RWA Wealth Partners LLC Sells 6,360 Shares of Broadcom Inc. $AVGO

Key Points

• RWA Wealth Partners LLC reduced its position in Broadcom Inc. by 2.5%, selling 6,360 shares, leaving it with a total of 251,764 shares valued at approximately $42.15 million.
• Institutional ownership of Broadcom's stock stands at 76.43%, with several hedge funds increasing their holdings significantly during the first quarter.
• Broadcom shares received numerous upgrades from analysts, with HSBC raising its rating to "buy" and setting a target price of $400.00, reflecting strong confidence in the company's performance.

RWA Wealth Partners LLC lessened its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 251,764 shares of the semiconductor manufacturer's stock after selling 6,360 shares during the period. RWA Wealth Partners LLC's holdings in Broadcom were worth $42,153,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in AVGO. Korea Investment CORP raised its holdings in shares of Broadcom by 4.4% during the first quarter. Korea Investment CORP now owns 3,540,402 shares of the semiconductor manufacturer's stock valued at $592,770,000 after purchasing an additional 148,773 shares during the last quarter. Sand Hill Global Advisors LLC raised its holdings in shares of Broadcom by 1,089.4% during the first quarter. Sand Hill Global Advisors LLC now owns 37,466 shares of the semiconductor manufacturer's stock valued at $6,273,000 after purchasing an additional 34,316 shares during the last quarter. Aviso Financial Inc. raised its holdings in shares of Broadcom by 263.9% during the first quarter. Aviso Financial Inc. now owns 214,709 shares of the semiconductor manufacturer's stock valued at $35,949,000 after purchasing an additional 155,710 shares during the last quarter. Granite Harbor Advisors Inc. raised its holdings in shares of Broadcom by 53.7% during the first quarter. Granite Harbor Advisors Inc. now owns 4,657 shares of the semiconductor manufacturer's stock valued at $780,000 after purchasing an additional 1,628 shares during the last quarter. Finally, Brooklyn Investment Group raised its holdings in shares of Broadcom by 26.3% during the first quarter. Brooklyn Investment Group now owns 36,598 shares of the semiconductor manufacturer's stock valued at $6,128,000 after purchasing an additional 7,627 shares during the last quarter. Institutional investors own 76.43% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. HSBC raised shares of 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. Morgan Stanley set a $338.00 target price on shares of Broadcom and gave the company an "overweight" rating in a report on Wednesday, July 30th. Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a report on Sunday. Redburn Atlantic assumed coverage on shares of Broadcom in a report on Wednesday, May 28th. They set a "buy" rating and a $301.00 target price for the company. Finally, Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. One investment 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 stock. According to MarketBeat.com, Broadcom has an average rating of "Buy" and an average target price of $295.96.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Justine Page sold 800 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $307.46, for a total transaction of $245,968.00. Following the completion of the transaction, the director owned 23,782 shares in the company, valued at $7,312,013.72. The trade was a 3.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Hock E. Tan sold 40,000 shares of the company's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the transaction, the chief executive officer owned 482,836 shares of the company's stock, valued at $129,540,070.44. This represents a 7.65% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 830,516 shares of company stock valued at $217,286,457. Insiders own 2.00% of the company's stock.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $306.34 on Monday. Broadcom Inc. has a 52 week low of $134.90 and a 52 week high of $317.35. The stock has a market capitalization of $1.44 trillion, a price-to-earnings ratio of 114.73, a price-to-earnings-growth ratio of 2.18 and a beta of 1.15. The firm has a 50-day simple moving average of $278.27 and a 200-day simple moving average of $229.89. 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 released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS 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 net margin of 22.64% and a return on equity of 35.49%. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $10.96 EPS. On average, equities analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a dividend of $0.59 per share. 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 is currently 88.39%.

About Broadcom

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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