XTX Topco Ltd Sells 9,387 Shares of Broadcom Inc. (NASDAQ:AVGO)

Key Points

• XTX Topco Ltd reduced its stake in Broadcom Inc. by 51% in the first quarter, now holding 9,001 shares valued at approximately $1,507,000.
• Insider transactions saw significant share sales, with Director Henry Samueli selling 473,898 shares for around $125.7 million, reflecting a 1.23% decrease in ownership.
• Analysts have set optimistic price targets for Broadcom, with Citigroup increasing its target to $315.00 and several others rating the stock as buy or outperform.

XTX Topco Ltd lowered its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 51.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,001 shares of the semiconductor manufacturer's stock after selling 9,387 shares during the quarter. XTX Topco Ltd's holdings in Broadcom were worth $1,507,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after acquiring an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Broadcom by 46.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares during the period. Northern Trust Corp grew its stake in Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after acquiring an additional 5,258,925 shares during the last quarter. APG Asset Management N.V. boosted its stake in shares of Broadcom by 609.4% during the 4th quarter. APG Asset Management N.V. now owns 4,379,348 shares of the semiconductor manufacturer's stock worth $980,500,000 after purchasing an additional 3,762,034 shares during the last quarter. Finally, FMR LLC lifted its holdings in shares of Broadcom by 3.2% during the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after acquiring an additional 2,873,809 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. JPMorgan Chase & Co. raised their price target on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Citigroup lifted their price objective on shares of Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a research note on Monday, July 7th. UBS Group boosted their price target on shares of Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. Wall Street Zen raised Broadcom from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Finally, Barclays boosted their price target on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Broadcom presently has a consensus rating of "Buy" and a consensus target price of $294.92.

Insider Activity

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the transaction, the insider owned 789,784 shares of the company's stock, valued at $199,720,577.92. The trade was a 1.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the transaction, the director owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 830,516 shares of company stock worth $217,224,641. Corporate insiders own 2.00% of the company's stock.

Broadcom Price Performance

Shares of NASDAQ:AVGO traded down $5.06 during midday trading on Friday, reaching $288.64. The company's stock had a trading volume of 21,405,316 shares, compared to its average volume of 15,995,794. The business's fifty day simple moving average is $266.56 and its 200-day simple moving average is $224.55. The company has a market capitalization of $1.36 trillion, a P/E ratio of 108.10, a P/E/G ratio of 2.09 and a beta of 1.15. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $306.95. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results 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. The firm had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company's revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the business earned $10.96 earnings per share. As a group, equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.8%. Broadcom's payout ratio is 88.39%.

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

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.