Broadcom Inc. $AVGO Holdings Lowered by GAM Holding AG

GAM Holding AG lowered its position in Broadcom Inc. (NASDAQ:AVGO) by 16.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 79,430 shares of the semiconductor manufacturer’s stock after selling 15,127 shares during the quarter. Broadcom comprises 1.6% of GAM Holding AG’s investment portfolio, making the stock its 9th largest holding. GAM Holding AG’s holdings in Broadcom were worth $26,205,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sawyer & Company Inc raised its position in shares of Broadcom by 62.1% in the second quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 36 shares during the period. Longfellow Investment Management Co. LLC bought a new position in Broadcom in the 2nd quarter worth approximately $27,000. Legend Financial Advisors Inc. purchased a new position in Broadcom in the 2nd quarter valued at approximately $28,000. Teachers Insurance & Annuity Association of America bought a new stake in Broadcom during the 2nd quarter valued at $28,000. Finally, LGT Financial Advisors LLC purchased a new stake in shares of Broadcom during the second quarter worth $31,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Trading Down 0.1%

Shares of AVGO opened at $343.50 on Thursday. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $414.61. The company has a market capitalization of $1.63 trillion, a P/E ratio of 72.16, a P/E/G ratio of 1.16 and a beta of 1.21. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58. The firm’s 50 day simple moving average is $361.10 and its 200 day simple moving average is $329.81.

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

Broadcom Increases Dividend

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

Insider Transactions at Broadcom

In other news, CFO Kirsten M. Spears sold 30,000 shares of the stock in a transaction dated 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 in the company, valued at approximately $96,428,573.34. This represents a 9.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark David Brazeal sold 38,281 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $327.65, for a total value of $12,542,769.65. Following the transaction, the insider directly owned 266,494 shares in the company, valued at approximately $87,316,759.10. This represents a 12.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 680,701 shares of company stock worth $249,624,757. Company insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. boosted their price objective on Broadcom from $400.00 to $475.00 and gave the company an “overweight” rating in a research note on Friday, December 12th. Morgan Stanley lifted their target price on Broadcom from $443.00 to $462.00 and gave the company an “overweight” rating in a report on Friday, December 12th. Robert W. Baird set a $420.00 price target on shares of Broadcom in a report on Friday, December 12th. Bank of America boosted their price objective on shares of Broadcom from $460.00 to $500.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Broadcom in a research note on Monday, December 29th. Three research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $436.89.

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.