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

Lockheed Martin Investment Management Co. reduced its stake in Broadcom Inc. (NASDAQ:AVGO) by 44.0% during the third quarter, HoldingsChannel reports. The fund owned 191,100 shares of the semiconductor manufacturer’s stock after selling 150,250 shares during the period. Broadcom comprises approximately 2.3% of Lockheed Martin Investment Management Co.’s holdings, making the stock its 12th largest position. Lockheed Martin Investment Management Co.’s holdings in Broadcom were worth $63,046,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Assetmark Inc. increased its holdings in shares of Broadcom by 2.4% in the 2nd quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock worth $469,566,000 after purchasing an additional 39,466 shares in the last quarter. Capital Counsel LLC NY purchased a new stake in shares of Broadcom during the second quarter valued at $221,000. Waterloo Capital L.P. raised its position in Broadcom by 7.0% in the 2nd quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock worth $13,331,000 after buying an additional 3,180 shares during the last quarter. Providence First Trust Co lifted its stake in Broadcom by 1,099.3% during the 3rd quarter. Providence First Trust Co now owns 8,923 shares of the semiconductor manufacturer’s stock valued at $2,944,000 after acquiring an additional 8,179 shares during the period. Finally, RiverFront Investment Group LLC lifted its stake in Broadcom by 107.6% during the 2nd quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock valued at $4,555,000 after acquiring an additional 8,566 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO opened at $333.24 on Thursday. The business has a 50-day simple moving average of $356.26 and a two-hundred day simple moving average of $336.89. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76. Broadcom Inc. has a 52 week low of $138.10 and a 52 week high of $414.61. The stock has a market cap of $1.58 trillion, a price-to-earnings ratio of 70.01, a PEG ratio of 1.10 and a beta of 1.21.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $17.46 billion. During the same period in the previous year, the company posted $1.42 EPS. The firm’s revenue was up 28.2% on a year-over-year basis. On average, analysts expect 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. Stockholders of record on Monday, December 22nd were paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. This is a boost from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Monday, December 22nd. Broadcom’s dividend payout ratio is currently 54.62%.

Insider Activity

In related news, CEO Hock E. Tan sold 70,000 shares of Broadcom stock in a transaction on 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 owned 132,836 shares in the company, valued at approximately $46,133,942.80. The trade was a 34.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kirsten M. Spears sold 30,000 shares of the stock in a transaction on Wednesday, December 31st. The stock was sold at an average price of $347.82, for a total value of $10,434,600.00. Following the completion of the sale, the chief financial officer owned 277,237 shares of the company’s stock, valued at $96,428,573.34. The trade was a 9.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 779,901 shares of company stock worth $284,069,237. 2.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on AVGO. Bank of America boosted their price objective on shares of Broadcom from $460.00 to $500.00 and gave the company a “buy” rating in a report on Friday, December 12th. Oppenheimer boosted their target price on shares of Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Barclays reaffirmed an “overweight” rating and issued a $500.00 price objective (up previously from $450.00) on shares of Broadcom in a report on Friday, December 12th. The Goldman Sachs Group reissued a “buy” rating and issued a $450.00 target price on shares of Broadcom in a report on Monday, January 5th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Broadcom in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average 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.