Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Saxon Interests Inc.

Saxon Interests Inc. lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,119 shares of the semiconductor manufacturer’s stock after selling 43 shares during the period. Saxon Interests Inc.’s holdings in Broadcom were worth $971,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AVGO. BlackRock Inc. raised its holdings in Broadcom by 1.7% in the 1st quarter. BlackRock Inc. now owns 29,844,893 shares of the semiconductor manufacturer’s stock valued at $19,146,692,000 after acquiring an additional 499,945 shares during the last quarter. State Street Corp increased its stake in Broadcom by 5.0% in the first quarter. State Street Corp now owns 16,632,123 shares of the semiconductor manufacturer’s stock valued at $10,670,149,000 after purchasing an additional 794,832 shares during the last quarter. Geode Capital Management LLC lifted its position in Broadcom by 5.0% during the first quarter. Geode Capital Management LLC now owns 7,813,688 shares of the semiconductor manufacturer’s stock worth $5,001,948,000 after buying an additional 375,418 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Broadcom by 8.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,511,602 shares of the semiconductor manufacturer’s stock worth $3,617,879,000 after buying an additional 513,864 shares during the last quarter. Finally, Morgan Stanley grew its holdings in Broadcom by 12.5% in the 4th quarter. Morgan Stanley now owns 5,878,874 shares of the semiconductor manufacturer’s stock valued at $3,287,056,000 after buying an additional 651,014 shares during the period. Hedge funds and other institutional investors own 78.81% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ:AVGO traded down $7.59 during trading on Tuesday, reaching $842.41. The company had a trading volume of 534,940 shares, compared to its average volume of 2,495,281. The firm’s fifty day moving average is $875.05 and its 200 day moving average is $763.54. The company has a debt-to-equity ratio of 1.73, a quick ratio of 2.25 and a current ratio of 2.50. The firm has a market capitalization of $347.70 billion, a PE ratio of 26.14, a price-to-earnings-growth ratio of 1.78 and a beta of 1.10. Broadcom Inc. has a twelve month low of $415.07 and a twelve month high of $923.67.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 earnings per share for the quarter, topping analysts’ consensus estimates of $10.43 by $0.11. Broadcom had a return on equity of 74.31% and a net margin of 39.25%. The firm had revenue of $8.85 billion during the quarter, compared to the consensus estimate of $8.85 billion. During the same period in the prior year, the firm posted $9.07 earnings per share. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, equities analysts forecast that Broadcom Inc. will post 37.88 EPS for the current year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, September 21st will be paid a dividend of $4.60 per share. This represents a $18.40 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Wednesday, September 20th. Broadcom’s dividend payout ratio is presently 56.58%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on AVGO. Piper Sandler raised their target price on shares of Broadcom from $830.00 to $925.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 29th. Robert W. Baird lifted their price target on shares of Broadcom from $900.00 to $1,000.00 and gave the company an “outperform” rating in a report on Tuesday, September 5th. Wolfe Research assumed coverage on shares of Broadcom in a research note on Wednesday, July 19th. They set a “market perform” rating for the company. Bank of America increased their target price on Broadcom from $950.00 to $1,050.00 in a research report on Thursday, June 22nd. Finally, Mizuho boosted their price target on Broadcom from $840.00 to $960.00 in a research report on Friday, September 1st. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $846.14.

Insiders Place Their Bets

In related news, Director Eddy W. Hartenstein sold 1,500 shares of Broadcom stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $855.68, for a total value of $1,283,520.00. Following the transaction, the director now directly owns 9,123 shares in the company, valued at approximately $7,806,368.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Broadcom news, Director Eddy W. Hartenstein sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $855.68, for a total value of $1,283,520.00. Following the completion of the transaction, the director now directly owns 9,123 shares in the company, valued at $7,806,368.64. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Check Kian Low purchased 11,000 shares of the business’s stock in a transaction dated Wednesday, September 6th. The shares were purchased at an average price of $872.03 per share, for a total transaction of $9,592,330.00. Following the acquisition, the director now directly owns 15,951 shares of the company’s stock, valued at $13,909,750.53. The disclosure for this purchase can be found here. 2.20% of the stock is currently owned by company 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.