Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Clifford Swan Investment Counsel LLC

Clifford Swan Investment Counsel LLC cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.8% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 28,560 shares of the semiconductor manufacturer’s stock after selling 520 shares during the period. Clifford Swan Investment Counsel LLC’s holdings in Broadcom were worth $4,782,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. Norges Bank purchased a new stake in Broadcom during the 4th quarter worth approximately $16,893,010,000. GAMMA Investing LLC increased its holdings in Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock worth $2,892,548,000 after purchasing an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Broadcom by 46.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock worth $11,018,089,000 after acquiring an additional 15,171,849 shares in the last quarter. GQG Partners LLC grew its position in shares of Broadcom by 200.0% in the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock worth $2,367,819,000 after acquiring an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $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 and hedge funds.

Broadcom Price Performance

Shares of AVGO traded up $3.86 during mid-day trading on Monday, reaching $287.20. The company had a trading volume of 2,769,374 shares, compared to its average volume of 27,721,342. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $288.28. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The company’s 50-day moving average is $254.41 and its 200-day moving average is $220.17. The company has a market capitalization of $1.35 trillion, a P/E ratio of 107.38, a P/E/G ratio of 2.02 and a beta of 1.12.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $14.98 billion. During the same period last year, the company earned $10.96 EPS. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. On average, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.82%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s payout ratio is presently 88.39%.

Broadcom announced that its Board of Directors has initiated a share repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on AVGO. Morgan Stanley lifted their target price on Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a research report on Friday, June 6th. Erste Group Bank upgraded Broadcom from a “hold” rating to a “buy” rating in a research report on Thursday, June 5th. Truist Financial set a $295.00 price target on Broadcom and gave the stock a “buy” rating in a research report on Friday, June 6th. HSBC upgraded Broadcom from a “hold” rating to a “buy” rating and set a $400.00 price target for the company in a research report on Tuesday, June 24th. Finally, Wall Street Zen upgraded Broadcom from a “hold” rating to a “buy” rating in a research report on Saturday, July 5th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Broadcom currently has an average rating of “Buy” and a consensus target price of $292.08.

Insider Buying and Selling at Broadcom

In related news, Director Henry Samueli sold 473,898 shares of Broadcom 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 owned 38,188,575 shares of the company’s stock, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $274.30, for a total value of $219,440.00. Following the completion of the sale, the director directly owned 24,582 shares in the company, valued at approximately $6,742,842.60. This represents a 3.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 830,516 shares of company stock worth $217,224,641 in the last three months. 2.00% of the stock is owned by insiders.

Broadcom Company 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.