CX Institutional Sells 2,006 Shares of Broadcom Inc. $AVGO

CX Institutional trimmed its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 90,468 shares of the semiconductor manufacturer’s stock after selling 2,006 shares during the period. Broadcom comprises about 1.0% of CX Institutional’s portfolio, making the stock its 20th largest position. CX Institutional’s holdings in Broadcom were worth $34,174,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. ROSS JOHNSON & Associates LLC raised its stake in shares of Broadcom by 1,320.0% in the 4th quarter. ROSS JOHNSON & Associates LLC now owns 71 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 66 shares during the period. Networth Advisors LLC boosted its position in shares of Broadcom by 546.2% during the first quarter. Networth Advisors LLC now owns 84 shares of the semiconductor manufacturer’s stock worth $26,000 after buying an additional 71 shares during the period. SWAN Capital LLC boosted its position in shares of Broadcom by 261.9% during the fourth quarter. SWAN Capital LLC now owns 76 shares of the semiconductor manufacturer’s stock worth $26,000 after buying an additional 55 shares during the period. Nvest Wealth Strategies Inc. bought a new position in shares of Broadcom during the fourth quarter worth about $33,000. Finally, Family CFO Inc bought a new position in shares of Broadcom during the fourth quarter worth about $35,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Broadcom news, Director Justine Page sold 1,602 shares of the stock in a transaction on Monday, June 29th. The shares were sold at an average price of $373.86, for a total value of $598,923.72. Following the completion of the sale, the director owned 17,426 shares in the company, valued at $6,514,884.36. This trade represents a 8.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $401.33, for a total transaction of $10,033,250.00. Following the completion of the transaction, the insider directly owned 194,989 shares of the company’s stock, valued at approximately $78,254,935.37. This trade represents a 11.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 61,644 shares of company stock valued at $24,016,214 in the last ninety days. Corporate insiders own 1.90% of the company’s stock.

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $392.23 on Tuesday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.01 and a current ratio of 2.24. The stock has a 50 day moving average price of $393.64 and a 200 day moving average price of $368.48. The stock has a market capitalization of $1.87 trillion, a PE ratio of 65.37, a price-to-earnings-growth ratio of 0.74 and a beta of 1.45. Broadcom Inc. has a 52 week low of $281.87 and a 52 week high of $495.00.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Wednesday, June 3rd. The semiconductor manufacturer reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.40 by $0.04. Broadcom had a return on equity of 41.61% and a net margin of 38.85%.The firm had revenue of $22.19 billion for the quarter, compared to analyst estimates of $22.13 billion. During the same quarter in the previous year, the firm earned $1.58 EPS. The business’s quarterly revenue was up 47.9% on a year-over-year basis. Analysts predict that Broadcom Inc. will post 10.24 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 22nd were paid a $0.65 dividend. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. Broadcom’s dividend payout ratio (DPR) is currently 43.33%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on AVGO shares. The Goldman Sachs Group restated a “buy” rating on shares of Broadcom in a research note on Monday. Morgan Stanley set a $502.00 price target on shares of Broadcom and gave the stock an “overweight” rating in a research note on Thursday, June 4th. Zacks Research downgraded shares of Broadcom from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 21st. TD Cowen reissued a “buy” rating and issued a $500.00 price objective on shares of Broadcom in a research report on Thursday, June 4th. Finally, Wells Fargo & Company restated an “overweight” rating and set a $545.00 target price (up from $430.00) on shares of Broadcom in a report on Thursday, May 14th. Twenty-eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $493.24.

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.