Capital Group Private Client Services Inc. Sells 1,666,802 Shares of Broadcom Inc. $AVGO

Capital Group Private Client Services Inc. trimmed its position in Broadcom Inc. (NASDAQ:AVGO) by 77.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 494,532 shares of the semiconductor manufacturer’s stock after selling 1,666,802 shares during the quarter. Broadcom comprises approximately 2.7% of Capital Group Private Client Services Inc.’s holdings, making the stock its 8th largest position. Capital Group Private Client Services Inc.’s holdings in Broadcom were worth $163,151,000 at the end of the most recent reporting period.

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

Insider Buying and Selling

In related news, insider Mark David Brazeal sold 38,281 shares of the business’s stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $327.65, for a total value of $12,542,769.65. Following the sale, the insider owned 266,494 shares of the company’s stock, valued at $87,316,759.10. The trade was a 12.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hock E. Tan sold 130,000 shares of the stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $326.02, for a total value of $42,382,600.00. Following the transaction, the chief executive officer owned 595,638 shares of the company’s stock, valued at $194,189,900.76. This represents a 17.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 458,785 shares of company stock worth $155,508,157 in the last 90 days. 1.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on AVGO shares. Wolfe Research upgraded shares of Broadcom from a “peer perform” rating to an “outperform” rating and set a $400.00 price objective on the stock in a report on Friday, January 30th. Mizuho set a $480.00 target price on shares of Broadcom and gave the company an “outperform” rating in a research note on Friday, January 9th. Truist Financial lifted their target price on Broadcom from $510.00 to $545.00 and gave the stock a “buy” rating in a research report on Thursday, March 5th. Wall Street Zen upgraded Broadcom from a “hold” rating to a “buy” rating in a research note on Saturday, December 13th. Finally, DA Davidson raised Broadcom to a “hold” rating in a report on Friday, February 13th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $435.30.

Broadcom Price Performance

Shares of Broadcom stock opened at $345.75 on Tuesday. The firm has a market cap of $1.64 trillion, a P/E ratio of 67.53, a price-to-earnings-growth ratio of 0.77 and a beta of 1.22. The firm’s 50-day simple moving average is $333.68 and its 200-day simple moving average is $343.89. Broadcom Inc. has a twelve month low of $138.10 and a twelve month high of $414.61. 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) last posted its quarterly earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.02. The firm had revenue of $19.31 billion during the quarter, compared to analyst estimates of $19.10 billion. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The company’s quarterly revenue was up 29.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.60 earnings per share. As a group, research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 23rd will be given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Monday, March 23rd. Broadcom’s dividend payout ratio (DPR) is 50.78%.

Broadcom Company 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.