Dimension Capital Management LLC Cuts Position in Broadcom Inc. (NASDAQ:AVGO)

Dimension Capital Management LLC cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 41.1% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 162 shares of the semiconductor manufacturer’s stock after selling 113 shares during the period. Dimension Capital Management LLC’s holdings in Broadcom were worth $260,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Broadcom by 3.0% in the 1st quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor manufacturer’s stock worth $59,181,244,000 after buying an additional 1,303,462 shares during the last quarter. Capital International Investors increased its position in shares of Broadcom by 4.5% during the 4th quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor manufacturer’s stock valued at $26,044,294,000 after purchasing an additional 1,006,223 shares during the period. Northern Trust Corp grew its stake in shares of Broadcom by 3.7% in the 4th quarter. Northern Trust Corp now owns 4,825,465 shares of the semiconductor manufacturer’s stock worth $5,386,425,000 after purchasing an additional 170,063 shares during the last quarter. Jennison Associates LLC increased its holdings in shares of Broadcom by 43.9% in the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock valued at $5,488,556,000 after buying an additional 1,263,957 shares in the last quarter. Finally, GQG Partners LLC lifted its holdings in shares of Broadcom by 48.9% during the first quarter. GQG Partners LLC now owns 2,992,833 shares of the semiconductor manufacturer’s stock valued at $3,966,730,000 after purchasing an additional 983,328 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In related news, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the transaction, the chief executive officer now owns 138,191 shares in the company, valued at $235,746,936.45. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 82,702 shares of company stock valued at $25,206,941. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Up 0.4 %

Shares of AVGO opened at $175.52 on Thursday. The firm has a market capitalization of $819.78 billion, a price-to-earnings ratio of 7.55, a PEG ratio of 2.78 and a beta of 1.16. Broadcom Inc. has a 52 week low of $80.44 and a 52 week high of $185.16. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The business’s fifty day moving average price is $156.95 and its two-hundred day moving average price is $147.42.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same period last year, the company earned $0.95 earnings per share. The company’s revenue was up 47.3% on a year-over-year basis. On average, analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be paid a $0.53 dividend. The ex-dividend date is Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.21%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is 9.12%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on AVGO. Wells Fargo & Company raised their price objective on shares of Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 13th. Citigroup reissued a “buy” rating and issued a $156.00 target price on shares of Broadcom in a research report on Tuesday, June 11th. JPMorgan Chase & Co. increased their price objective on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Benchmark reiterated a “buy” rating and issued a $210.00 target price on shares of Broadcom in a report on Friday, September 6th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price target on shares of Broadcom in a report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and an average price target of $189.23.

About Broadcom

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.