Broadcom Inc. $AVGO Shares Sold by JARISLOWSKY FRASER Ltd

JARISLOWSKY FRASER Ltd cut its stake in Broadcom Inc. (NASDAQ:AVGO) by 0.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 420,881 shares of the semiconductor manufacturer’s stock after selling 3,533 shares during the period. JARISLOWSKY FRASER Ltd’s holdings in Broadcom were worth $138,853,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in AVGO. Norges Bank purchased a new position in Broadcom during the second quarter worth about $18,579,549,000. Vanguard Group Inc. grew its position in Broadcom by 1.3% in the second quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after acquiring an additional 6,222,802 shares during the period. Edgewood Management LLC acquired a new position in shares of Broadcom in the 2nd quarter valued at $1,571,438,000. Massachusetts Financial Services Co. MA grew its holdings in shares of Broadcom by 115.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 6,017,340 shares of the semiconductor manufacturer’s stock worth $1,658,680,000 after purchasing an additional 3,224,739 shares during the period. Finally, Assenagon Asset Management S.A. raised its holdings in Broadcom by 272.8% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,189,531 shares of the semiconductor manufacturer’s stock valued at $1,154,844,000 after buying an additional 3,065,809 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

AVGO stock opened at $343.50 on Thursday. The business has a 50 day moving average price of $361.10 and a 200 day moving average price of $329.81. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76. The stock has a market cap of $1.63 trillion, a price-to-earnings ratio of 72.16, a PEG ratio of 1.16 and a beta of 1.21. Broadcom Inc. has a fifty-two week low of $138.10 and a fifty-two week high of $414.61.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The company had revenue of $18.02 billion for the quarter, compared to analysts’ expectations of $17.46 billion. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The firm’s revenue for the quarter was up 28.2% on a year-over-year basis. During the same quarter last year, the company earned $1.42 earnings per share. Equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

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

Insider Buying and Selling

In other Broadcom news, insider Charlie B. Kawwas sold 1,928 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $327.80, for a total transaction of $631,998.40. Following the transaction, the insider owned 23,582 shares of the company’s stock, valued at approximately $7,730,179.60. This trade represents a 7.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 130,000 shares of Broadcom stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $326.02, for a total value of $42,382,600.00. Following the sale, the chief executive officer owned 595,638 shares in the company, valued at $194,189,900.76. This trade represents a 17.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 680,701 shares of company stock valued at $249,624,757 over the last ninety days. Company insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of research analyst reports. JPMorgan Chase & Co. increased their price objective on shares of Broadcom from $400.00 to $475.00 and gave the stock an “overweight” rating in a research report on Friday, December 12th. Morgan Stanley upped their price target on Broadcom from $443.00 to $462.00 and gave the stock an “overweight” rating in a research note on Friday, December 12th. KeyCorp reaffirmed an “overweight” rating and issued a $500.00 price objective (up from $460.00) on shares of Broadcom in a research note on Friday, December 12th. Evercore ISI boosted their price objective on Broadcom from $342.00 to $403.00 and gave the company an “outperform” rating in a report on Wednesday, October 15th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Broadcom in a research note on Monday, December 29th. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Broadcom presently has an average rating of “Buy” and an average target price of $436.89.

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.