Resona Asset Management Co. Ltd. Cuts Stake in Broadcom Inc. $AVGO

Resona Asset Management Co. Ltd. decreased its position in Broadcom Inc. (NASDAQ:AVGO) by 5.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,414,213 shares of the semiconductor manufacturer’s stock after selling 86,377 shares during the quarter. Broadcom makes up 2.2% of Resona Asset Management Co. Ltd.’s investment portfolio, making the stock its 6th largest position. Resona Asset Management Co. Ltd.’s holdings in Broadcom were worth $466,078,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. JCIC Asset Management Inc. purchased a new stake in Broadcom in the 3rd quarter worth approximately $31,000. Longfellow Investment Management Co. LLC bought a new position in shares of Broadcom during the second quarter valued at approximately $27,000. Teachers Insurance & Annuity Association of America purchased a new stake in Broadcom in the second quarter worth $28,000. Manning & Napier Advisors LLC bought a new stake in Broadcom in the third quarter valued at $34,000. Finally, LGT Financial Advisors LLC purchased a new position in Broadcom during the 2nd quarter valued at $31,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Trading Down 0.8%

NASDAQ AVGO opened at $330.73 on Friday. Broadcom Inc. has a 12 month low of $138.10 and a 12 month high of $414.61. The company has a current ratio of 1.71, a quick ratio of 1.58 and a debt-to-equity ratio of 0.76. The stock’s fifty day moving average price is $355.94 and its 200-day moving average price is $336.85. The stock has a market cap of $1.57 trillion, a P/E ratio of 69.48, a P/E/G ratio of 1.10 and a beta of 1.21.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.87 by $0.08. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The firm had revenue of $18.02 billion during the quarter, compared to analyst estimates of $17.46 billion. During the same quarter in the previous year, the firm earned $1.42 EPS. Broadcom’s quarterly revenue was up 28.2% compared to the same quarter last year. As a group, equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd were issued a dividend of $0.65 per share. The ex-dividend date was Monday, December 22nd. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. Broadcom’s dividend payout ratio is currently 54.62%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Bank of America raised their target price on shares of Broadcom from $460.00 to $500.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. The Goldman Sachs Group restated a “buy” rating and issued a $450.00 price objective on shares of Broadcom in a report on Monday, January 5th. Susquehanna reiterated a “positive” rating and set a $450.00 target price (up previously from $400.00) on shares of Broadcom in a report on Thursday, December 4th. JPMorgan Chase & Co. raised their target price on Broadcom from $400.00 to $475.00 and gave the company an “overweight” rating in a research note on Friday, December 12th. Finally, Rosenblatt Securities upped their price target on Broadcom from $400.00 to $440.00 and gave the stock a “buy” rating in a research note on Tuesday, December 9th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, Broadcom currently has an average rating of “Buy” and a consensus price target of $438.61.

Insider Activity at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 1,928 shares of Broadcom stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $327.80, for a total value of $631,998.40. Following the completion of the sale, the insider owned 23,582 shares of the company’s stock, valued at approximately $7,730,179.60. This trade represents a 7.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Harry L. You purchased 1,000 shares of the stock in a transaction dated Thursday, December 18th. The shares were acquired at an average cost of $325.13 per share, for a total transaction of $325,130.00. Following the completion of the acquisition, the director owned 36,602 shares of the company’s stock, valued at approximately $11,900,408.26. This represents a 2.81% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have sold 779,901 shares of company stock valued at $284,069,237 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

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.