Westfield Capital Management Co. LP Lowers Stake in Broadcom Inc (NASDAQ:AVGO)

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Westfield Capital Management Co. LP decreased its stake in shares of Broadcom Inc (NASDAQ:AVGO) by 5.8% in the 1st quarter, HoldingsChannel reports. The fund owned 295,411 shares of the semiconductor manufacturer’s stock after selling 18,156 shares during the quarter. Westfield Capital Management Co. LP’s holdings in Broadcom were worth $88,833,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Outlook Wealth Advisors LLC grew its position in Broadcom by 773.5% in the first quarter. Outlook Wealth Advisors LLC now owns 856 shares of the semiconductor manufacturer’s stock valued at $257,000 after purchasing an additional 758 shares in the last quarter. Gateway Investment Advisers LLC grew its position in Broadcom by 177.0% in the first quarter. Gateway Investment Advisers LLC now owns 136,598 shares of the semiconductor manufacturer’s stock valued at $41,076,000 after purchasing an additional 87,288 shares in the last quarter. National Pension Service grew its position in Broadcom by 6.0% in the fourth quarter. National Pension Service now owns 394,048 shares of the semiconductor manufacturer’s stock valued at $110,925,000 after purchasing an additional 22,223 shares in the last quarter. Pensionmark Financial Group LLC bought a new position in Broadcom in the fourth quarter valued at $336,000. Finally, Highstreet Asset Management Inc. grew its position in Broadcom by 40.1% in the fourth quarter. Highstreet Asset Management Inc. now owns 11,438 shares of the semiconductor manufacturer’s stock valued at $2,908,000 after purchasing an additional 3,276 shares in the last quarter. 84.42% of the stock is owned by institutional investors.

AVGO stock traded down $18.59 during trading hours on Friday, reaching $263.02. The stock had a trading volume of 269,898 shares, compared to its average volume of 3,175,010. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.27 and a quick ratio of 1.14. The stock has a market cap of $110.73 billion, a P/E ratio of 13.99, a P/E/G ratio of 1.26 and a beta of 0.87. Broadcom Inc has a fifty-two week low of $197.46 and a fifty-two week high of $323.20.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.18 by $0.03. The company had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Broadcom had a net margin of 30.50% and a return on equity of 30.31%. Broadcom’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same quarter last year, the company posted $4.88 EPS. As a group, equities research analysts anticipate that Broadcom Inc will post 17.55 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 2nd. Stockholders of record on Monday, June 24th will be paid a dividend of $2.65 per share. This represents a $10.60 dividend on an annualized basis and a dividend yield of 4.03%. Broadcom’s dividend payout ratio is presently 56.29%.

AVGO has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their target price on shares of Broadcom from $325.00 to $365.00 in a research report on Monday, March 18th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $350.00 target price on shares of Broadcom in a research report on Friday, March 15th. Citigroup initiated coverage on shares of Broadcom in a research report on Friday, March 15th. They issued a “buy” rating for the company. Jefferies Financial Group raised their target price on shares of Broadcom from $314.00 to $341.00 and gave the company a “buy” rating in a research report on Friday, March 15th. Finally, SunTrust Banks raised their target price on shares of Broadcom to $339.00 and gave the company a “buy” rating in a research report on Friday, March 15th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and twenty-nine have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $299.32.

In other news, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $315.07, for a total transaction of $6,301,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Thomas H. Krause sold 14,494 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $295.45, for a total transaction of $4,282,252.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 67,824 shares of company stock valued at $20,565,519. 3.30% of the stock is currently owned by corporate insiders.

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Broadcom Profile

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

Further Reading: How is Preferred Stock Different from Common Stock?

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc (NASDAQ:AVGO).

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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