Broadcom Inc. $AVGO Shares Sold by UniSuper Management Pty Ltd

UniSuper Management Pty Ltd trimmed its position in Broadcom Inc. (NASDAQ:AVGO) by 1.4% during the third quarter, HoldingsChannel.com reports. The fund owned 1,612,778 shares of the semiconductor manufacturer’s stock after selling 22,292 shares during the period. Broadcom makes up approximately 3.3% of UniSuper Management Pty Ltd’s investment portfolio, making the stock its 5th biggest holding. UniSuper Management Pty Ltd’s holdings in Broadcom were worth $532,072,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Broadcom during the second quarter worth $18,579,549,000. Vanguard Group Inc. raised its stake in Broadcom by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after buying an additional 6,222,802 shares during the period. Edgewood Management LLC bought a new position in Broadcom during the second quarter worth about $1,571,438,000. Massachusetts Financial Services Co. MA grew its stake in Broadcom by 115.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 6,017,340 shares of the semiconductor manufacturer’s stock valued at $1,658,680,000 after acquiring an additional 3,224,739 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Broadcom by 8.4% in the second quarter. Invesco Ltd. now owns 38,449,630 shares of the semiconductor manufacturer’s stock worth $10,598,641,000 after acquiring an additional 2,978,768 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Trading Down 0.8%

Broadcom stock opened at $330.73 on Friday. The company has a market cap of $1.57 trillion, a price-to-earnings ratio of 69.48, a P/E/G ratio of 1.10 and a beta of 1.21. The firm has a 50-day moving average of $355.94 and a 200-day moving average of $336.85. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58. Broadcom Inc. has a one year low of $138.10 and a one year high of $414.61.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 37.45% and a net margin of 36.20%.Broadcom’s revenue was up 28.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.42 earnings per share. On average, equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 22nd were paid a $0.65 dividend. This is a boost from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Monday, December 22nd. Broadcom’s dividend payout ratio (DPR) is 54.62%.

Analysts Set New Price Targets

Several research firms have recently weighed in on AVGO. Benchmark lifted their price objective on Broadcom from $385.00 to $485.00 and gave the company a “buy” rating in a report on Friday, December 12th. Royal Bank Of Canada assumed coverage on shares of Broadcom in a research note on Wednesday, January 14th. They issued a “sector perform” rating and a $370.00 price target on the stock. Barclays reissued an “overweight” rating and set a $500.00 price objective (up previously from $450.00) on shares of Broadcom in a research report on Friday, December 12th. Piper Sandler reaffirmed an “overweight” rating and issued a $430.00 price objective (up from $375.00) on shares of Broadcom in a research report on Friday, December 12th. Finally, Wall Street Zen upgraded Broadcom from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $438.61.

Insider Activity

In other news, insider Mark David Brazeal sold 38,281 shares of Broadcom stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $327.65, for a total value of $12,542,769.65. Following the completion of the transaction, the insider owned 266,494 shares of the company’s stock, valued at $87,316,759.10. This trade represents a 12.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Henry Samueli sold 320,316 shares of the company’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $400.53, for a total transaction of $128,296,167.48. Following the completion of the sale, the director directly owned 37,326,540 shares in the company, valued at approximately $14,950,399,066.20. The trade was a 0.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 779,901 shares of company stock valued at $284,069,237 in the last ninety days. Corporate insiders own 2.00% 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.