AMF Tjanstepension AB Sells 122,333 Shares of Broadcom Inc. $AVGO

AMF Tjanstepension AB trimmed its position in Broadcom Inc. (NASDAQ:AVGO) by 21.3% in the 3rd quarter, Holdings Channel reports. The firm owned 452,550 shares of the semiconductor manufacturer’s stock after selling 122,333 shares during the quarter. Broadcom accounts for 1.6% of AMF Tjanstepension AB’s holdings, making the stock its 20th largest position. AMF Tjanstepension AB’s holdings in Broadcom were worth $149,301,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Broadcom in the 2nd quarter worth approximately $18,579,549,000. Vanguard Group Inc. lifted its stake in shares of Broadcom by 1.3% in the second quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after buying an additional 6,222,802 shares in the last quarter. Edgewood Management LLC purchased a new stake in shares of Broadcom during the second quarter valued at $1,571,438,000. Massachusetts Financial Services Co. MA lifted its position in 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 purchasing an additional 3,224,739 shares during the period. Finally, Invesco Ltd. boosted its position in Broadcom by 8.4% in the second quarter. Invesco Ltd. now owns 38,449,630 shares of the semiconductor manufacturer’s stock worth $10,598,641,000 after purchasing an additional 2,978,768 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In other Broadcom news, CEO Hock E. Tan sold 70,000 shares of the firm’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $347.30, for a total value of $24,311,000.00. Following the sale, the chief executive officer directly owned 132,836 shares of the company’s stock, valued at approximately $46,133,942.80. This trade represents a 34.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $347.12, for a total transaction of $10,413,600.00. Following the transaction, the insider directly owned 210,573 shares in the company, valued at approximately $73,094,099.76. This represents a 12.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 779,901 shares of company stock valued at $284,069,237 in the last three months. 2.00% of the stock is owned by insiders.

Broadcom Stock Performance

NASDAQ:AVGO opened at $331.30 on Friday. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $414.61. The company’s 50-day moving average is $355.76 and its two-hundred day moving average is $337.24. The firm has a market capitalization of $1.57 trillion, a price-to-earnings ratio of 69.60, a PEG ratio of 1.10 and a beta of 1.21. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.87 by $0.08. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The company had revenue of $18.02 billion during the quarter, compared to analysts’ expectations of $17.46 billion. During the same period last year, the business posted $1.42 EPS. Broadcom’s revenue for the quarter was up 28.2% on a year-over-year basis. Analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd were paid a dividend of $0.65 per share. This is a boost from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. Broadcom’s dividend payout ratio is currently 54.62%.

Analyst Ratings Changes

A number of equities analysts have weighed in on AVGO shares. JPMorgan Chase & Co. upped their price target on shares of Broadcom from $400.00 to $475.00 and gave the stock an “overweight” rating in a research report on Friday, December 12th. Wells Fargo & Company raised shares of Broadcom from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $410.00 to $430.00 in a research note on Thursday, January 15th. Piper Sandler reissued an “overweight” rating and issued a $430.00 price objective (up from $375.00) on shares of Broadcom in a research report on Friday, December 12th. Morgan Stanley upped their price target on shares of Broadcom from $443.00 to $462.00 and gave the stock an “overweight” rating in a research report on Friday, December 12th. Finally, Deutsche Bank Aktiengesellschaft set a $430.00 target price on shares of Broadcom and gave the company a “buy” rating in a research note on Friday, December 12th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $437.28.

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.