Boston Common Asset Management LLC Decreases Stake in Broadcom Inc. $AVGO

Boston Common Asset Management LLC trimmed its position in Broadcom Inc. (NASDAQ:AVGO) by 11.6% in the 3rd quarter, Holdings Channel reports. The firm owned 131,265 shares of the semiconductor manufacturer’s stock after selling 17,276 shares during the quarter. Broadcom accounts for 1.2% of Boston Common Asset Management LLC’s holdings, making the stock its 8th largest position. Boston Common Asset Management LLC’s holdings in Broadcom were worth $43,306,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Broadcom by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock valued at $133,261,046,000 after acquiring an additional 6,222,802 shares in the last quarter. State Street Corp grew its holdings in shares of Broadcom by 0.5% during the second quarter. State Street Corp now owns 185,276,987 shares of the semiconductor manufacturer’s stock worth $51,071,601,000 after purchasing an additional 873,963 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Broadcom by 2.1% in the second quarter. Geode Capital Management LLC now owns 108,610,718 shares of the semiconductor manufacturer’s stock worth $29,827,649,000 after purchasing an additional 2,226,585 shares during the last quarter. Norges Bank purchased a new stake in Broadcom in the second quarter valued at approximately $18,579,549,000. Finally, Invesco Ltd. lifted its position in Broadcom by 8.4% during the second quarter. Invesco Ltd. now owns 38,449,630 shares of the semiconductor manufacturer’s stock valued at $10,598,641,000 after purchasing an additional 2,978,768 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Broadcom

In other Broadcom news, CFO Kirsten M. Spears sold 30,000 shares of the stock in a transaction on Wednesday, December 31st. The shares were sold at an average price of $347.82, for a total transaction of $10,434,600.00. Following the completion of the sale, the chief financial officer owned 277,237 shares of the company’s stock, valued at $96,428,573.34. This represents a 9.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Hock E. Tan sold 70,000 shares of the firm’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $347.30, for a total transaction of $24,311,000.00. Following the completion of the sale, the chief executive officer directly owned 132,836 shares in the company, valued at approximately $46,133,942.80. This trade represents a 34.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 779,901 shares of company stock worth $284,069,237 over the last ninety days. Insiders own 2.00% of the company’s stock.

Broadcom Stock Up 2.4%

AVGO opened at $332.79 on Wednesday. Broadcom Inc. has a 12 month low of $138.10 and a 12 month high of $414.61. The company has a current ratio of 1.71, a quick ratio of 1.58 and a debt-to-equity ratio of 0.76. The business’s 50-day moving average price is $356.69 and its 200-day moving average price is $336.92. The company has a market cap of $1.58 trillion, a P/E ratio of 69.91, a P/E/G ratio of 1.08 and a beta of 1.21.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.87 by $0.08. The company had revenue of $18.02 billion during the quarter, compared to analysts’ expectations of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.Broadcom’s quarterly revenue was up 28.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.42 EPS. On average, equities analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 22nd were paid a $0.65 dividend. The ex-dividend date of this dividend was Monday, December 22nd. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 annualized dividend and a dividend yield of 0.8%. Broadcom’s payout ratio is presently 54.62%.

Analyst Ratings Changes

A number of equities analysts have recently commented on AVGO shares. Robert W. Baird set a $420.00 price target on shares of Broadcom in a report on Friday, December 12th. Barclays reiterated an “overweight” rating and issued a $500.00 target price (up from $450.00) on shares of Broadcom in a research report on Friday, December 12th. Royal Bank Of Canada started coverage on Broadcom in a research report on Wednesday, January 14th. They set a “sector perform” rating and a $370.00 price target on the stock. KeyCorp reiterated an “overweight” rating and issued a $500.00 price objective (up from $460.00) on shares of Broadcom in a report on Friday, December 12th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Broadcom in a report on Monday, December 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $438.61.

Broadcom 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.