TD Asset Management Inc Lowers Position in Broadcom Inc. (NASDAQ:AVGO)

Key Points

• TD Asset Management Inc reduced its stake in Broadcom Inc by 17.2% during the 1st quarter, bringing its total shares to 6,533,472, which accounted for approximately 1.0% of its portfolio.
• Insiders, including CFO Kirsten M. Spears, sold over 830,000 shares of Broadcom stock worth approximately $217 million in the last ninety days, signaling a decrease in their holdings.
• Analysts remain optimistic about Broadcom, with several firms raising their price targets and a consensus rating of "Buy", reflecting strong projected growth and positive earnings reports.

TD Asset Management Inc lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 17.2% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 6,533,472 shares of the semiconductor manufacturer's stock after selling 1,359,203 shares during the period. Broadcom makes up approximately 1.0% of TD Asset Management Inc's holdings, making the stock its 19th biggest position. TD Asset Management Inc owned approximately 0.14% of Broadcom worth $1,093,899,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Sunbeam Capital Management LLC purchased a new position in shares of Broadcom during the 4th quarter worth $28,000. Vermillion Wealth Management Inc. bought a new stake in Broadcom during the 4th quarter worth approximately $30,000. Barnes Dennig Private Wealth Management LLC bought a new stake in Broadcom during the 1st quarter worth approximately $25,000. Inlight Wealth Management LLC bought a new stake in shares of Broadcom during the first quarter valued at approximately $26,000. Finally, Mpwm Advisory Solutions LLC bought a new stake in shares of Broadcom during the fourth quarter valued at approximately $37,000. Institutional investors own 76.43% of the company's stock.

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction dated 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. The trade was a 10.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 50,000 shares of the business's stock in a transaction dated 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 sale, the insider owned 415,956 shares in the company, valued at $105,353,335.68. The trade was a 10.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,224,641 in the last three months. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Up 0.9%

Shares of AVGO stock traded up $2.51 on Tuesday, hitting $296.81. The stock had a trading volume of 9,327,395 shares, compared to its average volume of 26,933,074. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The business has a 50 day moving average price of $261.32 and a 200 day moving average price of $222.57. The company has a market cap of $1.40 trillion, a PE ratio of 111.05, a P/E/G ratio of 2.06 and a beta of 1.12. Broadcom Inc. has a one year low of $128.50 and a one year high of $302.19.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results 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 business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm's revenue was up 20.2% on a year-over-year basis. During the same period in the previous year, the company posted $10.96 earnings per share. Research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has authorized a stock buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's management believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were issued 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 0.80%. Broadcom's dividend payout ratio is presently 88.39%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on AVGO shares. Mizuho lifted their price objective on shares of Broadcom from $315.00 to $320.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Hsbc Global Res upgraded shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. JPMorgan Chase & Co. lifted their price objective on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Bank of America raised their target price on shares of Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a report on Friday, June 6th. Finally, Cowen reissued a "buy" rating on shares of Broadcom in a report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $292.08.

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.