Broadcom Inc. $AVGO Shares Sold by AMF Tjanstepension AB

AMF Tjanstepension AB trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 21.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 452,550 shares of the semiconductor manufacturer’s stock after selling 122,333 shares during the period. Broadcom accounts for 1.6% of AMF Tjanstepension AB’s portfolio, making the stock its 20th biggest position. AMF Tjanstepension AB’s holdings in Broadcom were worth $149,301,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Longfellow Investment Management Co. LLC bought a new stake in shares of Broadcom during the 2nd quarter worth about $27,000. Teachers Insurance & Annuity Association of America acquired a new stake in shares of Broadcom during the 2nd quarter valued at $28,000. LGT Financial Advisors LLC acquired a new position in shares of Broadcom in the 2nd quarter valued at $31,000. New England Capital Financial Advisors LLC acquired a new position in shares of Broadcom in the second quarter worth about $31,000. Finally, JCIC Asset Management Inc. acquired a new position in Broadcom in the 3rd quarter worth approximately $31,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 130,000 shares of the company’s stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $326.02, for a total transaction of $42,382,600.00. Following the sale, the chief executive officer owned 595,638 shares in the company, valued at $194,189,900.76. This represents a 17.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kirsten M. Spears sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 31st. The shares were sold at an average price of $347.82, for a total value of $10,434,600.00. Following the sale, the chief financial officer owned 277,237 shares of the company’s stock, valued at approximately $96,428,573.34. This represents a 9.76% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 779,901 shares of company stock worth $284,069,237 over the last three months. 2.00% of the stock is owned by insiders.

Broadcom Price Performance

NASDAQ AVGO opened at $331.30 on Friday. The business has a 50 day simple moving average of $355.76 and a 200 day simple moving average of $337.24. Broadcom Inc. has a 52-week low of $138.10 and a 52-week high of $414.61. The stock has a market cap of $1.57 trillion, a price-to-earnings ratio of 69.60, a PEG ratio of 1.10 and a beta of 1.21. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71.

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

Broadcom Increases Dividend

The firm also recently announced 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. The ex-dividend date was Monday, December 22nd. This is a boost from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 annualized dividend and a yield of 0.8%. Broadcom’s dividend payout ratio is currently 54.62%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. KeyCorp reissued an “overweight” rating and issued a $500.00 price target (up from $460.00) on shares of Broadcom in a research report on Friday, December 12th. Raymond James Financial set a $420.00 price objective on Broadcom and gave the company an “outperform” rating in a research note on Thursday, November 20th. UBS Group set a $475.00 target price on shares of Broadcom and gave the stock a “buy” rating in a research report on Monday, December 15th. Morgan Stanley upped their price target on Broadcom from $443.00 to $462.00 and gave the stock an “overweight” rating in a report on Friday, December 12th. Finally, Truist Financial boosted their price target on Broadcom from $500.00 to $510.00 and gave the company a “buy” rating in a research note on Friday, December 19th. Two analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Broadcom presently has an average rating of “Buy” and a consensus price target of $437.28.

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.