Sumitomo Life Insurance Co. Sells 5,789 Shares of Broadcom Inc. (NASDAQ:AVGO)

Sumitomo Life Insurance Co. trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 139,062 shares of the semiconductor manufacturer's stock after selling 5,789 shares during the quarter. Broadcom comprises 0.8% of Sumitomo Life Insurance Co.'s portfolio, making the stock its 17th largest holding. Sumitomo Life Insurance Co.'s holdings in Broadcom were worth $23,283,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. OVERSEA CHINESE BANKING Corp Ltd grew its holdings in Broadcom by 412.0% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 918,666 shares of the semiconductor manufacturer's stock worth $153,812,000 after buying an additional 739,224 shares in the last quarter. SBI Securities Co. Ltd. grew its holdings in Broadcom by 11.8% in the 1st quarter. SBI Securities Co. Ltd. now owns 60,884 shares of the semiconductor manufacturer's stock worth $10,194,000 after buying an additional 6,424 shares in the last quarter. Apollon Financial LLC grew its holdings in Broadcom by 0.7% in the 1st quarter. Apollon Financial LLC now owns 19,858 shares of the semiconductor manufacturer's stock worth $3,325,000 after buying an additional 131 shares in the last quarter. Apollon Wealth Management LLC grew its holdings in Broadcom by 23.3% in the 1st quarter. Apollon Wealth Management LLC now owns 259,033 shares of the semiconductor manufacturer's stock worth $43,370,000 after buying an additional 49,007 shares in the last quarter. Finally, Bogart Wealth LLC boosted its stake in Broadcom by 75.7% during the 1st quarter. Bogart Wealth LLC now owns 76,566 shares of the semiconductor manufacturer's stock valued at $12,819,000 after purchasing an additional 32,986 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Insider Transactions at Broadcom

In other news, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the transaction, the chief financial officer owned 325,587 shares in the company, valued at approximately $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction on Monday, July 14th. The stock was sold at an average price of $274.30, for a total transaction of $219,440.00. Following the transaction, the director owned 24,582 shares in the company, valued at approximately $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 valued at $217,224,641. Corporate insiders own 2.00% of the company's stock.

Broadcom Price Performance

Shares of NASDAQ AVGO traded up $5.64 during trading hours on Thursday, hitting $286.45. 17,207,181 shares of the stock were exchanged, compared to its average volume of 27,903,327. The company's fifty day simple moving average is $252.91 and its two-hundred day simple moving average is $219.98. The company has a market cap of $1.35 trillion, a PE ratio of 107.28, a price-to-earnings-growth ratio of 2.00 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $288.28.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period last year, the firm posted $10.96 earnings per share. On average, sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its board has initiated a stock 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 buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.82%. Broadcom's dividend payout ratio is currently 88.39%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Cowen reaffirmed a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Benchmark increased their price target on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Mizuho increased their price target on Broadcom from $315.00 to $320.00 and gave the company an "outperform" rating in a research note on Wednesday. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Finally, Wells Fargo & Company increased their price target on Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research note on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price 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.