YANKCOM Partnership Sells 62 Shares of Broadcom Inc. (NASDAQ:AVGO)

YANKCOM Partnership cut its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,451 shares of the semiconductor manufacturer’s stock after selling 62 shares during the period. Broadcom makes up about 0.9% of YANKCOM Partnership’s portfolio, making the stock its 26th biggest holding. YANKCOM Partnership’s holdings in Broadcom were worth $1,582,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in AVGO. Norges Bank purchased a new stake in shares of Broadcom in the fourth quarter worth approximately $16,893,010,000. GAMMA Investing LLC lifted its position in shares of Broadcom by 18,179.3% during the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock valued at $2,892,548,000 after buying an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock valued at $11,018,089,000 after buying an additional 15,171,849 shares during the last quarter. GQG Partners LLC lifted its position in shares of Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock valued at $2,367,819,000 after buying an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after acquiring an additional 6,573,204 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $274.87 on Monday. Broadcom Inc. has a one year low of $128.50 and a one year high of $277.71. The business’s 50-day moving average price is $238.77 and its two-hundred day moving average price is $217.17. The company has a market capitalization of $1.29 trillion, a P/E ratio of 102.95, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98.

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

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

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom’s payout ratio is presently 88.39%.

Insider Buying and Selling at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the transaction, the chief executive officer owned 1,014,152 shares of the company’s stock, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Henry Samueli sold 473,898 shares of the firm’s stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the sale, the director directly owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. This represents a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 854,716 shares of company stock valued at $221,433,761 over the last ninety days. Company insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on AVGO. Rosenblatt Securities raised their price objective on shares of Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, June 6th. Evercore ISI restated an “outperform” rating and issued a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. Bank of America raised their price objective on Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a report on Friday, June 6th. Wall Street Zen upgraded Broadcom from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Hsbc Global Res raised Broadcom from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, June 24th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $281.46.

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.