TD Asset Management Inc Cuts Stake in Broadcom Inc. (NASDAQ:AVGO)

TD Asset Management Inc lowered its position in Broadcom Inc. (NASDAQ:AVGO) by 17.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,533,472 shares of the semiconductor manufacturer’s stock after selling 1,359,203 shares during the quarter. Broadcom makes up approximately 1.0% of TD Asset Management Inc’s portfolio, making the stock its 19th biggest position. TD Asset Management Inc owned about 0.14% of Broadcom worth $1,093,899,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Broadcom during the first quarter valued at approximately $25,000. Inlight Wealth Management LLC bought a new position in shares of Broadcom during the first quarter valued at approximately $26,000. Sunbeam Capital Management LLC bought a new position in shares of Broadcom during the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. bought a new position in shares of Broadcom during the fourth quarter valued at approximately $30,000. Finally, Wood Tarver Financial Group LLC raised its holdings in Broadcom by 342.5% in the first quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer’s stock worth $30,000 after purchasing an additional 137 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In other Broadcom news, CFO Kirsten M. Spears sold 56,310 shares of the company’s stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the transaction, the chief financial officer owned 361,937 shares of the company’s stock, valued at $91,117,639.75. This represents a 13.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 50,000 shares of the company’s stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $253.28, for a total value 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. This trade represents a 10.73% 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 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

AVGO has been the subject of several analyst reports. Oppenheimer raised their price target on Broadcom from $265.00 to $305.00 and gave the company an “outperform” rating in a report on Tuesday, July 15th. Benchmark lifted their price objective on Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a report on Friday, June 6th. Barclays lifted 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. Redburn Atlantic initiated coverage on Broadcom in a report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price objective for the company. Finally, Bank of America lifted their price objective on Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, June 6th. One investment analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $292.08.

Broadcom Stock Performance

NASDAQ:AVGO opened at $290.18 on Friday. 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 Inc. has a 1 year low of $128.50 and a 1 year high of $292.59. The stock’s 50 day simple moving average is $260.05 and its two-hundred day simple moving average is $222.18. The company has a market cap of $1.36 trillion, a price-to-earnings ratio of 108.68, a PEG ratio of 2.05 and a beta of 1.12.

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

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

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.81%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is presently 88.39%.

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.