Broadcom Inc. $AVGO Shares Sold by Capital Research Global Investors

Capital Research Global Investors reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 4.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 87,716,681 shares of the semiconductor manufacturer’s stock after selling 3,824,140 shares during the quarter. Broadcom accounts for about 5.4% of Capital Research Global Investors’ holdings, making the stock its 3rd biggest holding. Capital Research Global Investors’ holdings in Broadcom were worth $28,938,498,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Arthur M. Cohen & Associates LLC boosted its stake in shares of Broadcom by 0.6% in the 3rd quarter. Arthur M. Cohen & Associates LLC now owns 4,781 shares of the semiconductor manufacturer’s stock valued at $1,577,000 after purchasing an additional 30 shares in the last quarter. Jackson Hole Capital Partners LLC lifted its stake in Broadcom by 1.4% in the 3rd quarter. Jackson Hole Capital Partners LLC now owns 2,170 shares of the semiconductor manufacturer’s stock valued at $716,000 after purchasing an additional 30 shares during the last quarter. Private Wealth Partners LLC boosted its position in Broadcom by 0.7% in the third quarter. Private Wealth Partners LLC now owns 4,273 shares of the semiconductor manufacturer’s stock valued at $1,410,000 after buying an additional 30 shares in the last quarter. Planning Alternatives Ltd. ADV increased its holdings in shares of Broadcom by 1.4% during the third quarter. Planning Alternatives Ltd. ADV now owns 2,168 shares of the semiconductor manufacturer’s stock worth $715,000 after buying an additional 30 shares in the last quarter. Finally, McHugh Group LLC lifted its stake in shares of Broadcom by 0.4% in the 3rd quarter. McHugh Group LLC now owns 8,433 shares of the semiconductor manufacturer’s stock valued at $2,782,000 after acquiring an additional 31 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on AVGO. Morgan Stanley upped their target price on Broadcom from $462.00 to $470.00 and gave the stock an “overweight” rating in a report on Friday. Piper Sandler reiterated an “overweight” rating and issued a $430.00 price objective (up from $375.00) on shares of Broadcom in a report on Friday, December 12th. Benchmark reissued a “buy” rating and set a $485.00 target price on shares of Broadcom in a report on Thursday, March 5th. Citigroup lifted their price target on shares of Broadcom from $458.00 to $475.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. Finally, Robert W. Baird set a $420.00 price objective on Broadcom in a report on Friday, December 12th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $435.30.

Broadcom Stock Performance

AVGO stock opened at $345.75 on Tuesday. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $414.61. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.80. The stock has a 50-day moving average price of $333.68 and a 200-day moving average price of $343.89. The firm has a market cap of $1.64 trillion, a PE ratio of 67.53, a price-to-earnings-growth ratio of 0.77 and a beta of 1.22.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.02. The business had revenue of $19.31 billion during the quarter, compared to the consensus estimate of $19.10 billion. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The firm’s revenue for the quarter was up 29.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.60 earnings per share. As a group, equities research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 23rd will be paid a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Monday, March 23rd. Broadcom’s payout ratio is 50.78%.

Insider Activity

In other news, CFO Kirsten M. Spears sold 30,000 shares of the stock in a transaction dated Wednesday, December 31st. The shares were sold at an average price of $347.82, for a total transaction of $10,434,600.00. Following the transaction, the chief financial officer owned 277,237 shares of the company’s stock, valued at $96,428,573.34. This represents a 9.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Hock E. Tan sold 130,000 shares of the business’s stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $326.02, for a total value of $42,382,600.00. Following the completion of the sale, the chief executive officer directly owned 595,638 shares of the company’s stock, valued at $194,189,900.76. The trade was a 17.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 458,785 shares of company stock worth $155,508,157. Company insiders own 1.90% of the company’s stock.

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.