Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Resources Management Corp CT ADV

Resources Management Corp CT ADV reduced its position in Broadcom Inc. (NASDAQ:AVGO) by 3.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,324 shares of the semiconductor manufacturer’s stock after selling 247 shares during the quarter. Broadcom comprises approximately 1.7% of Resources Management Corp CT ADV’s portfolio, making the stock its 15th biggest position. Resources Management Corp CT ADV’s holdings in Broadcom were worth $11,760,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the company. Interval Partners LP acquired a new stake in shares of Broadcom during the second quarter worth $5,820,000. Xponance Inc. lifted its holdings in shares of Broadcom by 2.9% during the second quarter. Xponance Inc. now owns 106,546 shares of the semiconductor manufacturer’s stock worth $171,063,000 after purchasing an additional 2,986 shares during the period. Tairen Capital Ltd acquired a new stake in shares of Broadcom during the second quarter worth $8,657,000. Bank of Montreal Can lifted its holdings in shares of Broadcom by 1.2% during the second quarter. Bank of Montreal Can now owns 1,760,377 shares of the semiconductor manufacturer’s stock worth $2,908,160,000 after purchasing an additional 20,811 shares during the period. Finally, Lombard Odier Asset Management Europe Ltd acquired a new stake in shares of Broadcom during the second quarter worth $11,441,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on AVGO shares. Wells Fargo & Company increased their price target on Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a report on Thursday, June 13th. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Jefferies Financial Group increased their price objective on Broadcom from $155.00 to $205.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price objective on shares of Broadcom in a research report on Friday, September 6th. Finally, Piper Sandler increased their price objective on Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, June 13th. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $189.23.

Insiders Place Their Bets

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the sale, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Broadcom 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 value of $8,168,500.00. Following 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 25,200 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the sale, the insider now directly owns 753,280 shares in the company, valued at $126,754,425.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 82,702 shares of company stock valued at $25,206,941. Insiders own 2.00% of the company’s stock.

Broadcom Stock Up 1.1 %

AVGO opened at $172.94 on Tuesday. 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 firm has a market cap of $805.01 billion, a P/E ratio of 7.44, a PEG ratio of 2.55 and a beta of 1.16. Broadcom Inc. has a 52 week low of $80.44 and a 52 week high of $185.16. The business’s fifty day simple moving average is $156.84 and its 200 day simple moving average is $147.14.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.95 earnings per share. As a group, equities research analysts anticipate that Broadcom Inc. will post 3.77 EPS 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. This represents a $2.12 dividend on an annualized basis and a yield of 1.23%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

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.