Kendall Capital Management Sells 850 Shares of Broadcom Inc. $AVGO

Key Points

• Kendall Capital Management reduced its holdings in Broadcom Inc. by 1.5%, owning 54,037 shares after selling 850 shares in the second quarter, which represents a portfolio value of approximately $14.9 million.
• Wall Street analysts have positive outlooks for Broadcom, with target prices raised significantly, including JPMorgan's increase from $325 to $400 and a general consensus rating of "Buy" with an average target of $356.48.
• Insider sales at Broadcom included CEO Hock Tan offloading 148,154 shares worth over $49 million, reflecting a 15.21% reduction in his ownership stake.

Kendall Capital Management lowered its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,037 shares of the semiconductor manufacturer's stock after selling 850 shares during the quarter. Broadcom accounts for about 3.9% of Kendall Capital Management's portfolio, making the stock its 3rd biggest position. Kendall Capital Management's holdings in Broadcom were worth $14,895,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of AVGO. Nuveen LLC acquired a new stake in Broadcom in the 1st quarter valued at approximately $6,649,117,000. Price T Rowe Associates Inc. MD raised its position in Broadcom by 37.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer's stock valued at $10,968,270,000 after buying an additional 17,985,046 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Broadcom by 16.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 31,854,414 shares of the semiconductor manufacturer's stock valued at $5,333,384,000 after buying an additional 4,550,647 shares during the last quarter. Deutsche Bank AG raised its position in Broadcom by 36.9% in the 1st quarter. Deutsche Bank AG now owns 15,758,895 shares of the semiconductor manufacturer's stock valued at $2,638,512,000 after buying an additional 4,245,345 shares during the last quarter. Finally, Alliancebernstein L.P. raised its position in Broadcom by 16.0% in the 1st quarter. Alliancebernstein L.P. now owns 29,513,814 shares of the semiconductor manufacturer's stock valued at $4,941,498,000 after buying an additional 4,077,910 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of recent research reports. Evercore ISI reissued an "outperform" rating and issued a $342.00 target price (up previously from $304.00) on shares of Broadcom in a research report on Thursday, September 4th. JPMorgan Chase & Co. lifted their target price on Broadcom from $325.00 to $400.00 and gave the company an "overweight" rating in a research report on Friday, September 5th. Truist Financial lifted their target price on Broadcom from $295.00 to $365.00 and gave the company a "buy" rating in a research report on Friday, September 5th. Piper Sandler lifted their target price on Broadcom from $315.00 to $375.00 and gave the company an "overweight" rating in a research report on Friday, September 5th. Finally, Cowen restated a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Three research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Broadcom presently has an average rating of "Buy" and an average price target of $356.48.

Insider Activity at Broadcom

In other news, CEO Hock E. Tan sold 148,154 shares of Broadcom stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $336.67, for a total transaction of $49,879,007.18. Following the completion of the transaction, the chief executive officer directly owned 825,998 shares in the company, valued at approximately $278,088,746.66. The trade was a 15.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 3,893 shares of Broadcom stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $347.82, for a total value of $1,354,063.26. Following the transaction, the insider owned 25,295 shares of the company's stock, valued at $8,798,106.90. This represents a 13.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders purchased 3,550 shares of company stock worth $1,227,869 and sold 666,071 shares worth $225,623,008. 2.00% of the stock is owned by insiders.

Broadcom Stock Down 2.0%

AVGO stock opened at $327.90 on Tuesday. The company has a quick ratio of 1.37, a current ratio of 1.50 and a debt-to-equity ratio of 0.86. The business has a 50 day moving average price of $314.46 and a two-hundred day moving average price of $254.25. The company has a market cap of $1.55 trillion, a price-to-earnings ratio of 83.65, a P/E/G ratio of 1.85 and a beta of 1.16. Broadcom Inc. has a twelve month low of $138.10 and a twelve month high of $374.23.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, September 4th. The semiconductor manufacturer reported $1.69 earnings per share for the quarter, beating analysts' consensus estimates of $1.66 by $0.03. Broadcom had a return on equity of 36.60% and a net margin of 31.59%.The firm had revenue of $15.95 billion during the quarter, compared to the consensus estimate of $15.82 billion. During the same period last year, the company earned $1.24 earnings per share. The business's revenue was up 22.0% compared to the same quarter last year. Broadcom has set its Q4 2025 guidance at EPS. Analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 22nd will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Monday, September 22nd. Broadcom's payout ratio is currently 60.20%.

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.

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