Broadcom Inc. $AVGO Stock Position Trimmed by Capital World Investors

Capital World Investors trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 8.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 135,586,932 shares of the semiconductor manufacturer’s stock after selling 12,713,939 shares during the period. Broadcom makes up about 6.1% of Capital World Investors’ portfolio, making the stock its biggest position. Capital World Investors owned about 2.87% of Broadcom worth $44,730,673,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in AVGO. JCIC Asset Management Inc. purchased a new position in shares of Broadcom during the 3rd quarter valued at about $31,000. Longfellow Investment Management Co. LLC purchased a new position in Broadcom during the second quarter valued at approximately $27,000. Teachers Insurance & Annuity Association of America acquired a new position in Broadcom in the second quarter valued at approximately $28,000. Manning & Napier Advisors LLC purchased a new stake in Broadcom in the 3rd quarter worth approximately $34,000. Finally, New England Capital Financial Advisors LLC acquired a new stake in shares of Broadcom during the 2nd quarter worth approximately $31,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Raymond James Financial set a $420.00 price target on shares of Broadcom and gave the stock an “outperform” rating in a report on Thursday, November 20th. Robert W. Baird set a $420.00 price target on Broadcom in a research note on Friday, December 12th. KeyCorp reissued an “overweight” rating and issued a $500.00 price target (up from $460.00) on shares of Broadcom in a research note on Friday, December 12th. Piper Sandler reiterated an “overweight” rating and set a $430.00 price objective (up from $375.00) on shares of Broadcom in a research note on Friday, December 12th. Finally, Royal Bank Of Canada lowered their price target on Broadcom from $370.00 to $340.00 and set a “sector perform” rating on the stock in a research note on Monday, March 2nd. One 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. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $435.30.

Broadcom Stock Performance

NASDAQ:AVGO opened at $345.75 on Tuesday. The firm has a market capitalization of $1.64 trillion, a price-to-earnings ratio of 67.53, a PEG ratio of 0.77 and a beta of 1.22. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.90 and a quick ratio of 1.73. The company’s 50-day moving average is $333.68 and its two-hundred day moving average is $343.89. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $414.61.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 EPS for the quarter, beating the consensus estimate of $2.03 by $0.02. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The business had revenue of $19.31 billion for the quarter, compared to analyst estimates of $19.10 billion. During the same quarter in the prior year, the company posted $1.60 EPS. The company’s quarterly revenue was up 29.5% on a year-over-year basis. Analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

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

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $347.12, for a total value of $10,413,600.00. Following the completion of the transaction, the insider owned 210,573 shares of the company’s stock, valued at approximately $73,094,099.76. This trade represents a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Harry L. You bought 1,000 shares of the business’s stock in a transaction that occurred on Thursday, December 18th. The shares were acquired at an average cost of $325.13 per share, for a total transaction of $325,130.00. Following the completion of the purchase, the director owned 36,602 shares in the company, valued at $11,900,408.26. This trade represents a 2.81% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders have sold 458,785 shares of company stock worth $155,508,157. 1.90% of the stock is owned by corporate insiders.

About Broadcom

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.