Bay Rivers Group Sells 10,176 Shares of Broadcom Inc. $AVGO

Bay Rivers Group cut its stake in Broadcom Inc. (NASDAQ:AVGO) by 18.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 46,486 shares of the semiconductor manufacturer’s stock after selling 10,176 shares during the period. Broadcom comprises approximately 6.5% of Bay Rivers Group’s portfolio, making the stock its 3rd largest position. Bay Rivers Group’s holdings in Broadcom were worth $15,336,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of AVGO. Vanguard Group Inc. grew its position in Broadcom by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after purchasing an additional 6,222,802 shares during the last quarter. State Street Corp increased its position in Broadcom by 0.5% during the 2nd quarter. State Street Corp now owns 185,276,987 shares of the semiconductor manufacturer’s stock worth $51,071,601,000 after purchasing an additional 873,963 shares during the period. Geode Capital Management LLC raised its position in Broadcom by 2.1% in the second quarter. Geode Capital Management LLC now owns 108,610,718 shares of the semiconductor manufacturer’s stock worth $29,827,649,000 after acquiring an additional 2,226,585 shares in the last quarter. Norges Bank acquired a new stake in shares of Broadcom in the second quarter valued at about $18,579,549,000. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Broadcom by 37.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer’s stock valued at $10,968,270,000 after acquiring an additional 17,985,046 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Trading Up 1.2%

Shares of NASDAQ AVGO opened at $329.88 on Friday. The stock’s 50 day moving average price is $362.66 and its two-hundred day moving average price is $320.02. Broadcom Inc. has a 52-week low of $138.10 and a 52-week high of $414.61. The stock has a market capitalization of $1.56 trillion, a P/E ratio of 69.30, a PEG ratio of 1.09 and a beta of 1.19. 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 (NASDAQ:AVGO) last released its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. 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 earnings per share. The firm’s revenue for the quarter was up 28.2% compared to the same quarter last year. On average, analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 22nd will be given a dividend of $0.65 per share. The ex-dividend date is Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. This is an increase from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s payout ratio is presently 49.58%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on AVGO shares. Wells Fargo & Company boosted their price objective on shares of Broadcom from $255.00 to $345.00 and gave the stock an “equal weight” rating in a research report on Friday, September 5th. Citigroup restated a “buy” rating and issued a $480.00 target price (up from $415.00) on shares of Broadcom in a report on Friday, December 12th. Deutsche Bank Aktiengesellschaft set a $430.00 price target on Broadcom and gave the company a “buy” rating in a research report on Friday, December 12th. Benchmark increased their price objective on shares of Broadcom from $385.00 to $485.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Finally, Bank of America increased their target price on Broadcom from $460.00 to $500.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, Broadcom has an average rating of “Buy” and a consensus target price of $435.96.

Insider Buying and Selling at Broadcom

In related news, CEO Hock E. Tan sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 23rd. The stock was sold at an average price of $339.58, for a total value of $33,958,000.00. Following the sale, the chief executive officer directly owned 725,638 shares in the company, valued at $246,412,152.04. This trade represents a 12.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark David Brazeal sold 24,527 shares of the firm’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $340.91, for a total value of $8,361,499.57. Following the transaction, the insider directly owned 304,775 shares in the company, valued at $103,900,845.25. This trade represents a 7.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 825,296 shares of company stock valued at $299,151,975. Corporate insiders own 2.00% of the company’s stock.

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.