Broadcom Inc. $AVGO Holdings Lowered by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 5.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 532,352 shares of the semiconductor manufacturer’s stock after selling 30,110 shares during the quarter. Broadcom makes up 1.9% of Mutual of America Capital Management LLC’s portfolio, making the stock its 6th biggest holding. Mutual of America Capital Management LLC’s holdings in Broadcom were worth $175,628,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Longfellow Investment Management Co. LLC acquired a new stake in Broadcom during the 2nd quarter valued at $27,000. Teachers Insurance & Annuity Association of America purchased a new position in Broadcom in the 2nd quarter valued at about $28,000. LGT Financial Advisors LLC purchased a new position in Broadcom in the 2nd quarter valued at about $31,000. New England Capital Financial Advisors LLC acquired a new stake in shares of Broadcom during the second quarter valued at about $31,000. Finally, JCIC Asset Management Inc. purchased a new stake in shares of Broadcom during the third quarter worth about $31,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

AVGO has been the topic of a number of research analyst reports. Wells Fargo & Company upgraded shares of Broadcom from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $410.00 to $430.00 in a research note on Thursday, January 15th. Truist Financial upped their target price on shares of Broadcom from $500.00 to $510.00 and gave the company a “buy” rating in a research note on Friday, December 19th. Mizuho set a $480.00 price target on Broadcom and gave the stock an “outperform” rating in a research note on Friday, January 9th. JPMorgan Chase & Co. boosted their price objective on Broadcom from $400.00 to $475.00 and gave the company an “overweight” rating in a report on Friday, December 12th. Finally, Citigroup reiterated a “buy” rating on shares of Broadcom in a report on Thursday, January 15th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $437.28.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $347.12, for a total transaction of $10,413,600.00. Following the sale, the insider owned 210,573 shares in the company, valued at $73,094,099.76. The trade was a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 70,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 6th. The shares were 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 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 SEC filing for this sale provides additional information. In the last ninety days, insiders sold 779,901 shares of company stock valued at $284,069,237. Corporate insiders own 2.00% of the company’s stock.

Broadcom Price Performance

NASDAQ AVGO opened at $331.30 on Friday. Broadcom Inc. has a 12 month low of $138.10 and a 12 month high of $414.61. The firm has a market capitalization of $1.57 trillion, a PE ratio of 69.60, a P/E/G ratio of 1.10 and a beta of 1.21. The company’s 50 day simple moving average is $355.76 and its 200 day simple moving average is $337.24. 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 released its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, beating the consensus estimate of $1.87 by $0.08. The business had revenue of $18.02 billion during the quarter, compared to analyst estimates of $17.46 billion. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The business’s quarterly revenue was up 28.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.42 earnings per share. As a group, equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

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

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.