Baldwin Investment Management LLC Cuts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Baldwin Investment Management LLC cut its holdings in Broadcom Inc. (NASDAQ:AVGO) by 0.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 78,825 shares of the semiconductor manufacturer’s stock after selling 579 shares during the quarter. Broadcom comprises about 1.6% of Baldwin Investment Management LLC’s investment portfolio, making the stock its 4th biggest holding. Baldwin Investment Management LLC’s holdings in Broadcom were worth $13,198,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. True Wealth Design LLC raised its holdings in Broadcom by 7.2% during the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock worth $165,000 after buying an additional 48 shares during the period. Mizuho Bank Ltd. raised its holdings in Broadcom by 7.1% during the 4th quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer’s stock worth $174,000 after buying an additional 50 shares during the period. Fulton Breakefield Broenniman LLC raised its holdings in Broadcom by 2.4% during the 1st quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer’s stock worth $357,000 after buying an additional 50 shares during the period. American Financial Advisors LLC raised its holdings in Broadcom by 3.8% during the 1st quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer’s stock worth $240,000 after buying an additional 52 shares during the period. Finally, First Bank & Trust raised its holdings in Broadcom by 1.9% during the 1st quarter. First Bank & Trust now owns 2,945 shares of the semiconductor manufacturer’s stock worth $493,000 after buying an additional 55 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Up 0.5%

AVGO opened at $290.18 on Monday. The business has a 50 day moving average price of $260.05 and a 200 day moving average price of $222.08. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $292.59. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The firm has a market cap of $1.36 trillion, a P/E ratio of 108.68, a price-to-earnings-growth ratio of 2.06 and a beta of 1.12.

Broadcom (NASDAQ:AVGO) last issued 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. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same period in the previous year, the company earned $10.96 earnings per share. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. Research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently declared 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. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.81%. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

Broadcom declared that its Board of Directors has approved a share repurchase 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 usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Mizuho boosted their price objective on Broadcom from $315.00 to $320.00 and gave the stock an “outperform” rating in a report on Wednesday, July 16th. Barclays boosted their price objective on Broadcom from $215.00 to $265.00 and gave the stock an “overweight” rating in a report on Monday, June 9th. Morgan Stanley boosted their price objective on Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Rosenblatt Securities boosted their price objective on Broadcom from $223.00 to $340.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Finally, UBS Group lifted their target price on Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $292.08.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the transaction, the insider directly owned 415,956 shares in the company, valued at $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Henry Samueli sold 473,898 shares of the company’s stock in a transaction that occurred on 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 transaction, the director owned 38,188,575 shares of the company’s stock, valued at approximately $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is owned by corporate insiders.

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.