Massachusetts Financial Services Co. MA Sells 51,508 Shares of Broadcom Inc. (NASDAQ:AVGO)

Massachusetts Financial Services Co. MA decreased its stake in Broadcom Inc. (NASDAQ:AVGO) by 38.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 81,024 shares of the semiconductor manufacturer’s stock after selling 51,508 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Broadcom were worth $130,086,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Barry Investment Advisors LLC bought a new stake in shares of Broadcom in the fourth quarter valued at about $228,000. Capital International Ltd. CA lifted its position in shares of Broadcom by 1.7% in the 4th quarter. Capital International Ltd. CA now owns 78,268 shares of the semiconductor manufacturer’s stock worth $87,367,000 after acquiring an additional 1,310 shares during the period. Focus Financial Network Inc. ADV bought a new stake in shares of Broadcom in the 4th quarter worth approximately $2,238,000. Gryphon Financial Partners LLC increased its position in shares of Broadcom by 99.5% during the fourth quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock valued at $1,731,000 after purchasing an additional 801 shares during the period. Finally, Steward Partners Investment Solutions LLC acquired a new position in shares of Broadcom in the fourth quarter valued at $2,205,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Trading Down 0.5 %

AVGO stock opened at $161.67 on Thursday. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a twelve month low of $79.51 and a twelve month high of $185.16. The company has a market cap of $752.55 billion, a P/E ratio of 6.95, a PEG ratio of 2.55 and a beta of 1.16. The business has a fifty day moving average of $156.94 and a 200-day moving average of $146.43.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.95 EPS. As a group, equities research analysts expect that Broadcom Inc. will post 3.77 EPS for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Thursday, September 19th. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.31%. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on AVGO. Melius initiated coverage on shares of Broadcom in a report on Monday, June 3rd. They issued a “buy” rating and a $185.00 price target on the stock. Bank of America reiterated a “buy” rating and set a $215.00 target price (up from $200.00) on shares of Broadcom in a research report on Monday, June 24th. TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research note on Monday. UBS Group dropped their target price on Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a report on Monday, September 9th. Finally, Jefferies Financial Group increased their target price on Broadcom from $155.00 to $205.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and a consensus price target of $189.23.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the transaction, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.00% of the company’s stock.

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.