Generate Investment Management Ltd Sells 34,003 Shares of Broadcom Inc. (NASDAQ:AVGO)

Generate Investment Management Ltd lowered its holdings in Broadcom Inc. (NASDAQ:AVGO) by 21.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 123,432 shares of the semiconductor manufacturer’s stock after selling 34,003 shares during the period. Broadcom makes up 1.4% of Generate Investment Management Ltd’s investment portfolio, making the stock its 23rd largest position. Generate Investment Management Ltd’s holdings in Broadcom were worth $20,666,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of AVGO. Canton Hathaway LLC bought a new stake in Broadcom during the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom during the 4th quarter valued at $26,000. Inlight Wealth Management LLC purchased a new stake in shares of Broadcom during the 1st quarter valued at $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom during the 4th quarter worth $28,000. Finally, Vermillion Wealth Management Inc. purchased a new position in Broadcom in the fourth quarter worth $30,000. Institutional investors own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares of the company’s stock, valued at approximately $83,872,080. The trade was a 5.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider now owns 789,784 shares in the company, valued at $199,720,577.92. This trade represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 301,468 shares of company stock worth $74,670,250 over the last 90 days. 2.00% of the stock is owned by company insiders.

Analyst Ratings Changes

AVGO has been the topic of a number of research reports. Morgan Stanley raised their price target on Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a research report on Friday, June 6th. Redburn Atlantic began coverage on Broadcom in a report on Wednesday, May 28th. They set a “buy” rating and a $301.00 price objective on the stock. Benchmark upped their target price on Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Seaport Res Ptn upgraded shares of Broadcom to a “strong-buy” rating in a research report on Wednesday, April 30th. Finally, Rosenblatt Securities boosted their price objective on shares of Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $281.25.

Broadcom Price Performance

Shares of AVGO stock opened at $264.65 on Thursday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $269.87. The firm has a market cap of $1.24 trillion, a P/E ratio of 99.12, a P/E/G ratio of 1.88 and a beta of 1.11. The business’s 50 day moving average price is $225.48 and its 200-day moving average price is $213.98.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm’s revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the firm posted $10.96 earnings per share. On average, equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom declared that its Board of Directors has approved a stock repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.89%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s dividend payout ratio is currently 88.39%.

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.