Matthews International Capital Management LLC Reduces Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Matthews International Capital Management LLC decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 80.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,326 shares of the semiconductor manufacturer's stock after selling 29,482 shares during the quarter. Matthews International Capital Management LLC's holdings in Broadcom were worth $1,227,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tallon Kerry Patrick purchased a new position in Broadcom in the fourth quarter valued at $357,000. Capital & Planning LLC increased its position in Broadcom by 15.3% during the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock worth $969,000 after purchasing an additional 554 shares during the period. LaFleur & Godfrey LLC boosted its stake in shares of Broadcom by 18.7% during the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock worth $18,145,000 after acquiring an additional 12,345 shares in the last quarter. Brighton Jones LLC lifted its stake in Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after buying an additional 5,322 shares in the last quarter. Finally, Union Bancaire Privee UBP SA acquired a new position in Broadcom in the 4th quarter valued at $71,312,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Trading Down 0.5%

NASDAQ:AVGO traded down $1.27 during trading hours on Friday, reaching $249.99. The company's stock had a trading volume of 42,100,140 shares, compared to its average volume of 29,751,829. The firm has a market capitalization of $1.18 trillion, a price-to-earnings ratio of 93.63, a PEG ratio of 1.79 and a beta of 1.11. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $265.43. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The firm has a 50-day simple moving average of $219.11 and a 200-day simple moving average of $211.61.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its 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. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the previous year, the firm posted $10.96 EPS. The company's revenue for the quarter was up 20.2% compared to the same quarter last year. Research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.94%. Broadcom's payout ratio is 88.39%.

Insider Activity at Broadcom

In related news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction dated 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 sale, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 849,134 shares of company stock worth $163,760,949. 2.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

AVGO has been the subject of several recent research reports. Evercore ISI reiterated an "outperform" rating and issued a $304.00 price target (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. 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 report on Friday, June 6th. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Wall Street Zen downgraded Broadcom from a "buy" rating to a "hold" rating in a research note on Sunday, June 15th. Finally, Truist Financial set a $295.00 price target on Broadcom and gave the stock a "buy" rating in a research report on Friday, June 6th. Three investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $276.09.

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.