Rathbones Group PLC Has $7.58 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Rathbones Group PLC sold 1,610 shares of Broadcom Inc., reducing its holdings by 3.4%, now owning 45,254 shares valued at approximately $7.58 million.
• Insider transactions include Mark David Brazeal selling 50,000 shares for $12.66 million and Kirsten M. Spears selling 56,310 shares for $14.18 million, both showing significant decreases in their ownership positions.
• Broadcom's shares have experienced notable performance with a 12-month high of $313.44 and recent earnings showing revenue of $15 billion, surpassing analyst expectations.

Rathbones Group PLC trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 45,254 shares of the semiconductor manufacturer's stock after selling 1,610 shares during the quarter. Rathbones Group PLC's holdings in Broadcom were worth $7,577,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in AVGO. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Broadcom in the first quarter valued at about $25,000. Cheviot Value Management LLC bought a new position in shares of Broadcom in the first quarter valued at about $25,000. Inlight Wealth Management LLC bought a new stake in Broadcom during the 1st quarter worth about $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom during the 4th quarter worth about $28,000. Finally, Vermillion Wealth Management Inc. bought a new stake in Broadcom during the 4th quarter worth about $30,000. 76.43% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CFO Kirsten M. Spears sold 56,310 shares of Broadcom stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the transaction, the chief financial officer directly owned 361,937 shares of the company's stock, valued at $91,117,639.75. The trade was a 13.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the completion of the transaction, the chief executive officer directly owned 1,014,152 shares in the company, valued at approximately $256,489,182.32. This trade represents a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 829,716 shares of company stock valued at $217,040,489 over the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

AVGO has been the subject of several recent research reports. Evercore ISI reissued an "outperform" rating and set a $304.00 price objective (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Barclays boosted their price objective on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Hsbc Global Res raised Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 24th. Wall Street Zen cut Broadcom from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, HSBC raised Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective for the company in a report on Tuesday, June 24th. Two equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, Broadcom has a consensus rating of "Buy" and a consensus target price of $295.96.

Broadcom Trading Up 0.7%

Shares of AVGO stock traded up $2.14 during mid-day trading on Thursday, reaching $311.23. 15,694,460 shares of the stock traded hands, compared to its average volume of 26,255,822. The stock's fifty day simple moving average is $276.06 and its two-hundred day simple moving average is $228.20. Broadcom Inc. has a 1-year low of $134.90 and a 1-year high of $317.35. The company has a market cap of $1.46 trillion, a price-to-earnings ratio of 116.57, a price-to-earnings-growth ratio of 2.22 and a beta of 1.15. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The company 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 firm's quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the firm earned $10.96 earnings per share. On average, research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

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 paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is currently 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.