Weaver C. Barksdale & Associates Inc. Sells 300 Shares of Broadcom Inc. (NASDAQ:AVGO)

Weaver C. Barksdale & Associates Inc. trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 16.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,548 shares of the semiconductor manufacturer’s stock after selling 300 shares during the period. Broadcom makes up 2.4% of Weaver C. Barksdale & Associates Inc.’s portfolio, making the stock its 2nd biggest position. Weaver C. Barksdale & Associates Inc.’s holdings in Broadcom were worth $2,485,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Swedbank AB acquired a new stake in shares of Broadcom in the 1st quarter valued at about $2,835,737,000. Vanguard Group Inc. grew its stake in Broadcom by 3.0% in the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after purchasing an additional 1,303,462 shares in the last quarter. Jennison Associates LLC increased its holdings in Broadcom by 43.9% in the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock valued at $5,488,556,000 after buying an additional 1,263,957 shares during the last quarter. Capital International Investors raised its stake in Broadcom by 4.5% during the fourth quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock valued at $26,044,294,000 after buying an additional 1,006,223 shares in the last quarter. Finally, GQG Partners LLC lifted its holdings in Broadcom by 48.9% during the 1st quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor manufacturer’s stock worth $3,966,730,000 after buying an additional 983,328 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on AVGO. Bank of America reissued a “buy” rating and set a $215.00 price target (up from $200.00) on shares of Broadcom in a research report on Monday, June 24th. Morgan Stanley increased their target price on shares of Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Citigroup reaffirmed a “buy” rating and issued a $156.00 price target on shares of Broadcom in a report on Tuesday, June 11th. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research report on Monday. Finally, Barclays lifted their target price on Broadcom from $150.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, June 13th. Two analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and a consensus price target of $189.23.

Broadcom Trading Up 3.6 %

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

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. 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 company posted $0.95 earnings per share. The business’s revenue for the quarter was up 47.3% on a year-over-year basis. Sell-side analysts forecast that Broadcom Inc. will post 3.77 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be paid a dividend of $0.53 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.27%. The ex-dividend date is Thursday, September 19th. Broadcom’s payout ratio is 9.12%.

Insider Activity

In other news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction on 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 transaction, the chief executive officer now owns 1,331,910 shares in the company, valued at $217,594,136.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The shares were 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, 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.

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.