Vancity Investment Management Ltd Trims Stake in Broadcom Inc. (NASDAQ:AVGO)

Vancity Investment Management Ltd reduced its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 5.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,695 shares of the semiconductor manufacturer’s stock after selling 737 shares during the quarter. Vancity Investment Management Ltd’s holdings in Broadcom were worth $7,503,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Concentric Wealth Management LLC boosted its position in Broadcom by 3.1% during the 1st quarter. Concentric Wealth Management LLC now owns 4,045 shares of the semiconductor manufacturer’s stock valued at $2,595,000 after acquiring an additional 120 shares in the last quarter. Chicago Partners Investment Group LLC boosted its position in shares of Broadcom by 28.4% in the 1st quarter. Chicago Partners Investment Group LLC now owns 1,059 shares of the semiconductor manufacturer’s stock worth $672,000 after purchasing an additional 234 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its position in shares of Broadcom by 14.2% in the 1st quarter. Vanguard Personalized Indexing Management LLC now owns 29,871 shares of the semiconductor manufacturer’s stock worth $19,164,000 after purchasing an additional 3,716 shares in the last quarter. Charles Schwab Investment Advisory Inc. acquired a new stake in shares of Broadcom in the 4th quarter worth $210,000. Finally, Treasurer of the State of North Carolina boosted its position in shares of Broadcom by 0.7% in the 1st quarter. Treasurer of the State of North Carolina now owns 173,997 shares of the semiconductor manufacturer’s stock worth $111,626,000 after purchasing an additional 1,203 shares in the last quarter. 78.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Broadcom

In other Broadcom news, Director Check Kian Low purchased 11,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The stock was purchased at an average price of $872.03 per share, for a total transaction of $9,592,330.00. Following the purchase, the director now directly owns 15,951 shares in the company, valued at $13,909,750.53. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.20% of the stock is owned by company insiders.

Broadcom Price Performance

Shares of Broadcom stock opened at $857.55 on Friday. The company has a quick ratio of 2.13, a current ratio of 2.50 and a debt-to-equity ratio of 1.73. Broadcom Inc. has a twelve month low of $415.07 and a twelve month high of $923.67. The business has a 50-day moving average price of $875.64 and a 200 day moving average price of $751.63. The firm has a market cap of $353.89 billion, a PE ratio of 26.37, a P/E/G ratio of 1.68 and a beta of 1.10.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 earnings per share for the quarter, beating the consensus estimate of $10.43 by $0.11. Broadcom had a return on equity of 74.31% and a net margin of 39.25%. The firm had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.85 billion. During the same quarter in the previous year, the business earned $9.07 EPS. Broadcom’s revenue for the quarter was up 4.5% compared to the same quarter last year. Sell-side analysts predict that Broadcom Inc. will post 38.23 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, September 21st will be paid a $4.60 dividend. The ex-dividend date is Wednesday, September 20th. This represents a $18.40 annualized dividend and a dividend yield of 2.15%. Broadcom’s dividend payout ratio is presently 56.58%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Truist Financial raised their price objective on Broadcom from $942.00 to $995.00 and gave the stock a “buy” rating in a research report on Friday. StockNews.com raised Broadcom from a “hold” rating to a “buy” rating in a research report on Wednesday, August 16th. TD Cowen lifted their price target on Broadcom from $800.00 to $900.00 and gave the stock a “market perform” rating in a research report on Friday, September 1st. KeyCorp lifted their price target on Broadcom from $940.00 to $1,000.00 and gave the stock an “overweight” rating in a research report on Friday, September 1st. Finally, Rosenblatt Securities lifted their price target on Broadcom from $900.00 to $1,000.00 in a research report on Friday, September 1st. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $846.14.

Broadcom Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.