Sienna Gestion Sells 14,147 Shares of Broadcom Inc. (NASDAQ:AVGO)

Key Points

• Sienna Gestion decreased its holdings in Broadcom Inc. by 9.2% during the first quarter, owning 139,108 shares valued at approximately $22.64 million.
• Several hedge funds, including Nuveen LLC and GAMMA Investing LLC, significantly increased their positions in Broadcom during the same period, indicating strong institutional interest.
• Broadcom's stock recently opened at $309.09, with a market cap of $1.45 trillion, and reported a year-over-year revenue increase of 20.2%.

Sienna Gestion trimmed its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 9.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 139,108 shares of the semiconductor manufacturer's stock after selling 14,147 shares during the quarter. Broadcom comprises 1.9% of Sienna Gestion's holdings, making the stock its 5th largest position. Sienna Gestion's holdings in Broadcom were worth $22,640,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of AVGO. Barnes Dennig Private Wealth Management LLC acquired a new position in Broadcom in the first quarter valued at approximately $25,000. Cheviot Value Management LLC purchased a new stake in shares of Broadcom in the first quarter valued at approximately $25,000. Inlight Wealth Management LLC purchased a new stake in shares of Broadcom in the first quarter valued at approximately $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom in the fourth quarter valued at approximately $28,000. Finally, Vermillion Wealth Management Inc. purchased a new stake in shares of Broadcom in the fourth quarter valued at approximately $30,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the transaction, the insider owned 415,956 shares of the company's stock, valued at $105,353,335.68. This represents a 10.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Kirsten M. Spears sold 56,310 shares of the company's 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 completion of the transaction, the chief financial officer directly owned 361,937 shares in the company, valued at approximately $91,117,639.75. This trade represents a 13.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 829,716 shares of company stock valued at $217,040,489 in the last three months. Company insiders own 2.00% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on AVGO. JPMorgan Chase & Co. boosted their price objective on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. UBS Group boosted their price objective on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Wall Street Zen cut Broadcom from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Finally, HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective for the company in a research report on Tuesday, June 24th. Two equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $295.96.

Broadcom Trading Up 0.7%

NASDAQ AVGO traded up $2.14 on Thursday, reaching $311.23. 15,694,460 shares of the company were exchanged, compared to its average volume of 17,086,756. The business's fifty day moving average price is $277.08 and its 200 day moving average price is $228.95. The stock has a market capitalization of $1.46 trillion, a P/E ratio of 116.57, a price-to-earnings-growth ratio of 2.20 and a beta of 1.15. 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 Inc. has a fifty-two week low of $134.90 and a fifty-two week high of $317.35.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share 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 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 posted $10.96 earnings per share. Analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid 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 yield of 0.8%. Broadcom's payout ratio is 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.