Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 15.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 33,816 shares of the semiconductor manufacturer’s stock after selling 6,119 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Broadcom were worth $5,662,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. True Wealth Design LLC raised its holdings in shares of Broadcom by 7.2% during the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock valued at $165,000 after buying an additional 48 shares during the last quarter. Samalin Investment Counsel LLC increased its position in Broadcom by 1.0% in the 4th quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer’s stock valued at $1,155,000 after acquiring an additional 50 shares during the period. Mizuho Bank Ltd. raised its stake in Broadcom by 7.1% during the 4th quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer’s stock valued at $174,000 after acquiring an additional 50 shares in the last quarter. Fulton Breakefield Broenniman LLC raised its stake in Broadcom by 2.4% during the 1st quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer’s stock valued at $357,000 after acquiring an additional 50 shares in the last quarter. Finally, American Financial Advisors LLC boosted its position in Broadcom by 3.8% during the 1st quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer’s stock worth $240,000 after acquiring an additional 52 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Trading Up 1.9%

NASDAQ AVGO opened at $280.94 on Wednesday. The firm’s 50 day moving average price is $249.82 and its two-hundred day moving average price is $219.20. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $283.36. The stock has a market cap of $1.32 trillion, a price-to-earnings ratio of 105.22, a PEG ratio of 1.96 and a beta of 1.12.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom’s revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the firm posted $10.96 earnings per share. Equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its Board of Directors has authorized a stock repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.84%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is 88.39%.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 40,000 shares of the business’s stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the transaction, the chief executive officer directly owned 482,836 shares in the company, valued at $129,540,070.44. The trade was a 7.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Henry Samueli sold 473,898 shares of the company’s stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the transaction, the director directly owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 828,916 shares of company stock valued at $216,785,761 over the last ninety days. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Benchmark lifted their price objective on shares of Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Truist Financial set a $295.00 price target on shares of Broadcom and gave the stock a “buy” rating in a research report on Friday, June 6th. Oppenheimer upped their price target on shares of Broadcom from $265.00 to $305.00 and gave the stock an “outperform” rating in a research note on Tuesday. Bank of America raised their price objective on shares of Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Finally, Evercore ISI restated an “outperform” rating and issued a $304.00 target price (up from $267.00) on shares of Broadcom in a research report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $291.88.

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.