STF Management LP Decreases Position in Broadcom Inc. (NASDAQ:AVGO)

STF Management LP lowered its position in Broadcom Inc. (NASDAQ:AVGO) by 4.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,416 shares of the semiconductor manufacturer’s stock after selling 361 shares during the period. Broadcom accounts for 5.0% of STF Management LP’s portfolio, making the stock its 5th largest holding. STF Management LP’s holdings in Broadcom were worth $11,907,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Montag & Caldwell LLC acquired a new stake in Broadcom in the 2nd quarter valued at about $239,000. Renaissance Technologies LLC bought a new stake in shares of Broadcom during the second quarter valued at approximately $472,213,000. Citizens Financial Group Inc. RI increased its holdings in shares of Broadcom by 78.8% in the second quarter. Citizens Financial Group Inc. RI now owns 7,806 shares of the semiconductor manufacturer’s stock valued at $12,533,000 after purchasing an additional 3,441 shares in the last quarter. Harvard Management Co. Inc. bought a new position in Broadcom in the 2nd quarter worth approximately $47,363,000. Finally, One Capital Management LLC lifted its holdings in Broadcom by 331.2% during the 2nd quarter. One Capital Management LLC now owns 2,850 shares of the semiconductor manufacturer’s stock worth $4,576,000 after buying an additional 2,189 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently commented on AVGO shares. Truist Financial boosted their price objective on Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a report on Thursday, June 13th. Rosenblatt Securities dropped their price target on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Mizuho raised their price objective on shares of Broadcom from $162.50 to $190.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Citigroup reiterated a “buy” rating and set a $156.00 target price on shares of Broadcom in a research report on Tuesday, June 11th. Finally, Morgan Stanley raised their price target on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $189.23.

Broadcom Stock Up 1.9 %

AVGO stock opened at $167.69 on Monday. The business has a 50-day moving average of $188.15 and a 200-day moving average of $157.03. Broadcom Inc. has a fifty-two week low of $79.51 and a fifty-two week high of $185.16. The stock has a market capitalization of $780.58 billion, a P/E ratio of 7.21, a P/E/G ratio of 2.55 and a beta of 1.16. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business’s quarterly revenue was up 47.3% on a year-over-year basis. During the same period last year, the business earned $0.95 EPS. On average, sell-side analysts anticipate that Broadcom Inc. will post 3.77 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be issued a $0.53 dividend. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date is Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.26%. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Broadcom news, Director Justine Page sold 2,540 shares of the stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the sale, the director now owns 27,480 shares in the company, valued at $4,809,714.48. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. 2.00% of the stock is 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.