Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Tokio Marine Asset Management Co. Ltd.

Key Points

• Tokio Marine Asset Management Co. Ltd. reduced its stake in Broadcom Inc. by 0.7%, now holding 190,230 shares worth approximately $31.85 million.
• CEO Hock E. Tan sold 117,758 shares of Broadcom, representing a significant decrease in his ownership, after which he owned about 1.01 million shares valued at over $256 million.
• Broadcom’s stock is currently performing well, having a 12-month high of $313.44 and recently exceeding earnings estimates with $15 billion in revenue for the last quarter.

Tokio Marine Asset Management Co. Ltd. trimmed its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 0.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 190,230 shares of the semiconductor manufacturer's stock after selling 1,340 shares during the period. Broadcom makes up 1.2% of Tokio Marine Asset Management Co. Ltd.'s investment portfolio, making the stock its 17th largest holding. Tokio Marine Asset Management Co. Ltd.'s holdings in Broadcom were worth $31,850,000 as of its most recent filing with the Securities & Exchange Commission.

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

Broadcom Stock Up 0.7%

Shares of Broadcom stock traded up $2.14 on Thursday, reaching $311.23. The stock had a trading volume of 15,694,460 shares, compared to its average volume of 17,086,756. The company has a 50 day moving average price of $276.06 and a 200 day moving average price of $228.20. 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 Inc. has a 1 year low of $134.90 and a 1 year high of $317.35. The stock has a market capitalization of $1.46 trillion, a P/E ratio of 116.57, a P/E/G ratio of 2.20 and a beta of 1.15.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same quarter in the previous year, the firm earned $10.96 EPS. The company's quarterly revenue was up 20.2% compared to the same quarter last year. As a group, equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a $0.59 dividend. 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 payout ratio is presently 88.39%.

Insider Transactions at Broadcom

In other Broadcom news, CFO Kirsten M. Spears sold 56,310 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the sale, the chief financial officer owned 361,937 shares of the company's stock, valued at approximately $91,117,639.75. The trade was a 13.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction that occurred 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 sale, the chief executive officer directly owned 1,014,152 shares in the company, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 829,716 shares of company stock worth $217,040,489. 2.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

AVGO has been the topic of a number of research reports. Hsbc Global Res upgraded shares of Broadcom from a "hold" rating to a "strong-buy" rating in a report on Tuesday, June 24th. Erste Group Bank raised shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Truist Financial set a $295.00 price target on shares of Broadcom and gave the stock a "buy" rating in a research note on Friday, June 6th. Benchmark lifted their price target on shares of Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Finally, Evercore ISI reiterated an "outperform" rating and set a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. Two analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $295.96.

Broadcom Company 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.