Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Red Tortoise LLC

Red Tortoise LLC cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 24.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 62 shares of the semiconductor manufacturer’s stock after selling 20 shares during the period. Red Tortoise LLC’s holdings in Broadcom were worth $69,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in AVGO. State Street Corp increased its holdings in shares of Broadcom by 5.0% in the first quarter. State Street Corp now owns 16,632,123 shares of the semiconductor manufacturer’s stock valued at $10,670,149,000 after buying an additional 794,832 shares in the last quarter. Morgan Stanley increased its holdings in shares of Broadcom by 12.5% in the fourth quarter. Morgan Stanley now owns 5,878,874 shares of the semiconductor manufacturer’s stock valued at $3,287,056,000 after buying an additional 651,014 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Broadcom by 11.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,682,635 shares of the semiconductor manufacturer’s stock valued at $2,948,563,000 after buying an additional 488,405 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Broadcom by 2.1% in the third quarter. Northern Trust Corp now owns 4,655,402 shares of the semiconductor manufacturer’s stock valued at $3,866,684,000 after buying an additional 93,615 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its holdings in shares of Broadcom by 4.4% in the second quarter. Nuveen Asset Management LLC now owns 4,280,218 shares of the semiconductor manufacturer’s stock valued at $3,712,789,000 after buying an additional 179,272 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 2,000 shares of Broadcom stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the transaction, the chief executive officer now directly owns 168,096 shares of the company’s stock, valued at $220,583,976. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Hock E. Tan sold 2,000 shares of Broadcom stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the transaction, the chief executive officer now directly owns 168,096 shares of the company’s stock, valued at $220,583,976. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Justine Page sold 110 shares of Broadcom stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the transaction, the director now directly owns 3,125 shares in the company, valued at $4,134,375. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 29,920 shares of company stock valued at $40,306,667. 2.00% of the stock is currently owned by insiders.

Broadcom Price Performance

NASDAQ:AVGO traded down $46.43 during mid-day trading on Wednesday, hitting $1,282.63. The company’s stock had a trading volume of 2,469,884 shares, compared to its average volume of 2,954,472. Broadcom Inc. has a fifty-two week low of $601.29 and a fifty-two week high of $1,438.17. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $594.40 billion, a price-to-earnings ratio of 47.95, a P/E/G ratio of 2.67 and a beta of 1.25. The stock has a fifty day moving average of $1,306.49 and a 200-day moving average of $1,114.01.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The business had revenue of $11.96 billion during the quarter, compared to analyst estimates of $11.79 billion. During the same quarter last year, the business posted $9.83 earnings per share. Broadcom’s revenue for the quarter was up 34.2% compared to the same quarter last year. As a group, equities analysts forecast that Broadcom Inc. will post 35.95 EPS for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were paid a $5.25 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a yield of 1.64%. Broadcom’s payout ratio is presently 77.84%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on AVGO. UBS Group boosted their target price on shares of Broadcom to $1,480.00 and gave the company a “buy” rating in a research note on Monday, February 26th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $1,500.00 target price on shares of Broadcom in a research note on Monday, April 8th. Evercore ISI began coverage on shares of Broadcom in a research note on Tuesday. They set an “outperform” rating and a $1,620.00 target price on the stock. StockNews.com downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $1,500.00 target price on shares of Broadcom in a research note on Thursday, March 21st. Three analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $1,285.41.

Broadcom 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.