First Business Financial Services Inc. Sells 3,102 Shares of Broadcom Inc. $AVGO

First Business Financial Services Inc. cut its holdings in Broadcom Inc. (NASDAQ:AVGO) by 7.8% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 36,835 shares of the semiconductor manufacturer’s stock after selling 3,102 shares during the quarter. Broadcom makes up 1.1% of First Business Financial Services Inc.’s holdings, making the stock its 13th biggest holding. First Business Financial Services Inc.’s holdings in Broadcom were worth $12,152,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Norges Bank bought a new position in Broadcom in the 2nd quarter valued at approximately $18,579,549,000. Vanguard Group Inc. increased its holdings in shares of Broadcom by 1.3% during the second quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after buying an additional 6,222,802 shares in the last quarter. Edgewood Management LLC bought a new position in shares of Broadcom in the 2nd quarter valued at $1,571,438,000. Massachusetts Financial Services Co. MA boosted its holdings in shares of Broadcom by 115.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 6,017,340 shares of the semiconductor manufacturer’s stock valued at $1,658,680,000 after acquiring an additional 3,224,739 shares in the last quarter. Finally, Invesco Ltd. grew its position in Broadcom by 8.4% during the 2nd quarter. Invesco Ltd. now owns 38,449,630 shares of the semiconductor manufacturer’s stock worth $10,598,641,000 after acquiring an additional 2,978,768 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In other news, CEO Hock E. Tan sold 70,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $347.30, for a total transaction of $24,311,000.00. Following the completion of the transaction, the chief executive officer directly owned 132,836 shares of the company’s stock, valued at $46,133,942.80. The trade was a 34.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 1,928 shares of the company’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $327.80, for a total value of $631,998.40. Following the sale, the insider owned 23,582 shares of the company’s stock, valued at approximately $7,730,179.60. This trade represents a 7.56% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 779,901 shares of company stock worth $284,069,237 in the last three months. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Up 2.4%

Shares of NASDAQ AVGO opened at $332.79 on Wednesday. The business has a 50-day simple moving average of $356.69 and a two-hundred day simple moving average of $336.92. The company has a market cap of $1.58 trillion, a P/E ratio of 69.91, a P/E/G ratio of 1.08 and a beta of 1.21. Broadcom Inc. has a 52 week low of $138.10 and a 52 week high of $414.61. 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 issued its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.87 by $0.08. The firm had revenue of $18.02 billion during the quarter, compared to the consensus estimate of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The company’s revenue for the quarter was up 28.2% on a year-over-year basis. During the same quarter last year, the company posted $1.42 EPS. Research 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 represents a $2.60 annualized dividend and a yield of 0.8%. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio (DPR) is 54.62%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on AVGO shares. Mizuho set a $480.00 target price on Broadcom and gave the company an “outperform” rating in a research report on Friday, January 9th. Oppenheimer upped their price objective on Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Citigroup reiterated a “buy” rating on shares of Broadcom in a research report on Thursday, January 15th. Sanford C. Bernstein reissued an “outperform” rating and set a $475.00 target price (up from $400.00) on shares of Broadcom in a report on Friday, December 12th. Finally, Raymond James Financial set a $420.00 price target on shares of Broadcom and gave the company an “outperform” rating in a research note on Thursday, November 20th. Two research 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.com, the company currently has a consensus rating of “Buy” and an average target price of $438.61.

Broadcom 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.