the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock valued at $3,642,000 after buying an additional 14,399 shares in the last quarter. Keener Financial Planning LLC boosted its stake in Broadcom by 34.8% in the first quarter. Keener Financial Planning LLC now owns 890 shares of the semiconductor manufacturer's stock valued at $149,000 after buying an additional 230 shares in the last quarter. Finally, Diversify Wealth Management LLC boosted its stake in Broadcom by 5.6% in the first quarter. Diversify Wealth Management LLC now owns 38,016 shares of the semiconductor manufacturer's stock valued at $6,365,000 after buying an additional 2,016 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on AVGO shares. Bank of America lifted their price target on Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research note on Friday, June 6th. HSBC raised Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective on the stock in a research note on Tuesday, June 24th. Wall Street Zen lowered Broadcom from a "buy" rating to a "hold" rating in a research note on Saturday. Wells Fargo & Company lifted their price objective on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a research note on Friday, June 6th. Finally, Morgan Stanley set a $338.00 price objective on Broadcom and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Two analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $294.92.

Broadcom Stock Up 2.9%

Shares of NASDAQ:AVGO opened at $312.83 on Wednesday. The company has a market capitalization of $1.47 trillion, a PE ratio of 117.16, a price-to-earnings-growth ratio of 2.16 and a beta of 1.15. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The business has a fifty day moving average price of $275.10 and a two-hundred day moving average price of $227.64. Broadcom Inc. has a 1 year low of $134.90 and a 1 year high of $313.44.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data 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. The firm 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 business's revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $10.96 EPS. Analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

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. This represents a $2.36 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is 88.39%.

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction on 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 owned 789,784 shares of the company's stock, valued at $199,720,577.92. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 829,716 shares of company stock worth $217,040,489. Company insiders own 2.00% of the company's stock.

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.

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