Broadcom Inc. (NASDAQ:AVGO) Holdings Cut by Jackson Square Capital LLC

Jackson Square Capital LLC lowered its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 17.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 83,392 shares of the semiconductor manufacturer's stock after selling 17,877 shares during the period. Broadcom comprises approximately 4.5% of Jackson Square Capital LLC's investment portfolio, making the stock its 4th biggest position. Jackson Square Capital LLC's holdings in Broadcom were worth $13,962,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Broadcom by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock worth $23,647,209,000 after purchasing an additional 3,018,294 shares during the last quarter. FMR LLC raised its position in shares of Broadcom by 3.2% during the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after purchasing an additional 2,873,809 shares during the last quarter. Norges Bank acquired a new position in shares of Broadcom during the 4th quarter worth about $16,893,010,000. Finally, Northern Trust Corp raised its position in shares of Broadcom by 12.0% during the 4th 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 and hedge funds own 76.43% of the company's stock.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. This trade represents a 5.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 730,576 shares of company stock worth $133,778,494 in the last quarter. 2.00% of the stock is owned by insiders.

Broadcom Trading Down 2.9%

NASDAQ AVGO traded down $7.37 during mid-day trading on Friday, reaching $248.70. 19,002,301 shares of the stock were exchanged, compared to its average volume of 30,383,406. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The business's fifty day simple moving average is $213.01 and its 200 day simple moving average is $209.50. The stock has a market capitalization of $1.17 trillion, a PE ratio of 202.86, a PEG ratio of 2.29 and a beta of 1.11. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced 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 for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. Broadcom's revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter last year, the business earned $10.96 EPS. On average, research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has approved a share buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's management believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.95%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. KeyCorp increased their price objective on shares of Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a report on Friday, March 7th. William Blair reissued an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Oppenheimer increased their price objective on shares of Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Rosenblatt Securities raised their price target on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Finally, Bank of America raised their price target on shares of Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $276.09.

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.