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Pathway Financial Advisers LLC Reduces Holdings in Broadcom Inc. (NASDAQ:AVGO)

Broadcom logo with Computer and Technology background

Key Points

  • Pathway Financial Advisers LLC reduced its holdings in Broadcom Inc. by 6.4%, concluding the quarter with 39,152 shares valued at $6,555,000.
  • Broadcom's CFO and CEO sold portions of their stock recently, with the CFO selling 36,350 shares worth approximately $9.5 million and the CEO selling 40,000 shares valued at around $10.7 million.
  • Research firms have issued favorable ratings for Broadcom, with analysts setting a target price of $338.00, indicating a positive outlook for the stock.
  • Five stocks we like better than Broadcom.

Pathway Financial Advisers LLC reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 39,152 shares of the semiconductor manufacturer's stock after selling 2,696 shares during the quarter. Broadcom makes up about 2.2% of Pathway Financial Advisers LLC's holdings, making the stock its 5th largest position. Pathway Financial Advisers LLC's holdings in Broadcom were worth $6,555,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. GAMMA Investing LLC raised its stake in shares of Broadcom by 18,179.3% in the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after buying an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after buying an additional 15,171,849 shares during the period. Northern Trust Corp raised its stake in shares of Broadcom by 12.0% in the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after buying an additional 5,258,925 shares during the period. APG Asset Management N.V. raised its stake in shares of Broadcom by 609.4% in the fourth quarter. APG Asset Management N.V. now owns 4,379,348 shares of the semiconductor manufacturer's stock valued at $980,500,000 after buying an additional 3,762,034 shares during the period. Finally, FMR LLC raised its stake 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 valued at $21,624,718,000 after purchasing an additional 2,873,809 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on AVGO. Morgan Stanley set a $338.00 price objective on Broadcom and gave the company an "overweight" rating in a research note on Wednesday. The Goldman Sachs Group began coverage on Broadcom in a research note on Thursday, July 10th. They set a "buy" rating and a $315.00 price objective on the stock. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Arete Research upgraded Broadcom to a "strong-buy" rating in a research note on Monday, July 28th. Finally, Citigroup boosted their target price on Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $294.92.

Get Our Latest Report on Broadcom

Insiders Place Their Bets

In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the sale, the chief financial officer owned 325,587 shares of the company's stock, valued at approximately $85,066,115.49. This trade represents a 10.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hock E. Tan sold 40,000 shares of the firm's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total value of $10,731,600.00. Following the completion of the transaction, the chief executive officer owned 482,836 shares in the company, valued at approximately $129,540,070.44. This trade represents a 7.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 830,516 shares of company stock worth $217,224,641. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Down 1.7%

AVGO stock opened at $288.64 on Friday. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $306.95. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The firm has a market cap of $1.36 trillion, a PE ratio of 108.10, a price-to-earnings-growth ratio of 2.09 and a beta of 1.15. The business has a 50 day moving average of $266.56 and a 200 day moving average of $224.55.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data 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 return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter last year, the company earned $10.96 EPS. The firm's revenue for the quarter was up 20.2% on a year-over-year basis. On average, research analysts forecast 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 was paid on Monday, June 30th. Shareholders 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%.

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

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.

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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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