Broadcom Inc. (NASDAQ:AVGO) Stake Cut by abrdn plc

abrdn plc cut its stake in Broadcom Inc. (NASDAQ:AVGO) by 36.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 385,030 shares of the semiconductor manufacturer’s stock after selling 218,385 shares during the period. Broadcom accounts for approximately 0.9% of abrdn plc’s investment portfolio, making the stock its 13th largest holding. abrdn plc owned 0.08% of Broadcom worth $429,790,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in AVGO. Cantor Fitzgerald Investment Advisor L.P increased its position in Broadcom by 94.4% in the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 75,090 shares of the semiconductor manufacturer’s stock worth $47,283,000 after buying an additional 36,458 shares during the period. Fairfield Bush & CO. increased its holdings in shares of Broadcom by 2.6% during the first quarter. Fairfield Bush & CO. now owns 4,945 shares of the semiconductor manufacturer’s stock valued at $3,114,000 after purchasing an additional 123 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Broadcom by 20.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 509,603 shares of the semiconductor manufacturer’s stock valued at $320,887,000 after purchasing an additional 87,945 shares during the period. Loomis Sayles & Co. L P increased its holdings in shares of Broadcom by 1.1% during the first quarter. Loomis Sayles & Co. L P now owns 40,357 shares of the semiconductor manufacturer’s stock valued at $25,412,000 after purchasing an additional 420 shares during the period. Finally, Ergoteles LLC acquired a new position in shares of Broadcom during the first quarter valued at $1,095,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Broadcom

In related news, Director Kenneth Hao sold 9,160 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the sale, the director now owns 45 shares of the company’s stock, valued at approximately $62,465.85. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Kenneth Hao sold 9,160 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the sale, the director now owns 45 shares of the company’s stock, valued at approximately $62,465.85. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Hock E. Tan sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $1,312.25, for a total value of $2,624,500.00. Following the completion of the sale, the chief executive officer now directly owns 168,096 shares of the company’s stock, valued at approximately $220,583,976. The disclosure for this sale can be found here. Insiders have sold a total of 29,920 shares of company stock valued at $40,306,667 in the last 90 days. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Down 4.3 %

NASDAQ:AVGO traded down $54.28 on Friday, hitting $1,204.71. 4,479,658 shares of the company’s stock traded hands, compared to its average volume of 2,254,590. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05. Broadcom Inc. has a 1 year low of $601.29 and a 1 year high of $1,438.17. The firm has a 50-day moving average price of $1,305.11 and a 200-day moving average price of $1,118.75. The company has a market cap of $558.29 billion, a PE ratio of 44.65, a price-to-earnings-growth ratio of 2.57 and a beta of 1.25.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, beating the consensus estimate of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company had revenue of $11.96 billion for the quarter, compared to analysts’ expectations of $11.79 billion. During the same quarter in the previous year, the business posted $9.83 EPS. The business’s revenue for the quarter was up 34.2% on a year-over-year basis. Equities analysts anticipate that Broadcom Inc. will post 35.88 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were paid a dividend of $5.25 per share. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 annualized dividend and a yield of 1.74%. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $1,500.00 price target on shares of Broadcom in a report on Monday, April 8th. Evercore ISI initiated coverage on Broadcom in a report on Tuesday. They set an “outperform” rating and a $1,620.00 price target on the stock. The Goldman Sachs Group reaffirmed a “buy” rating and set a $1,325.00 target price on shares of Broadcom in a report on Friday, January 19th. Susquehanna lifted their target price on Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a report on Wednesday, February 28th. Finally, Barclays lifted their target price on Broadcom from $1,405.00 to $1,500.00 and gave the stock an “overweight” rating in a report on Wednesday. Three analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and an average target price of $1,285.41.

Broadcom 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.