APG Asset Management N.V. Sells 46,125 Shares of Broadcom Inc. (NASDAQ:AVGO)

APG Asset Management N.V. lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 11.2% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 366,449 shares of the semiconductor manufacturer’s stock after selling 46,125 shares during the quarter. Broadcom makes up 1.0% of APG Asset Management N.V.’s holdings, making the stock its 22nd biggest position. APG Asset Management N.V.’s holdings in Broadcom were worth $548,957,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of AVGO. Legend Financial Advisors Inc. raised its holdings in 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 buying an additional 8 shares during the period. Richardson Capital Management LLC purchased a new stake in Broadcom during the 1st quarter valued at $29,000. Delta Asset Management LLC TN raised its holdings in Broadcom by 242.9% during the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after buying an additional 17 shares during the period. Redmont Wealth Advisors LLC purchased a new stake in Broadcom during the 1st quarter valued at $36,000. Finally, Creekmur Asset Management LLC purchased a new stake in Broadcom during the 4th quarter valued at $43,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction dated 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 in the company, valued at $217,594,136.70. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at $235,746,936.45. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, 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 value of $8,168,500.00. Following the completion of the transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 82,702 shares of company stock worth $25,206,941. 2.00% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have commented on AVGO shares. Morgan Stanley upped their price objective on Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Jefferies Financial Group upped their price objective on Broadcom from $155.00 to $205.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Oppenheimer cut their price objective on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 16th. Piper Sandler upped their price objective on Broadcom from $165.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, June 13th. Finally, Evercore ISI upped their price objective on Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a research 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $189.23.

Broadcom Price Performance

Shares of AVGO stock opened at $175.52 on Thursday. Broadcom Inc. has a 1-year low of $80.44 and a 1-year high of $185.16. The stock’s 50-day moving average is $156.95 and its 200 day moving average is $147.42. The company has a market cap of $819.78 billion, a P/E ratio of 7.55, a PEG ratio of 2.78 and a beta of 1.16. 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 released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. During the same period last year, the business posted $0.95 earnings per share. The firm’s revenue was up 47.3% compared to the same quarter last year. Research analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared 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 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 1.21%. Broadcom’s dividend payout ratio (DPR) is 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.