Dark Forest Capital Management LP Sells 151 Shares of Broadcom Inc. (NASDAQ:AVGO)

Dark Forest Capital Management LP reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 33.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 302 shares of the semiconductor manufacturer’s stock after selling 151 shares during the quarter. Dark Forest Capital Management LP’s holdings in Broadcom were worth $485,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Decatur Capital Management Inc. boosted its holdings in shares of Broadcom by 2.2% in the 2nd quarter. Decatur Capital Management Inc. now owns 3,166 shares of the semiconductor manufacturer’s stock valued at $5,083,000 after buying an additional 68 shares in the last quarter. Delta Investment Management LLC boosted its stake in Broadcom by 14.9% in the second quarter. Delta Investment Management LLC now owns 510 shares of the semiconductor manufacturer’s stock valued at $818,000 after acquiring an additional 66 shares in the last quarter. DigitalBridge Group Inc. purchased a new position in Broadcom in the second quarter worth $17,658,000. Dorsal Capital Management LP acquired a new position in shares of Broadcom during the second quarter worth $112,387,000. Finally, EDENTREE ASSET MANAGEMENT Ltd lifted its holdings in shares of Broadcom by 15.7% during the 2nd quarter. EDENTREE ASSET MANAGEMENT Ltd now owns 1,133 shares of the semiconductor manufacturer’s stock valued at $1,819,000 after purchasing an additional 154 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on AVGO shares. Melius Research began coverage on Broadcom in a research report on Monday, June 3rd. They set a “buy” rating and a $185.00 target price on the stock. Evercore ISI increased their price objective on shares of Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a research report on Thursday, June 13th. Rosenblatt Securities dropped their target price on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Barclays upped their price target on shares of Broadcom from $150.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, June 13th. Finally, Wells Fargo & Company lifted 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. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average price target of $189.23.

Insider Transactions at Broadcom

In related news, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the completion of the sale, the insider now owns 753,280 shares of the company’s stock, valued at $126,754,425.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. The disclosure for this sale can be found here. Insiders have sold 233,452 shares of company stock valued at $51,278,838 over the last ninety days. Insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $172.69 on Friday. 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 firm has a fifty day moving average of $158.00 and a 200 day moving average of $148.25. The firm has a market cap of $806.56 billion, a PE ratio of 7.43, a PEG ratio of 2.78 and a beta of 1.16. Broadcom Inc. has a one year low of $80.89 and a one year high of $185.16.

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

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 1.23%. The ex-dividend date is Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is 9.12%.

Broadcom Company 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.