Phoenix Financial Ltd. Has $26.93 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Phoenix Financial Ltd. has reduced its holdings in Broadcom Inc. by 20.4%, now owning 160,549 shares worth approximately $26.9 million.
• Broadcom recently reported quarterly earnings with an EPS of $1.58, exceeding expectations, and revenue of $15 billion, marking a 20.2% year-over-year increase.
• The company has announced a quarterly dividend of $0.59 per share, with a dividend yield of 0.82% and a payout ratio of 88.39%.

Phoenix Financial Ltd. lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 20.4% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 160,549 shares of the semiconductor manufacturer's stock after selling 41,259 shares during the quarter. Phoenix Financial Ltd.'s holdings in Broadcom were worth $26,931,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the business. Geode Capital Management LLC boosted its stake in shares of Broadcom by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock valued at $23,647,209,000 after buying an additional 3,018,294 shares during the last quarter. FMR LLC lifted its holdings in shares of Broadcom by 3.2% in the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after purchasing an additional 2,873,809 shares during the last quarter. Norges Bank bought a new stake in Broadcom in the 4th quarter valued at about $16,893,010,000. Northern Trust Corp raised its holdings in shares of Broadcom by 12.0% during 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 last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in Broadcom by 46.9% during the 4th 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 acquiring an additional 15,171,849 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Price Performance

Shares of AVGO stock traded up $1.47 during trading hours on Friday, reaching $290.18. 12,031,575 shares of the company were exchanged, compared to its average volume of 17,076,324. 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 Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $292.59. The company has a market cap of $1.36 trillion, a price-to-earnings ratio of 108.68, a P/E/G ratio of 2.05 and a beta of 1.12. The stock's fifty day moving average is $260.05 and its two-hundred day moving average is $222.18.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company's quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $10.96 earnings per share. Sell-side analysts forecast 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 share repurchase plan 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.81%. Broadcom's payout ratio is 88.39%.

Insider Transactions at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 40,000 shares of Broadcom stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the sale, the chief executive officer directly owned 482,836 shares in the company, valued at approximately $129,540,070.44. The trade was a 7.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Justine Page sold 800 shares of the business's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $274.30, for a total value of $219,440.00. Following the transaction, the director directly owned 24,582 shares in the company, valued at $6,742,842.60. This trade represents a 3.15% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 830,516 shares of company stock worth $217,224,641. 2.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on AVGO shares. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 target price on shares of Broadcom in a report on Friday, June 6th. Evercore ISI reiterated an "outperform" rating and issued a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Rosenblatt Securities increased their price objective on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Finally, Wells Fargo & Company raised their price target on Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $292.08.

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.