Twin Capital Management Inc. Lowers Holdings in Broadcom Inc. (NASDAQ:AVGO)

Twin Capital Management Inc. trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 102,007 shares of the semiconductor manufacturer's stock after selling 3,014 shares during the period. Broadcom makes up approximately 2.0% of Twin Capital Management Inc.'s holdings, making the stock its 7th largest holding. Twin Capital Management Inc.'s holdings in Broadcom were worth $17,079,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Barnes Dennig Private Wealth Management LLC bought a new position in Broadcom in the 1st quarter valued at $25,000. Inlight Wealth Management LLC bought a new position in Broadcom in the 1st quarter valued at $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom in the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom in the 4th quarter valued at $30,000. Finally, Wood Tarver Financial Group LLC boosted its position in Broadcom by 342.5% in the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock valued at $30,000 after buying an additional 137 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Broadcom Trading Down 1.1%

NASDAQ AVGO opened at $283.34 on Friday. The firm's 50-day moving average is $254.41 and its two-hundred day moving average is $220.25. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $288.28. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The stock has a market capitalization of $1.33 trillion, a P/E ratio of 106.12, a PEG ratio of 2.02 and a beta of 1.12.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter in the prior year, the company earned $10.96 earnings per share. The business's quarterly revenue was up 20.2% on a year-over-year basis. On average, sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.83%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.

Broadcom announced that its board has approved a stock repurchase plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several analysts recently commented on AVGO shares. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Cowen reaffirmed a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. KeyCorp lifted their price target on Broadcom from $315.00 to $330.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. The Goldman Sachs Group initiated coverage on Broadcom in a research note on Thursday, July 10th. They issued a "buy" rating and a $315.00 price target on the stock. Finally, Citigroup lifted their price target on Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a research note on Monday, July 7th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Broadcom currently has a consensus rating of "Buy" and a consensus target price of $292.08.

Insider Buying and Selling at Broadcom

In other Broadcom news, 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 value of $29,782,175.78. Following the completion of the sale, the chief executive officer 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 50,000 shares of the firm's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value of $12,664,000.00. Following the completion of the sale, the insider directly owned 415,956 shares of the company's stock, valued at approximately $105,353,335.68. This trade represents a 10.73% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is owned by company insiders.

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.

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