Broadcom Inc. $AVGO is Sienna Gestion’s 4th Largest Position

Sienna Gestion lessened its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 9.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 138,296 shares of the semiconductor manufacturer’s stock after selling 15,033 shares during the period. Broadcom makes up approximately 2.9% of Sienna Gestion’s investment portfolio, making the stock its 4th largest position. Sienna Gestion’s holdings in Broadcom were worth $41,599,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in AVGO. JCIC Asset Management Inc. acquired a new position in Broadcom during the third quarter worth about $31,000. Longfellow Investment Management Co. LLC acquired a new stake in shares of Broadcom in the second quarter valued at approximately $27,000. Teachers Insurance & Annuity Association of America acquired a new stake in shares of Broadcom in the second quarter valued at approximately $28,000. Manning & Napier Advisors LLC purchased a new position in shares of Broadcom during the 3rd quarter worth approximately $34,000. Finally, New England Capital Financial Advisors LLC purchased a new position in shares of Broadcom during the 2nd quarter worth approximately $31,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on AVGO. Morgan Stanley upped their target price on Broadcom from $462.00 to $470.00 and gave the company an “overweight” rating in a research note on Friday. Rosenblatt Securities raised their price target on Broadcom from $450.00 to $500.00 and gave the stock a “buy” rating in a research report on Thursday. Weiss Ratings restated a “buy (b)” rating on shares of Broadcom in a research report on Monday, December 29th. JPMorgan Chase & Co. increased their price objective on Broadcom from $475.00 to $500.00 and gave the company an “overweight” rating in a research note on Thursday. Finally, TD Cowen reiterated a “buy” rating on shares of Broadcom in a research report on Friday, December 12th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $435.30.

Broadcom Price Performance

AVGO stock opened at $331.03 on Monday. The stock has a market capitalization of $1.57 trillion, a price-to-earnings ratio of 64.65, a price-to-earnings-growth ratio of 0.77 and a beta of 1.22. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.80. Broadcom Inc. has a 52-week low of $138.10 and a 52-week high of $414.61. The stock’s fifty day simple moving average is $333.75 and its 200-day simple moving average is $343.49.

Broadcom (NASDAQ:AVGO) last released its earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 EPS for the quarter, beating the consensus estimate of $2.03 by $0.02. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The firm had revenue of $19.31 billion during the quarter, compared to analyst estimates of $19.10 billion. During the same period in the prior year, the firm posted $1.60 earnings per share. The business’s quarterly revenue was up 29.5% compared to the same quarter last year. Equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 23rd will be given a $0.65 dividend. The ex-dividend date of this dividend is Monday, March 23rd. This represents a $2.60 annualized dividend and a dividend yield of 0.8%. Broadcom’s dividend payout ratio (DPR) is currently 50.78%.

Insiders Place Their Bets

In related news, Director Harry L. You bought 1,000 shares of the stock in a transaction that occurred on Thursday, December 18th. The stock was purchased 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 in the company, valued at $11,900,408.26. This trade represents a 2.81% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kirsten M. Spears sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 31st. The stock was sold at an average price of $347.82, for a total transaction of $10,434,600.00. Following the transaction, the chief financial officer directly owned 277,237 shares of the company’s stock, valued at $96,428,573.34. This trade represents a 9.76% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 458,785 shares of company stock valued at $155,508,157. 2.00% of the stock is currently owned by corporate insiders.

About Broadcom

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.