Intech Investment Management LLC Sells 4,948 Shares of Broadcom Inc. (NASDAQ:AVGO)

Intech Investment Management LLC cut its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 15.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 27,346 shares of the semiconductor manufacturer’s stock after selling 4,948 shares during the period. Broadcom makes up about 0.5% of Intech Investment Management LLC’s portfolio, making the stock its 25th biggest holding. Intech Investment Management LLC’s holdings in Broadcom were worth $43,905,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Legend Financial Advisors Inc. boosted its position in shares of Broadcom by 72.7% during the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 8 shares during the last quarter. Richardson Capital Management LLC bought a new position in Broadcom during the first quarter valued at $29,000. Delta Asset Management LLC TN grew its stake in shares of Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after buying an additional 17 shares in the last quarter. Redmont Wealth Advisors LLC purchased a new position in Broadcom in the first quarter worth about $36,000. Finally, Ulland Investment Advisors LLC bought a new stake in Broadcom during the first quarter worth approximately $37,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 3.6 %

NASDAQ:AVGO opened at $167.42 on Friday. 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 firm has a market cap of $779.32 billion, a PE ratio of 7.20, a price-to-earnings-growth ratio of 2.55 and a beta of 1.16. The company has a 50-day moving average of $156.80 and a 200 day moving average of $146.69. Broadcom Inc. has a 1-year low of $79.51 and a 1-year high of $185.16.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results 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 net margin of 10.88% and a return on equity of 30.12%. The company’s revenue was up 47.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.95 EPS. As a group, research analysts anticipate that Broadcom Inc. will post 3.77 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be issued 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 dividend on an annualized basis and a dividend yield of 1.27%. Broadcom’s dividend payout ratio (DPR) is currently 9.12%.

Analyst Upgrades and Downgrades

AVGO has been the subject of a number of recent research reports. Barclays lifted their target price on Broadcom from $150.00 to $200.00 and gave the stock an “overweight” rating in a report on Thursday, June 13th. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price objective on shares of Broadcom in a research report on Friday, September 6th. Piper Sandler increased their target price on shares of Broadcom from $165.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, June 13th. UBS Group dropped their price target on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research note on Monday, September 9th. Finally, Melius started coverage on shares of Broadcom in a research report on Monday, June 3rd. They issued a “buy” rating and a $185.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and an average target price of $189.23.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The disclosure for this sale can be found here. Corporate 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.