Broadcom Inc. $AVGO Shares Sold by National Bank of Canada FI

National Bank of Canada FI lessened its stake in Broadcom Inc. (NASDAQ:AVGO) by 18.5% during the 2nd quarter, HoldingsChannel reports. The firm owned 6,538,345 shares of the semiconductor manufacturer’s stock after selling 1,482,865 shares during the quarter. Broadcom accounts for about 1.7% of National Bank of Canada FI’s investment portfolio, making the stock its 9th biggest holding. National Bank of Canada FI’s holdings in Broadcom were worth $1,802,295,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in AVGO. Redwood Financial Network Corp increased its holdings in Broadcom by 1.7% in the second quarter. Redwood Financial Network Corp now owns 1,939 shares of the semiconductor manufacturer’s stock valued at $535,000 after buying an additional 33 shares in the last quarter. Sawyer & Company Inc raised its holdings in Broadcom by 62.1% in the 2nd quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock worth $26,000 after purchasing an additional 36 shares during the period. PFS Partners LLC raised its holdings in Broadcom by 38.4% in the 2nd quarter. PFS Partners LLC now owns 137 shares of the semiconductor manufacturer’s stock worth $38,000 after purchasing an additional 38 shares during the period. Costello Asset Management INC boosted its position in Broadcom by 1.5% during the second quarter. Costello Asset Management INC now owns 2,528 shares of the semiconductor manufacturer’s stock worth $697,000 after purchasing an additional 38 shares in the last quarter. Finally, Walkner Condon Financial Advisors LLC grew its holdings in Broadcom by 1.0% in the second quarter. Walkner Condon Financial Advisors LLC now owns 3,944 shares of the semiconductor manufacturer’s stock valued at $1,087,000 after purchasing an additional 38 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Charlie B. Kawwas sold 3,893 shares of the company’s stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $347.82, for a total value of $1,354,063.26. Following the completion of the sale, the insider owned 25,295 shares of the company’s stock, valued at approximately $8,798,106.90. This represents a 13.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $331.14, for a total transaction of $264,912.00. Following the sale, the director owned 21,382 shares of the company’s stock, valued at approximately $7,080,435.48. The trade was a 3.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 837,433 shares of company stock worth $303,900,352 over the last quarter. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

AVGO opened at $359.93 on Friday. The firm has a market capitalization of $1.70 trillion, a PE ratio of 75.62, a PEG ratio of 1.22 and a beta of 1.19. Broadcom Inc. has a twelve month low of $138.10 and a twelve month high of $414.61. The firm’s 50-day moving average price is $363.17 and its 200 day moving average price is $317.95. The company has a current ratio of 1.50, a quick ratio of 1.37 and a debt-to-equity ratio of 0.86.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The business had revenue of $18.02 billion for the quarter, compared to analyst estimates of $17.46 billion. Broadcom had a net margin of 36.20% and a return on equity of 38.82%. The business’s revenue was up 28.2% on a year-over-year basis. During the same period last year, the company posted $1.42 EPS. As a group, sell-side analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd will be paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 0.7%. This is an increase from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Monday, December 22nd. Broadcom’s dividend payout ratio is presently 49.58%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AVGO. Raymond James Financial set a $420.00 target price on Broadcom and gave the stock an “outperform” rating in a research note on Thursday, November 20th. Oppenheimer upped their price objective on shares of Broadcom from $435.00 to $450.00 and gave the stock an “outperform” rating in a research report on Friday. UBS Group reiterated a “buy” rating and issued a $472.00 target price (up previously from $415.00) on shares of Broadcom in a research report on Monday, December 1st. Argus upped their price target on shares of Broadcom from $285.00 to $375.00 and gave the stock a “buy” rating in a research report on Monday, September 8th. Finally, Cowen reiterated a “buy” rating on shares of Broadcom in a report on Friday. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $435.85.

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.