Broadcom Inc. $AVGO is Robbins Farley’s 4th Largest Position

Robbins Farley reduced its stake in Broadcom Inc. (NASDAQ:AVGO) by 11.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,538 shares of the semiconductor manufacturer’s stock after selling 2,688 shares during the period. Broadcom comprises 3.0% of Robbins Farley’s investment portfolio, making the stock its 4th largest position. Robbins Farley’s holdings in Broadcom were worth $7,106,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. Norges Bank bought a new stake in Broadcom during the 2nd quarter valued at $18,579,549,000. Vanguard Group Inc. grew its holdings in Broadcom by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after acquiring an additional 6,222,802 shares during the last quarter. Edgewood Management LLC purchased a new position in shares of Broadcom in the second quarter valued at about $1,571,438,000. Alliancebernstein L.P. raised its stake in shares of Broadcom by 16.0% during the first quarter. Alliancebernstein L.P. now owns 29,513,814 shares of the semiconductor manufacturer’s stock valued at $4,941,498,000 after acquiring an additional 4,077,910 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of Broadcom by 115.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 6,017,340 shares of the semiconductor manufacturer’s stock valued at $1,658,680,000 after acquiring an additional 3,224,739 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on AVGO. Benchmark raised their target price on Broadcom from $385.00 to $485.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $475.00 price objective (up previously from $400.00) on shares of Broadcom in a report on Friday, December 12th. Evercore ISI boosted their target price on Broadcom from $342.00 to $403.00 and gave the company an “outperform” rating in a research note on Wednesday, October 15th. JPMorgan Chase & Co. upped their target price on Broadcom from $400.00 to $475.00 and gave the company an “overweight” rating in a report on Friday, December 12th. Finally, Citigroup reaffirmed a “buy” rating and issued a $480.00 price target (up previously from $415.00) on shares of Broadcom in a research note on Friday, December 12th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Broadcom has a consensus rating of “Buy” and a consensus price target of $436.33.

Broadcom Stock Up 0.5%

NASDAQ:AVGO opened at $352.13 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58. The firm’s 50-day moving average price is $362.74 and its 200-day moving average price is $324.51. The company has a market capitalization of $1.67 trillion, a PE ratio of 73.98, a P/E/G ratio of 1.21 and a beta of 1.19. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $414.61.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, topping the consensus estimate of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The business had revenue of $18.02 billion for the quarter, compared to analyst estimates of $17.46 billion. During the same quarter in the previous year, the firm posted $1.42 earnings per share. Broadcom’s quarterly revenue was up 28.2% on a year-over-year basis. On average, equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 22nd will be paid a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Monday, December 22nd. This is an increase from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio (DPR) is currently 54.62%.

Insider Activity at Broadcom

In other Broadcom news, Director Henry Samueli sold 320,316 shares of Broadcom stock in a transaction on Monday, December 8th. The stock was sold at an average price of $400.53, for a total transaction of $128,296,167.48. Following the completion of the transaction, the director owned 37,326,540 shares in the company, valued at approximately $14,950,399,066.20. The trade was a 0.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Charlie B. Kawwas sold 1,928 shares of the business’s stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $327.80, for a total value of $631,998.40. Following the completion of the sale, the insider directly owned 23,582 shares in the company, valued at $7,730,179.60. This trade represents a 7.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 524,780 shares of company stock worth $195,499,150 over the last quarter. 2.00% of the stock is currently owned by company insiders.

Broadcom Company Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.