Broadcom Inc. $AVGO Shares Sold by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. lessened its holdings in Broadcom Inc. (NASDAQ:AVGO) by 5.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,414,213 shares of the semiconductor manufacturer’s stock after selling 86,377 shares during the period. Broadcom comprises 2.2% of Resona Asset Management Co. Ltd.’s investment portfolio, making the stock its 6th biggest holding. Resona Asset Management Co. Ltd.’s holdings in Broadcom were worth $466,078,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Assetmark Inc. boosted its position in shares of Broadcom by 2.4% in the second quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock valued at $469,566,000 after acquiring an additional 39,466 shares during the period. Capital Counsel LLC NY purchased a new stake in Broadcom in the 2nd quarter worth approximately $221,000. Waterloo Capital L.P. boosted its holdings in Broadcom by 7.0% in the 2nd quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock valued at $13,331,000 after purchasing an additional 3,180 shares during the period. Providence First Trust Co grew its position in shares of Broadcom by 1,099.3% during the 3rd quarter. Providence First Trust Co now owns 8,923 shares of the semiconductor manufacturer’s stock valued at $2,944,000 after purchasing an additional 8,179 shares in the last quarter. Finally, RiverFront Investment Group LLC increased its holdings in shares of Broadcom by 107.6% in the second quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock worth $4,555,000 after purchasing an additional 8,566 shares during the period. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In other Broadcom news, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $347.12, for a total value of $10,413,600.00. Following the transaction, the insider directly owned 210,573 shares of the company’s stock, valued at $73,094,099.76. The trade was a 12.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 70,000 shares of the stock in a transaction that occurred 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 sale, the chief executive officer directly 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 779,901 shares of company stock worth $284,069,237 in the last 90 days. 2.00% of the stock is currently owned by company insiders.

Broadcom Trading Down 0.8%

Shares of AVGO opened at $330.73 on Friday. Broadcom Inc. has a fifty-two week low of $138.10 and a fifty-two week high of $414.61. The firm has a market cap of $1.57 trillion, a price-to-earnings ratio of 69.48, a PEG ratio of 1.10 and a beta of 1.21. The firm has a 50 day moving average price of $355.94 and a 200-day moving average price of $336.85. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71.

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 company had revenue of $18.02 billion for 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 firm’s quarterly revenue was up 28.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.42 EPS. As a group, equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd were issued 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 dividend yield of 0.8%. The ex-dividend date was Monday, December 22nd. Broadcom’s dividend payout ratio (DPR) is presently 54.62%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Broadcom in a research note on Monday, December 29th. The Goldman Sachs Group reiterated a “buy” rating and set a $450.00 price target on shares of Broadcom in a research report on Monday, January 5th. Truist Financial boosted their price objective on Broadcom from $500.00 to $510.00 and gave the stock a “buy” rating in a report on Friday, December 19th. Barclays reaffirmed an “overweight” rating and issued a $500.00 target price (up from $450.00) on shares of Broadcom in a research note on Friday, December 12th. Finally, Benchmark boosted their price target on shares of Broadcom from $385.00 to $485.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, Broadcom presently has a consensus rating of “Buy” and an average price target of $438.61.

About Broadcom

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.