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Hamlin Capital Management LLC Sells 233,905 Shares of Broadcom Inc. (NASDAQ:AVGO)

Broadcom logo with Computer and Technology background

Hamlin Capital Management LLC cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 18.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,006,635 shares of the semiconductor manufacturer's stock after selling 233,905 shares during the quarter. Broadcom makes up 4.0% of Hamlin Capital Management LLC's portfolio, making the stock its 14th largest position. Hamlin Capital Management LLC's holdings in Broadcom were worth $168,541,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Barnes Dennig Private Wealth Management LLC acquired a new position in Broadcom in the 1st quarter valued at about $25,000. Cheviot Value Management LLC acquired a new position in Broadcom in the 1st quarter valued at about $25,000. Inlight Wealth Management LLC acquired a new position in Broadcom in the 1st quarter valued at about $26,000. Sunbeam Capital Management LLC acquired a new position in Broadcom in the 4th quarter valued at about $28,000. Finally, Vermillion Wealth Management Inc. acquired a new position in Broadcom in the 4th quarter valued at about $30,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Performance

Shares of AVGO stock opened at $309.09 on Thursday. The company has a 50 day moving average price of $276.06 and a 200-day moving average price of $228.20. Broadcom Inc. has a 52 week low of $134.90 and a 52 week high of $317.35. The firm has a market capitalization of $1.45 trillion, a PE ratio of 115.76, a P/E/G ratio of 2.22 and a beta of 1.15. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $14.98 billion. During the same period in the previous year, the business posted $10.96 earnings per share. The business's revenue for the quarter was up 20.2% on a year-over-year basis. As a group, equities research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.8%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Analysts Set New Price Targets

AVGO has been the topic of a number of research reports. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $300.00 price target on shares of Broadcom in a research note on Friday, June 6th. Barclays boosted their price objective on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a report on Monday, June 9th. Finally, KeyCorp boosted their price objective on shares of Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Two analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, Broadcom has an average rating of "Buy" and a consensus target price of $295.96.

Read Our Latest Analysis on AVGO

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 117,758 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer owned 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. This trade represents a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Kirsten M. Spears sold 56,310 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the completion of the transaction, the chief financial officer directly owned 361,937 shares in the company, valued at approximately $91,117,639.75. The trade was a 13.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 829,716 shares of company stock valued at $217,040,489 in the last 90 days. 2.00% of the stock is owned by insiders.

About Broadcom

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO - Free Report).

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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