Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Verity & Verity LLC

Verity & Verity LLC reduced its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 15.0% during the second quarter, Holdings Channel.com reports. The fund owned 27,264 shares of the semiconductor manufacturer’s stock after selling 4,801 shares during the quarter. Broadcom accounts for approximately 5.0% of Verity & Verity LLC’s investment portfolio, making the stock its largest position. Verity & Verity LLC’s holdings in Broadcom were worth $43,773,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. AXA S.A. raised its position in shares of Broadcom by 2.7% during the second quarter. AXA S.A. now owns 291,078 shares of the semiconductor manufacturer’s stock worth $467,334,000 after purchasing an additional 7,608 shares during the period. Capital International Ltd. CA raised its holdings in Broadcom by 1.7% during the 4th quarter. Capital International Ltd. CA now owns 78,268 shares of the semiconductor manufacturer’s stock worth $87,367,000 after buying an additional 1,310 shares during the period. Ensign Peak Advisors Inc lifted its stake in Broadcom by 19.1% during the second quarter. Ensign Peak Advisors Inc now owns 524,537 shares of the semiconductor manufacturer’s stock valued at $842,160,000 after buying an additional 84,196 shares in the last quarter. Shellback Capital LP acquired a new position in shares of Broadcom in the second quarter worth about $60,368,000. Finally, NewEdge Advisors LLC increased its position in shares of Broadcom by 13.7% in the second quarter. NewEdge Advisors LLC now owns 95,011 shares of the semiconductor manufacturer’s stock worth $152,542,000 after acquiring an additional 11,422 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Performance

AVGO opened at $167.47 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The stock’s 50 day moving average price is $158.30 and its two-hundred day moving average price is $148.82. The firm has a market capitalization of $779.55 billion, a P/E ratio of 7.20, a price-to-earnings-growth ratio of 2.78 and a beta of 1.16. Broadcom Inc. has a 12-month low of $80.89 and a 12-month high of $185.16.

Broadcom (NASDAQ:AVGO) last issued its quarterly 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. The firm had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business’s revenue was up 47.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.95 EPS. On average, equities analysts forecast that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 1.27%. The ex-dividend date of this dividend was Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

Insider Transactions at Broadcom

In related news, Director Gayla J. Delly sold 750 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the transaction, the director now directly owns 34,750 shares of the company’s stock, valued at $6,064,917.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Hock E. Tan sold 7,502 shares of the 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 value of $12,798,036.90. Following the completion of the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the sale, the director now owns 34,750 shares in the company, valued at $6,064,917.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 233,452 shares of company stock valued at $51,278,838. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

AVGO has been the topic of several research analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. The Goldman Sachs Group increased their price objective on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Bank of America reaffirmed a “buy” rating and set a $215.00 target price (up previously from $200.00) on shares of Broadcom in a research note on Monday, June 24th. Piper Sandler increased their price target on shares of Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, June 13th. Finally, William Blair initiated coverage on shares of Broadcom in a research report on Wednesday, September 18th. They set an “outperform” rating on the stock. Two equities research 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 stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $189.23.

Broadcom Company 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.