Lockheed Martin Investment Management Co. Sells 150,250 Shares of Broadcom Inc. $AVGO

Lockheed Martin Investment Management Co. lessened its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 44.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 191,100 shares of the semiconductor manufacturer’s stock after selling 150,250 shares during the period. Broadcom accounts for 2.3% of Lockheed Martin Investment Management Co.’s investment portfolio, making the stock its 12th largest position. Lockheed Martin Investment Management Co.’s holdings in Broadcom were worth $63,046,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Assetmark Inc. boosted its holdings 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 worth $469,566,000 after acquiring an additional 39,466 shares during the period. Capital Counsel LLC NY bought a new position in Broadcom in the 2nd quarter worth about $221,000. Waterloo Capital L.P. grew its holdings in Broadcom by 7.0% during the 2nd quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock valued at $13,331,000 after buying an additional 3,180 shares in the last quarter. Providence First Trust Co increased its position in shares of Broadcom by 1,099.3% during the third quarter. Providence First Trust Co now owns 8,923 shares of the semiconductor manufacturer’s stock valued at $2,944,000 after buying an additional 8,179 shares during the period. Finally, RiverFront Investment Group LLC lifted 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 buying an additional 8,566 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Activity

In other Broadcom news, Director Harry L. You bought 1,000 shares of Broadcom stock in a transaction dated Thursday, December 18th. The shares were purchased at an average cost 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 represents a 2.81% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hock E. Tan sold 70,000 shares of Broadcom stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $347.30, for a total transaction of $24,311,000.00. Following the transaction, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 779,901 shares of company stock worth $284,069,237. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Price Performance

AVGO stock opened at $333.24 on Thursday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58. Broadcom Inc. has a 1 year low of $138.10 and a 1 year high of $414.61. The firm has a 50-day moving average of $356.26 and a 200 day moving average of $336.89. The company has a market cap of $1.58 trillion, a P/E ratio of 70.01, a PEG ratio of 1.10 and a beta of 1.21.

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

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd were given a dividend of $0.65 per share. 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 of this dividend was Monday, December 22nd. Broadcom’s payout ratio is 54.62%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on AVGO. Royal Bank Of Canada initiated coverage on shares of Broadcom in a report on Wednesday, January 14th. They issued a “sector perform” rating and a $370.00 price target for the company. Truist Financial raised their price objective on Broadcom from $500.00 to $510.00 and gave the company a “buy” rating in a report on Friday, December 19th. Evercore ISI lifted their target price on shares of Broadcom from $342.00 to $403.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 15th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $450.00 price target on shares of Broadcom in a research note on Monday, January 5th. Finally, Sanford C. Bernstein restated an “outperform” rating and issued a $475.00 price objective (up previously from $400.00) on shares of Broadcom in a research report on Friday, December 12th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $438.61.

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.