Freemont Management SA reduced its position in Broadcom Inc. (NASDAQ:AVGO)

VaselineSeptember 11, 2024

0 4 minutes read

Freemont Management SA reduced its stake in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 83.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,800 shares of the semiconductor maker’s stock after selling 8,900 shares during the period. Broadcom makes up approximately 1.4% of Freemont Management SA’s portfolio, making the stock its 15th largest position. Freemont Management SA’s holdings in Broadcom were worth $2,890,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have recently added to or reduced their stakes in the company. Lion Street Advisors LLC raised its position in Broadcom by 1.9% during the second quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor maker’s stock worth $520,000 after acquiring an additional 6 shares during the period. Horizon Family Wealth Inc. boosted its position in Broadcom by 1.3% during the fourth quarter. Horizon Family Wealth Inc. now owns 640 shares of the semiconductor maker’s stock worth $715,000 after acquiring an additional 8 shares in the last quarter. Tucker Asset Management LLC grew its stake in Broadcom by 12.5% in the 4th quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor maker’s stock valued at $80,000 after acquiring an additional 8 shares in the the last quarter. Buckley Wealth Management LLC boosted its holdings in Broadcom by 0.7% in the first quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor maker’s stock worth $1,529,000 after acquiring an additional 8 shares in the last quarter. Finally, Legend Financial Advisors Inc. boosted its holdings in Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor maker’s stock valued at $25,000 after acquiring an additional 8 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s shares.

Insider buying and selling

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

Analyst upgrades and downgrades

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A number of research firms recently issued reports on AVGO. Goldman Sachs Group boosted their price target on Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Evercore ISI raised their target price on Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a report on Thursday, June 13th. Bank of America reissued a “buy” rating and issued a $215.00 price objective (up previously from $200.00) on shares of Broadcom in a report on Monday, June 24th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $200.00 target price on shares of Broadcom in a research note on Friday, September 6th. Two investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Broadcom presently has an average rating of “Moderate Buy” and a consensus price target of $189.23, according to MarketBeat.com.

Check out the latest stock analysis on Broadcom

Broadcom price performance

AVGO opened at $148.21 on Wednesday. The stock’s 50-day moving average price is $188.66 and its 200-day moving average price is $156.32. Broadcom Inc. has a 12-month low of $79.51 and a 12-month high of $185.16. The company has a current ratio of 1.04, a quick ratio of 0.94, and a debt-to-equity ratio of 1.02. The firm has a market cap of $689.90 billion, a price-to-earnings ratio of 6.37, a PEG ratio of 2.41 and a beta of 1.16.

Broadcom (NASDAQ:AVGO – Get Your Free Report ) last posted its earnings results on Thursday, September 5th. The semiconductor maker reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. In the same quarter last year, the company earned $0.95 EPS. Broadcom’s revenue rose 47.3% year over year. As a group, sell-side analysts expect Broadcom Inc. to post 3.75 earnings per share for the current year.

Broadcom raises dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be paid a dividend of $0.53 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date is Thursday, September 19. This represents an annualized dividend of $2.12 and a yield of 1.43%. Broadcom’s dividend payout ratio is currently 9.12%.

Broadcom profile

(Free Report)

Broadcom Inc designs, develops and supplies various semiconductor devices with a focus on complex and mixed-signal complementary metal oxide semiconductor devices and III-V analog products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.