Securian Asset Management Inc. Trims Stake in Broadcom Inc. (NASDAQ:AVGO)

Securian Asset Management Inc. lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 248,298 shares of the semiconductor manufacturer's stock after selling 2,726 shares during the period. Broadcom comprises approximately 1.3% of Securian Asset Management Inc.'s investment portfolio, making the stock its 13th biggest position. Securian Asset Management Inc.'s holdings in Broadcom were worth $41,573,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Broadcom during the first quarter worth approximately $25,000. Inlight Wealth Management LLC bought a new position in Broadcom in the first quarter worth approximately $26,000. Sunbeam Capital Management LLC purchased a new position in Broadcom during the 4th quarter worth $28,000. Vermillion Wealth Management Inc. purchased a new position in Broadcom during the 4th quarter worth $30,000. Finally, Wood Tarver Financial Group LLC raised its position in Broadcom by 342.5% during the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock valued at $30,000 after purchasing an additional 137 shares in the last quarter. Institutional investors own 76.43% of the company's stock.

Insider Activity at Broadcom

In other news, Director Henry Samueli sold 473,898 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the sale, the director directly owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This represents a 1.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 117,758 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the transaction, the chief executive officer directly owned 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. This trade represents a 10.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 828,916 shares of company stock worth $216,785,761 in the last ninety days. 2.00% of the stock is owned by company insiders.

Broadcom Trading Down 0.4%

Shares of Broadcom stock opened at $274.38 on Monday. The firm's 50 day simple moving average is $246.70 and its two-hundred day simple moving average is $218.54. The firm has a market capitalization of $1.29 trillion, a price-to-earnings ratio of 102.76, a PEG ratio of 1.95 and a beta of 1.12. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $281.18. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced 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. 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 quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the company earned $10.96 earnings per share. Analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its Board of Directors has initiated a stock buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors 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 annualized dividend and a yield of 0.86%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Bank of America increased their price target on Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Wells Fargo & Company increased their target price on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Susquehanna increased their price objective on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research note on Friday, June 6th. Finally, Seaport Res Ptn raised shares of Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. One research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Broadcom presently has a consensus rating of "Buy" and a consensus price target of $290.21.

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.

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