Broadcom Inc. $AVGO Shares Sold by Probity Advisors Inc.

Probity Advisors Inc. reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 11.8% during the 3rd quarter, Holdings Channel.com reports. The firm owned 14,801 shares of the semiconductor manufacturer’s stock after selling 1,989 shares during the period. Broadcom makes up approximately 0.8% of Probity Advisors Inc.’s portfolio, making the stock its 25th largest position. Probity Advisors Inc.’s holdings in Broadcom were worth $4,883,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Norges Bank acquired a new stake in shares of Broadcom during the 2nd quarter valued at approximately $18,579,549,000. Vanguard Group Inc. raised its holdings in Broadcom by 1.3% during the second quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after purchasing an additional 6,222,802 shares during the last quarter. Edgewood Management LLC purchased a new stake in Broadcom during the second quarter worth $1,571,438,000. Massachusetts Financial Services Co. MA grew its holdings in Broadcom by 115.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 6,017,340 shares of the semiconductor manufacturer’s stock valued at $1,658,680,000 after purchasing an additional 3,224,739 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of Broadcom by 8.4% in the second quarter. Invesco Ltd. now owns 38,449,630 shares of the semiconductor manufacturer’s stock valued at $10,598,641,000 after buying an additional 2,978,768 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Activity at Broadcom

In related news, CFO Kirsten M. Spears sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 31st. The shares were sold at an average price of $347.82, for a total transaction of $10,434,600.00. Following the completion of the transaction, the chief financial officer owned 277,237 shares of the company’s stock, valued at approximately $96,428,573.34. This represents a 9.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Henry Samueli sold 320,316 shares of Broadcom stock in a transaction on Monday, December 8th. The shares were sold at an average price of $400.53, for a total transaction of $128,296,167.48. Following the completion of the transaction, the director owned 37,326,540 shares in the company, valued at approximately $14,950,399,066.20. This trade represents a 0.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 779,901 shares of company stock worth $284,069,237. 2.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several recent research reports. Sanford C. Bernstein reiterated an “outperform” rating and issued a $475.00 price objective (up from $400.00) on shares of Broadcom in a research report on Friday, December 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Broadcom in a report on Monday, December 29th. Benchmark increased their price target on shares of Broadcom from $385.00 to $485.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Raymond James Financial set a $420.00 price objective on Broadcom and gave the stock an “outperform” rating in a research report on Thursday, November 20th. Finally, Evercore ISI increased their target price on Broadcom from $342.00 to $403.00 and gave the company an “outperform” rating in a report on Wednesday, October 15th. Two analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $438.61.

Broadcom Stock Up 0.1%

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

Broadcom (NASDAQ:AVGO) last issued its quarterly 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. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The company had revenue of $18.02 billion for the quarter, compared to analyst estimates of $17.46 billion. During the same quarter in the prior year, the company posted $1.42 EPS. The business’s revenue for the quarter was up 28.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd were issued a $0.65 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date was Monday, December 22nd. This represents a $2.60 annualized dividend and a yield of 0.8%. Broadcom’s dividend payout ratio (DPR) is presently 54.62%.

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.