Nordea Investment Management AB decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 60.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 42,315 shares of the semiconductor manufacturer’s stock after selling 64,495 shares during the period. Nordea Investment Management AB’s holdings in Broadcom were worth $26,744,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. First Business Financial Services Inc. lifted its position in shares of Broadcom by 0.5% in the fourth quarter. First Business Financial Services Inc. now owns 3,216 shares of the semiconductor manufacturer’s stock worth $2,140,000 after purchasing an additional 17 shares in the last quarter. Connable Office Inc. lifted its position in shares of Broadcom by 3.9% in the fourth quarter. Connable Office Inc. now owns 478 shares of the semiconductor manufacturer’s stock worth $318,000 after purchasing an additional 18 shares in the last quarter. Fermata Advisors LLC lifted its position in shares of Broadcom by 2.5% in the fourth quarter. Fermata Advisors LLC now owns 778 shares of the semiconductor manufacturer’s stock worth $521,000 after purchasing an additional 19 shares in the last quarter. O Brien Greene & Co. Inc lifted its position in shares of Broadcom by 4.4% in the fourth quarter. O Brien Greene & Co. Inc now owns 452 shares of the semiconductor manufacturer’s stock worth $301,000 after purchasing an additional 19 shares in the last quarter. Finally, Mather Group LLC. lifted its position in shares of Broadcom by 1.3% in the fourth quarter. Mather Group LLC. now owns 1,441 shares of the semiconductor manufacturer’s stock worth $959,000 after purchasing an additional 19 shares in the last quarter. Institutional investors own 81.53% of the company’s stock.
In other news, Director Gayla J. Delly sold 200 shares of the stock in a transaction that occurred on Friday, March 25th. The shares were sold at an average price of $624.67, for a total transaction of $124,934.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Kirsten M. Spears sold 3,000 shares of the stock in a transaction that occurred on Monday, March 28th. The shares were sold at an average price of $625.86, for a total transaction of $1,877,580.00. The disclosure for this sale can be found here. Insiders have sold 3,676 shares of company stock worth $2,302,180 over the last three months. 2.30% of the stock is owned by insiders.
NASDAQ:AVGO opened at $496.10 on Thursday. Broadcom Inc. has a 12-month low of $455.71 and a 12-month high of $677.76. The company has a quick ratio of 1.90, a current ratio of 2.14 and a debt-to-equity ratio of 1.87. The firm has a market capitalization of $200.33 billion, a PE ratio of 24.60, a price-to-earnings-growth ratio of 0.94 and a beta of 1.04. The firm has a 50-day moving average price of $560.85 and a 200 day moving average price of $588.85.
Broadcom (NASDAQ:AVGO – Get Rating) last posted its quarterly earnings results on Thursday, May 26th. The semiconductor manufacturer reported $9.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.88 by $1.19. The firm had revenue of $8.10 billion during the quarter, compared to analyst estimates of $7.91 billion. Broadcom had a net margin of 29.76% and a return on equity of 56.29%. The company’s quarterly revenue was up 22.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.89 earnings per share. On average, research analysts expect that Broadcom Inc. will post 33.95 EPS for the current year.
Broadcom declared that its Board of Directors has initiated a share repurchase plan on Thursday, May 26th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to purchase up to 4.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Shareholders of record on Wednesday, June 22nd will be paid a dividend of $4.10 per share. The ex-dividend date of this dividend is Tuesday, June 21st. This represents a $16.40 annualized dividend and a yield of 3.31%. Broadcom’s dividend payout ratio is 81.31%.
About Broadcom (Get Rating)
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.
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