Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Marietta Investment Partners LLC

Marietta Investment Partners LLC lessened its stake in Broadcom Inc. (NASDAQ:AVGO) by 6.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,500 shares of the semiconductor manufacturer’s stock after selling 110 shares during the quarter. Marietta Investment Partners LLC’s holdings in Broadcom were worth $2,408,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in AVGO. Xponance Inc. lifted its holdings in Broadcom by 2.9% in the 2nd quarter. Xponance Inc. now owns 106,546 shares of the semiconductor manufacturer’s stock worth $171,063,000 after buying an additional 2,986 shares in the last quarter. Tairen Capital Ltd acquired a new position in Broadcom in the 2nd quarter worth $8,657,000. Bank of Montreal Can lifted its holdings in Broadcom by 1.2% in the 2nd quarter. Bank of Montreal Can now owns 1,760,377 shares of the semiconductor manufacturer’s stock worth $2,908,160,000 after buying an additional 20,811 shares in the last quarter. Lombard Odier Asset Management Europe Ltd acquired a new position in Broadcom in the 2nd quarter worth $11,441,000. Finally, Evergreen Capital Management LLC lifted its holdings in Broadcom by 2.1% in the 2nd quarter. Evergreen Capital Management LLC now owns 6,093 shares of the semiconductor manufacturer’s stock worth $9,783,000 after buying an additional 123 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In other news, CEO Hock E. Tan sold 50,000 shares of the company’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 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Hock E. Tan sold 7,502 shares of the 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 completion of the sale, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 50,000 shares of the 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 sale, the chief executive officer now directly 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. Company insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. UBS Group dropped their target price on shares of Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research report on Monday, September 9th. Truist Financial boosted their target price on shares of Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Sanford C. Bernstein boosted their target price on shares of Broadcom from $160.00 to $195.00 and gave the stock an “outperform” rating in a research report on Thursday, June 13th. StockNews.com downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Tuesday, July 23rd. Finally, William Blair assumed coverage on shares of Broadcom in a research report on Wednesday, September 18th. They issued an “outperform” rating for the company. Two research 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 company. According to data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus price target of $189.23.

Broadcom Trading Up 2.2 %

Broadcom stock opened at $171.10 on Monday. 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 50-day moving average price of $156.81 and a two-hundred day moving average price of $146.91. The firm has a market capitalization of $796.45 billion, a price-to-earnings ratio of 7.36, a PEG ratio of 2.55 and a beta of 1.16. Broadcom Inc. has a 52-week low of $79.51 and a 52-week 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, topping analysts’ consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business’s revenue for the quarter was up 47.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.95 EPS. Sell-side analysts expect that Broadcom Inc. will post 3.77 earnings per share for the current 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 paid a $0.53 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date of this dividend is Thursday, September 19th. Broadcom’s dividend payout ratio is currently 9.12%.

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.