Broadcom Inc. (NASDAQ:AVGO) Holdings Reduced by Penserra Capital Management LLC

Penserra Capital Management LLC lessened its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 23.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 923,148 shares of the semiconductor manufacturer's stock after selling 281,194 shares during the quarter. Broadcom accounts for 2.7% of Penserra Capital Management LLC's investment portfolio, making the stock its biggest position. Penserra Capital Management LLC's holdings in Broadcom were worth $154,561,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Barnes Dennig Private Wealth Management LLC purchased a new position in Broadcom in the 1st quarter worth approximately $25,000. Rialto Wealth Management LLC purchased a new position in shares of Broadcom in the fourth quarter valued at about $26,000. Inlight Wealth Management LLC purchased a new position in shares of Broadcom in the first quarter valued at about $26,000. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom in the fourth quarter valued at about $28,000. Finally, Vermillion Wealth Management Inc. purchased a new position in Broadcom during the 4th quarter valued at about $30,000. Hedge funds and other institutional investors own 76.43% of the company's stock.

Insider Buying and Selling

In other news, CEO Hock E. Tan sold 117,758 shares of Broadcom stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the transaction, the chief executive officer owned 1,014,152 shares in the company, valued at $256,489,182.32. This trade represents a 10.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Kirsten M. Spears sold 56,310 shares of Broadcom stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the transaction, the chief financial officer owned 361,937 shares in the company, valued at $91,117,639.75. This trade represents a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 854,716 shares of company stock valued at $221,433,761 in the last 90 days. 2.00% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on AVGO. Barclays boosted their target price on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Benchmark boosted their price objective on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Cowen reiterated a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Morgan Stanley upped their target price on Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Finally, Mizuho upped their target price on Broadcom from $310.00 to $315.00 and gave the stock an "outperform" rating in a report on Thursday. One investment analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $281.46.

Broadcom Stock Performance

AVGO stock traded up $4.97 on Friday, hitting $274.87. The company had a trading volume of 10,592,655 shares, compared to its average volume of 28,575,138. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $277.71. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The stock's 50-day simple moving average is $238.77 and its 200 day simple moving average is $217.17. The stock has a market cap of $1.29 trillion, a price-to-earnings ratio of 102.95, a P/E/G ratio of 1.96 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company's revenue for the quarter was up 20.2% on a year-over-year basis. During the same period last year, the business posted $10.96 EPS. As a group, equities research analysts expect 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 stock 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 purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom's payout ratio is 88.39%.

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.