Dorsey & Whitney Trust CO LLC Trims Holdings in Broadcom Inc. (NASDAQ:AVGO)

Dorsey & Whitney Trust CO LLC reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 6.6% during the 2nd quarter, HoldingsChannel reports. The firm owned 2,381 shares of the semiconductor manufacturer’s stock after selling 167 shares during the period. Dorsey & Whitney Trust CO LLC’s holdings in Broadcom were worth $3,823,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of AVGO. Global X Japan Co. Ltd. boosted its stake in shares of Broadcom by 23.5% during the second quarter. Global X Japan Co. Ltd. now owns 26,731 shares of the semiconductor manufacturer’s stock worth $42,917,000 after buying an additional 5,093 shares during the period. LGT Fund Management Co Ltd. lifted its position 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 worth $13,347,000 after acquiring an additional 5,258 shares during the period. LGT Group Foundation grew its stake in shares of Broadcom by 5.3% in the 2nd quarter. LGT Group Foundation now owns 84,560 shares of the semiconductor manufacturer’s stock valued at $135,764,000 after purchasing an additional 4,278 shares during the last quarter. Liberty Wealth Management LLC increased its holdings in shares of Broadcom by 1,934.6% in the second quarter. Liberty Wealth Management LLC now owns 7,996 shares of the semiconductor manufacturer’s stock valued at $12,838,000 after purchasing an additional 7,603 shares during the period. Finally, Choreo LLC raised its stake in shares of Broadcom by 201.7% during the second quarter. Choreo LLC now owns 13,640 shares of the semiconductor manufacturer’s stock worth $22,351,000 after purchasing an additional 9,119 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Trading Up 6.8 %

NASDAQ:AVGO opened at $158.27 on Thursday. The business’s 50-day moving average is $188.37 and its two-hundred day moving average is $156.34. The firm has a market capitalization of $736.73 billion, a PE ratio of 6.81, a price-to-earnings-growth ratio of 2.41 and a beta of 1.16. Broadcom Inc. has a 12 month low of $79.51 and a 12 month high of $185.16. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94.

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

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be paid a $0.53 dividend. The ex-dividend date is Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.34%. Broadcom’s dividend payout ratio is 9.12%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on AVGO shares. Sanford C. Bernstein boosted their price target on shares of Broadcom from $160.00 to $195.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. Melius initiated coverage on Broadcom in a research report on Monday, June 3rd. They set a “buy” rating and a $185.00 target price on the stock. The Goldman Sachs Group raised their price target on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a report on Friday, September 6th. Jefferies Financial Group upped their price objective on Broadcom from $155.00 to $205.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Finally, Rosenblatt Securities reduced their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $189.23.

Insider Activity at Broadcom

In other Broadcom news, Director Justine Page sold 2,540 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total value of $444,566.04. Following the transaction, the director now owns 27,480 shares in the company, valued at approximately $4,809,714.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of 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 legal filing with the SEC, which is available through the SEC website. Also, Director Justine Page sold 2,540 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The shares were 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 $4,809,714.48. The disclosure for this sale can be found here. Company 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.