Broadcom Inc. (NASDAQ:AVGO) Stock Position Lowered by Intech Investment Management LLC

Intech Investment Management LLC cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 25.2% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 79,143 shares of the semiconductor manufacturer’s stock after selling 26,606 shares during the period. Broadcom comprises approximately 1.3% of Intech Investment Management LLC’s holdings, making the stock its 12th largest position. Intech Investment Management LLC’s holdings in Broadcom were worth $88,343,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Pathway Financial Advisors LLC raised its stake in shares of Broadcom by 11.1% in the 4th quarter. Pathway Financial Advisors LLC now owns 933 shares of the semiconductor manufacturer’s stock valued at $1,041,000 after acquiring an additional 93 shares in the last quarter. Todd Asset Management LLC boosted its holdings in shares of Broadcom by 26.3% during the 4th quarter. Todd Asset Management LLC now owns 79,765 shares of the semiconductor manufacturer’s stock worth $89,038,000 after buying an additional 16,608 shares during the period. Benjamin Edwards Inc. grew its stake in Broadcom by 3.0% in the 4th quarter. Benjamin Edwards Inc. now owns 3,141 shares of the semiconductor manufacturer’s stock valued at $3,506,000 after buying an additional 91 shares during the last quarter. Barry Investment Advisors LLC bought a new position in Broadcom in the 4th quarter worth $228,000. Finally, Stegent Equity Advisors Inc. bought a new stake in Broadcom during the fourth quarter valued at about $271,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. TD Cowen raised Broadcom from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $1,400.00 to $1,500.00 in a research report on Thursday, March 21st. Mizuho increased their price objective on Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a research report on Thursday, March 7th. Jefferies Financial Group initiated coverage on shares of Broadcom in a research report on Monday, May 13th. They set a “buy” rating and a $1,550.00 target price on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $1,500.00 price target on shares of Broadcom in a report on Thursday, March 21st. Finally, Evercore ISI started coverage on shares of Broadcom in a report on Tuesday, April 16th. They set an “outperform” rating and a $1,620.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and a consensus target price of $1,296.91.

Insider Activity at Broadcom

In other Broadcom news, Director Kenneth Hao sold 9,160 shares of Broadcom stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the transaction, the director now directly owns 45 shares in the company, valued at $62,465.85. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Broadcom news, Director Kenneth Hao sold 9,160 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the sale, the director now directly owns 45 shares in the company, valued at approximately $62,465.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 2,500 shares of Broadcom stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total transaction of $3,291,150.00. Following the completion of the transaction, the insider now directly owns 41,974 shares in the company, valued at approximately $55,257,092.04. The disclosure for this sale can be found here. Insiders sold a total of 29,920 shares of company stock worth $40,306,667 in the last quarter. Corporate insiders own 2.00% of the company’s stock.

Broadcom Trading Up 1.0 %

Shares of NASDAQ:AVGO traded up $14.55 during midday trading on Friday, hitting $1,407.84. The company had a trading volume of 1,672,996 shares, compared to its average volume of 2,139,019. The firm has a fifty day simple moving average of $1,324.64 and a 200 day simple moving average of $1,202.84. The stock has a market cap of $652.42 billion, a price-to-earnings ratio of 52.18, a PEG ratio of 2.81 and a beta of 1.25. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05. Broadcom Inc. has a 12 month low of $690.77 and a 12 month high of $1,445.40.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company had revenue of $11.96 billion during the quarter, compared to analyst estimates of $11.79 billion. During the same period in the previous year, the company earned $9.83 EPS. The company’s revenue for the quarter was up 34.2% compared to the same quarter last year. On average, analysts predict that Broadcom Inc. will post 36.06 EPS for the current year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were issued a $5.25 dividend. This represents a $21.00 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s dividend payout ratio (DPR) is 77.84%.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.