Broadcom Inc. $AVGO Shares Sold by Capital Group Private Client Services Inc.

Capital Group Private Client Services Inc. reduced its holdings in Broadcom Inc. (NASDAQ:AVGO) by 77.1% during the 3rd quarter, Holdings Channel reports. The fund owned 494,532 shares of the semiconductor manufacturer’s stock after selling 1,666,802 shares during the quarter. Broadcom makes up approximately 2.7% of Capital Group Private Client Services Inc.’s portfolio, making the stock its 8th biggest position. Capital Group Private Client Services Inc.’s holdings in Broadcom were worth $163,151,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Broadcom by 1.3% in the second quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after purchasing an additional 6,222,802 shares in the last quarter. State Street Corp increased its stake in shares of Broadcom by 0.5% in the second quarter. State Street Corp now owns 185,276,987 shares of the semiconductor manufacturer’s stock valued at $51,071,601,000 after buying an additional 873,963 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Broadcom by 2.1% in the second quarter. Geode Capital Management LLC now owns 108,610,718 shares of the semiconductor manufacturer’s stock worth $29,827,649,000 after acquiring an additional 2,226,585 shares during the last quarter. Norges Bank bought a new stake in shares of Broadcom during the second quarter valued at approximately $18,579,549,000. Finally, Invesco Ltd. increased its stake in shares of Broadcom by 8.4% in the 2nd quarter. Invesco Ltd. now owns 38,449,630 shares of the semiconductor manufacturer’s stock valued at $10,598,641,000 after buying an additional 2,978,768 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on AVGO. Sanford C. Bernstein restated an “outperform” rating and issued a $475.00 price objective (up from $400.00) on shares of Broadcom in a report on Friday, December 12th. TD Cowen reaffirmed a “buy” rating on shares of Broadcom in a research note on Friday, December 12th. Raymond James Financial set a $420.00 price objective on Broadcom and gave the stock an “outperform” rating in a research note on Thursday, November 20th. Susquehanna reiterated a “positive” rating and issued a $450.00 price objective (up from $400.00) on shares of Broadcom in a research report on Thursday, December 4th. Finally, Truist Financial raised their price objective on shares of Broadcom from $510.00 to $545.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus target price of $435.30.

Insider Buying and Selling at Broadcom

In related news, Director Harry L. You purchased 1,000 shares of the stock in a transaction on Thursday, December 18th. The shares were purchased at an average price of $325.13 per share, with a total value of $325,130.00. Following the transaction, the director directly owned 36,602 shares of the company’s stock, valued at $11,900,408.26. This trade represents a 2.81% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 70,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $347.30, for a total value of $24,311,000.00. Following the sale, the chief executive officer owned 132,836 shares in the company, valued at approximately $46,133,942.80. This represents a 34.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 458,785 shares of company stock valued at $155,508,157 in the last ninety days. Insiders own 1.90% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO stock opened at $345.75 on Tuesday. Broadcom Inc. has a 12 month low of $138.10 and a 12 month high of $414.61. The company’s fifty day simple moving average is $333.68 and its 200-day simple moving average is $343.89. The firm has a market cap of $1.64 trillion, a PE ratio of 67.53, a P/E/G ratio of 0.77 and a beta of 1.22. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.80.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 EPS for the quarter, topping the consensus estimate of $2.03 by $0.02. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The firm had revenue of $19.31 billion for the quarter, compared to analysts’ expectations of $19.10 billion. During the same period in the previous year, the firm posted $1.60 EPS. The company’s revenue for the quarter was up 29.5% on a year-over-year basis. Equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 23rd will be issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.8%. The ex-dividend date is Monday, March 23rd. Broadcom’s dividend payout ratio is presently 50.78%.

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.