L & S Advisors Inc Sells 15,983 Shares of Broadcom Inc (NASDAQ:AVGO)

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L & S Advisors Inc trimmed its stake in Broadcom Inc (NASDAQ:AVGO) by 58.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,439 shares of the semiconductor manufacturer’s stock after selling 15,983 shares during the quarter. L & S Advisors Inc’s holdings in Broadcom were worth $3,293,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. boosted its holdings in Broadcom by 0.4% in the second quarter. BlackRock Inc. now owns 25,780,514 shares of the semiconductor manufacturer’s stock worth $7,421,177,000 after acquiring an additional 105,186 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in Broadcom by 23.1% in the second quarter. Nomura Asset Management Co. Ltd. now owns 189,495 shares of the semiconductor manufacturer’s stock valued at $54,549,000 after acquiring an additional 35,605 shares during the period. Qtron Investments LLC lifted its holdings in Broadcom by 66.3% in the second quarter. Qtron Investments LLC now owns 3,484 shares of the semiconductor manufacturer’s stock valued at $1,003,000 after acquiring an additional 1,389 shares during the period. US Bancorp DE lifted its holdings in Broadcom by 2.5% in the second quarter. US Bancorp DE now owns 64,439 shares of the semiconductor manufacturer’s stock valued at $18,550,000 after acquiring an additional 1,551 shares during the period. Finally, Blackhawk Capital Partners LLC. lifted its holdings in Broadcom by 5.4% in the second quarter. Blackhawk Capital Partners LLC. now owns 7,101 shares of the semiconductor manufacturer’s stock valued at $2,044,000 after acquiring an additional 361 shares during the period. 84.63% of the stock is currently owned by institutional investors and hedge funds.

AVGO traded down $14.98 during midday trading on Friday, reaching $285.60. The company had a trading volume of 1,101,801 shares, compared to its average volume of 1,782,592. The company has a quick ratio of 1.13, a current ratio of 1.26 and a debt-to-equity ratio of 1.53. The business has a 50-day moving average of $283.11 and a two-hundred day moving average of $286.75. The company has a market cap of $117.21 billion, a P/E ratio of 15.17, a P/E/G ratio of 1.44 and a beta of 0.88. Broadcom Inc has a 1 year low of $208.23 and a 1 year high of $323.20.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 EPS for the quarter, missing analysts’ consensus estimates of $4.10 by ($0.11). The company had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.52 billion. Broadcom had a return on equity of 32.81% and a net margin of 15.92%. The business’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.98 EPS. On average, equities research analysts predict that Broadcom Inc will post 17.23 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 23rd will be given a dividend of $2.65 per share. This represents a $10.60 annualized dividend and a dividend yield of 3.71%. Broadcom’s dividend payout ratio is currently 56.29%.

In related news, CEO Hock E. Tan sold 20,000 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $270.46, for a total transaction of $5,409,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Bryan Ingram sold 11,922 shares of the stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $278.58, for a total value of $3,321,230.76. The disclosure for this sale can be found here. Insiders have sold 85,388 shares of company stock valued at $23,607,682 in the last quarter. 3.30% of the stock is currently owned by company insiders.

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. lowered their target price on Broadcom from $365.00 to $350.00 and set an “overweight” rating on the stock in a report on Friday, June 14th. Robert W. Baird lowered their target price on Broadcom from $300.00 to $280.00 and set an “outperform” rating on the stock in a report on Monday, June 17th. Mizuho reissued an “in-line” rating and issued a $340.00 target price (up previously from $330.00) on shares of Broadcom in a report on Friday. Wells Fargo & Co increased their target price on Broadcom from $290.00 to $300.00 and gave the company a “market perform” rating in a report on Friday. Finally, Cowen reissued a “market perform” rating and issued a $265.00 target price (down previously from $280.00) on shares of Broadcom in a report on Friday, June 14th. Eleven investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $307.26.

About Broadcom

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: Depreciation

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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