Broadcom Inc. $AVGO Position Cut by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.2% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,192,249 shares of the semiconductor manufacturer’s stock after selling 25,604 shares during the period. Broadcom makes up about 1.6% of Mitsubishi UFJ Trust & Banking Corp’s holdings, making the stock its 7th largest holding. Mitsubishi UFJ Trust & Banking Corp’s holdings in Broadcom were worth $723,245,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of AVGO. Longfellow Investment Management Co. LLC purchased a new position in Broadcom during the 2nd quarter valued at about $27,000. Teachers Insurance & Annuity Association of America purchased a new stake in Broadcom during the second quarter worth about $28,000. LGT Financial Advisors LLC acquired a new stake in shares of Broadcom during the second quarter worth about $31,000. New England Capital Financial Advisors LLC acquired a new stake in shares of Broadcom during the second quarter worth about $31,000. Finally, JCIC Asset Management Inc. purchased a new position in shares of Broadcom in the third quarter valued at approximately $31,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have issued reports on AVGO. Rosenblatt Securities increased their target price on shares of Broadcom from $400.00 to $440.00 and gave the stock a “buy” rating in a report on Tuesday, December 9th. Evercore ISI boosted their price target on shares of Broadcom from $342.00 to $403.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 15th. Truist Financial increased their price objective on Broadcom from $500.00 to $510.00 and gave the company a “buy” rating in a research note on Friday, December 19th. Wells Fargo & Company upgraded Broadcom from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $410.00 to $430.00 in a report on Thursday, January 15th. Finally, Royal Bank Of Canada initiated coverage on Broadcom in a research note on Wednesday, January 14th. They set a “sector perform” rating and a $370.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $438.61.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 70,000 shares of the business’s stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $347.30, for a total value of $24,311,000.00. Following the completion of the sale, the chief executive officer directly owned 132,836 shares of the company’s stock, valued at $46,133,942.80. The trade was a 34.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the company’s stock in a transaction 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 completion of the transaction, the insider owned 210,573 shares of the company’s stock, valued at $73,094,099.76. This represents a 12.47% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 779,901 shares of company stock valued at $284,069,237 in the last quarter. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

NASDAQ:AVGO opened at $330.73 on Friday. Broadcom Inc. has a 12 month low of $138.10 and a 12 month high of $414.61. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58. The firm has a market capitalization of $1.57 trillion, a PE ratio of 69.48, a price-to-earnings-growth ratio of 1.10 and a beta of 1.21. The business’s fifty day moving average price is $355.94 and its 200 day moving average price is $336.85.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.87 by $0.08. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The business had revenue of $18.02 billion during the quarter, compared to analysts’ expectations of $17.46 billion. During the same period in the prior year, the firm posted $1.42 EPS. The business’s quarterly revenue was up 28.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

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