Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Ninety One SA PTY Ltd

Ninety One SA PTY Ltd reduced its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.4% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 33,221 shares of the semiconductor manufacturer's stock after selling 4,292 shares during the period. Ninety One SA PTY Ltd's holdings in Broadcom were worth $5,536,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. SlateStone Wealth LLC boosted its stake in Broadcom by 0.3% in the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock worth $3,207,000 after purchasing an additional 47 shares in the last quarter. True Wealth Design LLC increased its holdings in Broadcom by 7.2% in the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock worth $165,000 after acquiring an additional 48 shares in the last quarter. Cascade Financial Partners LLC increased its holdings in Broadcom by 1.8% in the 4th quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer's stock worth $668,000 after acquiring an additional 50 shares in the last quarter. Samalin Investment Counsel LLC increased its holdings in Broadcom by 1.0% in the 4th quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer's stock worth $1,155,000 after acquiring an additional 50 shares in the last quarter. Finally, Mizuho Bank Ltd. boosted its stake in Broadcom by 7.1% during the 4th quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer's stock worth $174,000 after purchasing an additional 50 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Performance

Shares of AVGO stock traded down $1.02 during trading hours on Friday, hitting $274.38. The stock had a trading volume of 14,264,387 shares, compared to its average volume of 28,130,551. The firm has a market capitalization of $1.29 trillion, a PE ratio of 102.76, a PEG ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $281.18. The stock's 50 day moving average is $246.70 and its 200 day moving average is $218.87. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period last year, the company earned $10.96 earnings per share. The company's revenue for the quarter was up 20.2% on a year-over-year basis. As a group, research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom announced that its board has approved a share repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's management believes its stock is undervalued.

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 given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is 88.39%.

Insider Transactions at Broadcom

In related news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the sale, the insider owned 789,784 shares in the company, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 50,000 shares of Broadcom stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the sale, the insider owned 415,956 shares of the company's stock, valued at approximately $105,353,335.68. This represents a 10.73% 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 $216,933,761 in the last three months. Insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on AVGO. JPMorgan Chase & Co. lifted their target price on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. UBS Group upped their target price on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Citigroup increased their price target on shares of Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a research report on Monday. Finally, Hsbc Global Res upgraded shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Broadcom currently has an average rating of "Buy" and an average price target of $290.21.

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.