Sumitomo Mitsui Trust Group Inc. reduced its stake in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 4.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 11,584,281 shares of the semiconductor manufacturer’s stock after selling 522,604 shares during the quarter. Broadcom comprises about 2.4% of Sumitomo Mitsui Trust Group Inc.’s portfolio, making the stock its 6th largest holding. Sumitomo Mitsui Trust Group Inc. owned about 0.24% of Broadcom worth $4,009,320,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Providence First Trust Co raised its position in Broadcom by 1,099.3% during the 3rd quarter. Providence First Trust Co now owns 8,923 shares of the semiconductor manufacturer’s stock worth $2,944,000 after buying an additional 8,179 shares during the last quarter. Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Broadcom by 3.4% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 323,587 shares of the semiconductor manufacturer’s stock valued at $109,492,000 after purchasing an additional 10,786 shares in the last quarter. Lmcg Investments LLC increased its holdings in shares of Broadcom by 9.4% during the 3rd quarter. Lmcg Investments LLC now owns 38,961 shares of the semiconductor manufacturer’s stock valued at $12,854,000 after purchasing an additional 3,357 shares in the last quarter. Wright Investors Service Inc. increased its holdings in shares of Broadcom by 5.4% during the 3rd quarter. Wright Investors Service Inc. now owns 42,159 shares of the semiconductor manufacturer’s stock valued at $13,909,000 after purchasing an additional 2,178 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its holdings in shares of Broadcom by 10.7% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 77,411 shares of the semiconductor manufacturer’s stock valued at $25,539,000 after purchasing an additional 7,499 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.
Insider Transactions at Broadcom
In related news, Director Justine Page sold 2,018 shares of Broadcom stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $353.00, for a total value of $712,354.00. Following the sale, the director owned 18,164 shares of the company’s stock, valued at approximately $6,411,892. This trade represents a 10.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $345.23, for a total transaction of $3,452,300.00. Following the completion of the sale, the insider directly owned 787,184 shares in the company, valued at $271,759,532.32. This represents a 1.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 324,282 shares of company stock worth $106,425,249 in the last ninety days. Company insiders own 1.90% of the company’s stock.
Broadcom Price Performance
Broadcom stock opened at $406.54 on Friday. The company’s fifty day moving average price is $333.37 and its 200 day moving average price is $345.18. Broadcom Inc. has a 1 year low of $161.61 and a 1 year high of $414.61. The stock has a market capitalization of $1.92 trillion, a P/E ratio of 79.40, a P/E/G ratio of 0.82 and a beta of 1.24. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.73 and a current ratio of 1.90.
Broadcom (NASDAQ:AVGO – Get Free Report) last released its quarterly earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.02. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The firm had revenue of $19.31 billion for the quarter, compared to analysts’ expectations of $19.10 billion. During the same quarter last year, the company earned $1.60 EPS. The firm’s revenue for the quarter was up 29.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.
Broadcom Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 23rd were paid a $0.65 dividend. The ex-dividend date of this dividend was Monday, March 23rd. This represents a $2.60 dividend on an annualized basis and a yield of 0.6%. Broadcom’s dividend payout ratio (DPR) is currently 50.78%.
Broadcom News Summary
Here are the key news stories impacting Broadcom this week:
Analysts Set New Price Targets
Several equities analysts have recently weighed in on AVGO shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $500.00 target price on shares of Broadcom in a report on Tuesday, April 7th. JPMorgan Chase & Co. lifted their target price on shares of Broadcom from $475.00 to $500.00 and gave the company an “overweight” rating in a report on Thursday, March 5th. Royal Bank Of Canada cut their target price on shares of Broadcom from $370.00 to $340.00 and set a “sector perform” rating for the company in a report on Monday, March 2nd. Bank of America cut their target price on shares of Broadcom from $500.00 to $450.00 and set a “buy” rating for the company in a report on Thursday, March 5th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Broadcom in a report on Friday, April 10th. Two research analysts have rated the stock with a Strong Buy rating, twenty-eight have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $435.30.
View Our Latest Stock Report on Broadcom
Broadcom Profile
Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.
On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.
Further Reading
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