Sumitomo Mitsui DS Asset Management Company Ltd Sells 242 Shares of Broadcom Inc (NASDAQ:AVGO)

Sumitomo Mitsui DS Asset Management Company Ltd decreased its holdings in shares of Broadcom Inc (NASDAQ:AVGO) by 0.7% during the fourth quarter, HoldingsChannel reports. The fund owned 33,695 shares of the semiconductor manufacturer’s stock after selling 242 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Broadcom were worth $10,648,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the business. Mackenzie Financial Corp boosted its holdings in shares of Broadcom by 17.1% during the 2nd quarter. Mackenzie Financial Corp now owns 617,079 shares of the semiconductor manufacturer’s stock valued at $177,632,000 after acquiring an additional 90,318 shares in the last quarter. Marshall Wace LLP lifted its holdings in Broadcom by 44.9% during the 2nd quarter. Marshall Wace LLP now owns 14,980 shares of the semiconductor manufacturer’s stock worth $4,312,000 after buying an additional 4,644 shares during the period. Victory Capital Management Inc. lifted its holdings in Broadcom by 1.6% during the 2nd quarter. Victory Capital Management Inc. now owns 98,368 shares of the semiconductor manufacturer’s stock worth $28,316,000 after buying an additional 1,594 shares during the period. Andra AP fonden lifted its holdings in Broadcom by 33.1% during the 2nd quarter. Andra AP fonden now owns 16,100 shares of the semiconductor manufacturer’s stock worth $4,635,000 after buying an additional 4,000 shares during the period. Finally, Doyle Wealth Management acquired a new position in Broadcom during the 2nd quarter worth about $42,000. 83.19% of the stock is currently owned by institutional investors and hedge funds.

AVGO traded up $2.63 during midday trading on Friday, reaching $322.28. 360,641 shares of the company were exchanged, compared to its average volume of 2,132,452. The company has a debt-to-equity ratio of 1.58, a quick ratio of 1.31 and a current ratio of 1.44. The company’s fifty day moving average price is $314.22 and its 200 day moving average price is $295.93. The company has a market cap of $124.46 billion, a price-to-earnings ratio of 50.00, a price-to-earnings-growth ratio of 1.52 and a beta of 0.90. Broadcom Inc has a one year low of $250.09 and a one year high of $331.20.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $5.39 EPS for the quarter, topping analysts’ consensus estimates of $5.35 by $0.04. The firm had revenue of $5.78 billion during the quarter, compared to analyst estimates of $5.74 billion. Broadcom had a return on equity of 46.16% and a net margin of 12.06%. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period in the previous year, the company posted $5.85 EPS. As a group, sell-side analysts anticipate that Broadcom Inc will post 19.22 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were issued a dividend of $3.25 per share. This is a positive change from Broadcom’s previous quarterly dividend of $2.65. This represents a $13.00 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date of this dividend was Friday, December 20th. Broadcom’s payout ratio is currently 74.67%.

Several research analysts have commented on the company. Piper Jaffray Companies reaffirmed a “buy” rating and set a $345.00 target price (up from $330.00) on shares of Broadcom in a report on Tuesday, December 10th. Morgan Stanley raised Broadcom from an “equal weight” rating to an “overweight” rating in a report on Wednesday, November 27th. SunTrust Banks lifted their target price on Broadcom from $361.00 to $366.00 and gave the stock a “buy” rating in a report on Tuesday. Wells Fargo & Co lifted their target price on Broadcom from $300.00 to $330.00 and gave the stock an “equal weight” rating in a report on Friday, December 13th. Finally, New Street Research reaffirmed a “buy” rating and set a target price on shares of Broadcom in a report on Wednesday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $334.10.

In other Broadcom news, CEO Hock E. Tan sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $319.82, for a total transaction of $6,396,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 188,646 shares of company stock valued at $58,355,351 over the last three months. Corporate insiders own 3.30% of the company’s stock.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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