Broadcom Inc. $AVGO Stake Lowered by Richard Bernstein Advisors LLC

Richard Bernstein Advisors LLC cut its stake in Broadcom Inc. (NASDAQ:AVGO) by 52.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 35,578 shares of the semiconductor manufacturer’s stock after selling 39,919 shares during the quarter. Broadcom makes up 0.3% of Richard Bernstein Advisors LLC’s portfolio, making the stock its 25th biggest holding. Richard Bernstein Advisors LLC’s holdings in Broadcom were worth $11,738,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Claret Asset Management Corp boosted its position in Broadcom by 10.3% during the third quarter. Claret Asset Management Corp now owns 1,174 shares of the semiconductor manufacturer’s stock valued at $387,000 after purchasing an additional 110 shares during the last quarter. PFC Capital Group Inc. grew its stake in Broadcom by 4.7% in the third quarter. PFC Capital Group Inc. now owns 4,262 shares of the semiconductor manufacturer’s stock valued at $1,406,000 after purchasing an additional 190 shares in the last quarter. Capital International Sarl increased its position in Broadcom by 3.4% in the 3rd quarter. Capital International Sarl now owns 1,029,444 shares of the semiconductor manufacturer’s stock worth $339,624,000 after purchasing an additional 34,157 shares during the last quarter. Capital International Ltd. CA increased its position in Broadcom by 0.6% in the 3rd quarter. Capital International Ltd. CA now owns 464,914 shares of the semiconductor manufacturer’s stock worth $153,380,000 after purchasing an additional 2,836 shares during the last quarter. Finally, Capital International Inc. CA raised its stake in shares of Broadcom by 9.2% during the 3rd quarter. Capital International Inc. CA now owns 2,416,180 shares of the semiconductor manufacturer’s stock worth $797,122,000 after purchasing an additional 202,727 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $345.75 on Tuesday. The business’s 50-day simple moving average is $333.68 and its 200-day simple moving average is $343.89. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.73 and a current ratio of 1.90. Broadcom Inc. has a 52 week low of $138.10 and a 52 week high of $414.61. The firm has a market cap of $1.64 trillion, a price-to-earnings ratio of 67.53, a P/E/G ratio of 0.77 and a beta of 1.22.

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

Broadcom Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft set a $430.00 price target on Broadcom and gave the company a “buy” rating in a report on Friday, December 12th. Benchmark reaffirmed a “buy” rating and set a $485.00 price objective on shares of Broadcom in a research report on Thursday, March 5th. Morgan Stanley lifted their target price on shares of Broadcom from $462.00 to $470.00 and gave the company an “overweight” rating in a research note on Friday. Weiss Ratings reissued a “buy (b)” rating on shares of Broadcom in a research report on Monday, December 29th. Finally, Robert W. Baird set a $420.00 price target on shares of Broadcom in a research note on Friday, December 12th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $435.30.

Insider Buying and Selling at Broadcom

In other news, Director Harry L. You bought 1,000 shares of the stock in a transaction that occurred on 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 purchase, the director owned 36,602 shares of the company’s stock, valued at $11,900,408.26. This represents a 2.81% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $347.12, for a total transaction of $10,413,600.00. Following the completion of the transaction, the insider owned 210,573 shares in the company, valued at $73,094,099.76. This trade represents a 12.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 458,785 shares of company stock worth $155,508,157 in the last quarter. 1.90% of the stock is 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.