Johnson Investment Counsel Inc. Trims Holdings in Broadcom Inc. (NASDAQ:AVGO)

Johnson Investment Counsel Inc. cut its stake in Broadcom Inc. (NASDAQ:AVGO) by 13.7% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,147 shares of the semiconductor manufacturer’s stock after selling 2,247 shares during the quarter. Johnson Investment Counsel Inc.’s holdings in Broadcom were worth $12,272,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Bedel Financial Consulting Inc. purchased a new position in shares of Broadcom in the second quarter valued at $233,000. Shelton Capital Management grew its position in Broadcom by 5.6% during the second quarter. Shelton Capital Management now owns 50,522 shares of the semiconductor manufacturer’s stock worth $43,824,000 after buying an additional 2,663 shares in the last quarter. Great Lakes Advisors LLC grew its position in Broadcom by 6.0% during the second quarter. Great Lakes Advisors LLC now owns 101,938 shares of the semiconductor manufacturer’s stock worth $88,425,000 after buying an additional 5,774 shares in the last quarter. Tree Line Advisors Hong Kong Ltd. purchased a new position in Broadcom during the second quarter worth about $29,493,000. Finally, Truvestments Capital LLC grew its position in Broadcom by 3.5% during the second quarter. Truvestments Capital LLC now owns 5,994 shares of the semiconductor manufacturer’s stock worth $5,199,000 after buying an additional 205 shares in the last quarter. 78.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Broadcom

In other news, Director Harry L. You bought 1,000 shares of the firm’s stock in a transaction dated Friday, September 15th. The stock was purchased at an average price of $858.96 per share, with a total value of $858,960.00. Following the transaction, the director now owns 3,510 shares of the company’s stock, valued at $3,014,949.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Harry L. You bought 1,000 shares of the business’s stock in a transaction dated Friday, September 15th. The shares were purchased at an average cost of $858.96 per share, with a total value of $858,960.00. Following the completion of the purchase, the director now owns 3,510 shares in the company, valued at approximately $3,014,949.60. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Check Kian Low purchased 11,000 shares of the stock in a transaction dated Wednesday, September 6th. The stock was bought at an average cost of $872.03 per share, with a total value of $9,592,330.00. Following the transaction, the director now owns 15,951 shares in the company, valued at $13,909,750.53. The disclosure for this purchase can be found here. 2.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on AVGO. Susquehanna restated a “positive” rating and set a $1,010.00 target price on shares of Broadcom in a research report on Monday, September 18th. Benchmark restated a “buy” rating and set a $950.00 target price on shares of Broadcom in a research report on Friday, September 1st. Robert W. Baird upped their price objective on Broadcom from $900.00 to $1,000.00 and gave the stock an “outperform” rating in a report on Tuesday, September 5th. BMO Capital Markets upped their price objective on Broadcom from $890.00 to $1,000.00 and gave the stock an “outperform” rating in a report on Friday, September 1st. Finally, KeyCorp reiterated an “overweight” rating and issued a $1,000.00 price objective on shares of Broadcom in a report on Thursday, September 14th. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $848.52.

Broadcom Trading Up 1.9 %

AVGO traded up $18.18 during midday trading on Friday, reaching $977.73. 1,979,461 shares of the company’s stock traded hands, compared to its average volume of 2,423,349. The firm has a fifty day moving average of $868.63 and a two-hundred day moving average of $837.20. The stock has a market capitalization of $403.55 billion, a price-to-earnings ratio of 30.07, a P/E/G ratio of 1.90 and a beta of 1.11. The company has a debt-to-equity ratio of 1.73, a current ratio of 2.50 and a quick ratio of 2.25. Broadcom Inc. has a 52 week low of $511.00 and a 52 week high of $983.89.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 EPS for the quarter, beating analysts’ consensus estimates of $10.43 by $0.11. The business had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.85 billion. Broadcom had a return on equity of 74.31% and a net margin of 39.25%. Broadcom’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $9.07 EPS. On average, equities analysts anticipate that Broadcom Inc. will post 37.83 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Thursday, September 21st were given a dividend of $4.60 per share. This represents a $18.40 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date was Wednesday, September 20th. Broadcom’s payout ratio is 56.58%.

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.