Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Bolthouse Investments LLC

Bolthouse Investments LLC cut its position in Broadcom Inc. (NASDAQ:AVGO) by 12.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,512 shares of the semiconductor manufacturer’s stock after selling 1,868 shares during the quarter. Broadcom accounts for about 2.4% of Bolthouse Investments LLC’s portfolio, making the stock its 10th largest holding. Bolthouse Investments LLC’s holdings in Broadcom were worth $2,262,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in AVGO. Vanguard Group Inc. lifted its stake in Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after purchasing an additional 6,573,204 shares during the last quarter. Geode Capital Management LLC lifted its stake in Broadcom by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock valued at $23,647,209,000 after purchasing an additional 3,018,294 shares during the last quarter. FMR LLC lifted its stake in Broadcom by 3.2% in the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock valued at $21,624,718,000 after purchasing an additional 2,873,809 shares during the last quarter. Norges Bank acquired a new position in Broadcom in the 4th quarter valued at approximately $16,893,010,000. Finally, Northern Trust Corp increased its position in Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer’s stock valued at $11,380,411,000 after acquiring an additional 5,258,925 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have issued reports on AVGO shares. Erste Group Bank upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Thursday, June 5th. Citigroup upped their price target on shares of Broadcom from $276.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, June 9th. Hsbc Global Res upgraded shares of Broadcom from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 24th. Wells Fargo & Company upped their price target on shares of Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a research report on Friday, June 6th. Finally, Rosenblatt Securities upped their price target on shares of Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $281.46.

Broadcom Stock Up 1.8%

Shares of NASDAQ AVGO opened at $274.87 on Friday. The firm has a market cap of $1.29 trillion, a PE ratio of 102.95, a P/E/G ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $277.71. The company’s fifty day simple moving average is $238.77 and its 200 day simple moving average is $217.17. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business’s revenue was up 20.2% on a year-over-year basis. During the same period last year, the company earned $10.96 earnings per share. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom’s dividend payout ratio is currently 88.39%.

Broadcom announced that its Board of Directors has approved a stock repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 117,758 shares of the firm’s stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the transaction, the chief executive officer directly owned 1,014,152 shares of the company’s stock, valued at $256,489,182.32. This trade represents a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mark David Brazeal sold 50,000 shares of the firm’s stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the transaction, the insider directly owned 415,956 shares in the company, valued at $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 854,716 shares of company stock valued at $221,433,761 over the last three months. Insiders own 2.00% of the company’s stock.

About Broadcom

Broadcom Inc designs, develops, and supplies various 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 in two segments, Semiconductor Solutions and Infrastructure Software.