ProShare Advisors LLC Sells 46,936 Shares of Broadcom Inc. (NASDAQ:AVGO)

ProShare Advisors LLC cut its holdings in Broadcom Inc. (NASDAQ:AVGO) by 8.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 539,254 shares of the semiconductor manufacturer’s stock after selling 46,936 shares during the quarter. Broadcom makes up 2.3% of ProShare Advisors LLC’s portfolio, making the stock its 5th largest position. ProShare Advisors LLC owned 0.12% of Broadcom worth $865,788,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Capital International Ltd. CA increased its position in Broadcom by 1.7% in the fourth quarter. Capital International Ltd. CA now owns 78,268 shares of the semiconductor manufacturer’s stock worth $87,367,000 after purchasing an additional 1,310 shares during the period. Focus Financial Network Inc. ADV bought a new position in shares of Broadcom in the 4th quarter valued at about $2,238,000. Gryphon Financial Partners LLC boosted its stake in shares of Broadcom by 99.5% in the 4th quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock valued at $1,731,000 after purchasing an additional 801 shares during the last quarter. Steward Partners Investment Solutions LLC acquired a new stake in shares of Broadcom during the 4th quarter worth approximately $2,205,000. Finally, Acadian Asset Management LLC lifted its holdings in Broadcom by 168.8% in the second quarter. Acadian Asset Management LLC now owns 33,044 shares of the semiconductor manufacturer’s stock valued at $53,046,000 after buying an additional 20,753 shares during the period. 76.43% of the stock is owned by institutional investors.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the business’s 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 transaction of $12,798,036.90. Following the transaction, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the sale, the chief executive officer now owns 138,191 shares in the company, valued at $235,746,936.45. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction dated 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 disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on AVGO. 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 report on Monday, June 24th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price objective on shares of Broadcom in a report on Friday, September 6th. Wells Fargo & Company increased their target price on Broadcom from $143.00 to $170.00 and gave the company an “equal weight” rating in a research note on Thursday, June 13th. Rosenblatt Securities decreased their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Finally, Melius assumed coverage on shares of Broadcom in a research report on Monday, June 3rd. They issued a “buy” rating and a $185.00 price target on the stock. Two 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. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $189.23.

Broadcom Price Performance

Shares of AVGO opened at $171.10 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a twelve month low of $79.51 and a twelve month high of $185.16. The stock has a market capitalization of $796.45 billion, a P/E ratio of 7.36, a P/E/G ratio of 2.55 and a beta of 1.16. The company has a 50 day moving average of $156.81 and a 200-day moving average of $146.91.

Broadcom (NASDAQ:AVGO) last released its 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. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter last year, the firm earned $0.95 earnings per share. The firm’s revenue for the quarter was up 47.3% compared to the same quarter last year. As a group, equities research analysts forecast that Broadcom Inc. will post 3.77 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 1.24%. The ex-dividend date of this dividend is Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio 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.