Balentine LLC Sells 11,292 Shares of Broadcom Inc. (NASDAQ:AVGO)

Balentine LLC lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 97.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 327 shares of the semiconductor manufacturer’s stock after selling 11,292 shares during the period. Balentine LLC’s holdings in Broadcom were worth $525,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Sachetta LLC raised its holdings in Broadcom by 908.9% in the second quarter. Sachetta LLC now owns 8,021 shares of the semiconductor manufacturer’s stock worth $12,878,000 after buying an additional 7,226 shares during the last quarter. Bright Futures Wealth Management LLC. increased its position in shares of Broadcom by 991.2% during the second quarter. Bright Futures Wealth Management LLC. now owns 16,739 shares of the semiconductor manufacturer’s stock valued at $26,875,000 after acquiring an additional 15,205 shares in the last quarter. Royal London Asset Management Ltd. raised its holdings in Broadcom by 3.7% in the 2nd quarter. Royal London Asset Management Ltd. now owns 395,603 shares of the semiconductor manufacturer’s stock worth $635,152,000 after acquiring an additional 14,167 shares during the last quarter. Global X Japan Co. Ltd. lifted its position in Broadcom by 23.5% in the 2nd quarter. Global X Japan Co. Ltd. now owns 26,731 shares of the semiconductor manufacturer’s stock valued at $42,917,000 after acquiring an additional 5,093 shares in the last quarter. Finally, LGT Fund Management Co Ltd. boosted its stake in Broadcom by 172.1% during the 2nd quarter. LGT Fund Management Co Ltd. now owns 8,313 shares of the semiconductor manufacturer’s stock valued at $13,347,000 after purchasing an additional 5,258 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other Broadcom news, Director Justine Page sold 2,540 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the transaction, the director now directly owns 27,480 shares in the company, valued at approximately $4,809,714.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the sale, the chief executive officer now owns 138,191 shares in the company, valued at approximately $235,746,936.45. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Justine Page sold 2,540 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the transaction, the director now directly owns 27,480 shares of the company’s stock, valued at approximately $4,809,714.48. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Wells Fargo & Company boosted their price target on Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 13th. Truist Financial boosted their target price on Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Oppenheimer dropped their price target on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, July 16th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price target on shares of Broadcom in a research note on Friday, September 6th. Finally, The Goldman Sachs Group increased their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $189.23.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $158.27 on Thursday. The firm’s 50 day simple moving average is $188.37 and its two-hundred day simple moving average is $156.34. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The company has a market capitalization of $736.73 billion, a P/E ratio of 6.81, a P/E/G ratio of 2.41 and a beta of 1.16. Broadcom Inc. has a 1-year low of $79.51 and a 1-year high of $185.16.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the previous year, the company earned $0.95 EPS. Broadcom’s revenue for the quarter was up 47.3% on a year-over-year basis. Research analysts expect that Broadcom Inc. will post 3.75 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be given a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.34%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 9.12%.

Broadcom Profile

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.