Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Resources Management Corp CT ADV

Resources Management Corp CT ADV reduced its position in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 3.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,324 shares of the semiconductor maker’s stock after selling 247 shares during the quarter. Broadcom comprises about 1.7% of Resources Management Corp CT ADV’s portfolio, making the stock its 15th biggest position. Resources Management Corp CT ADV’s holdings in Broadcom were worth $11,760,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the company. Interval Partners LP acquired a new stake in shares of Broadcom in the second quarter valued at $5,820,000. Xponance Inc. raised its holdings in shares of Broadcom by 2.9% during the second quarter. Xponance Inc. now owns 106,546 shares of the semiconductor maker’s stock worth $171,063,000 after acquiring an additional 2,986 shares during the period. Tairen Capital Ltd purchased a new stake in shares of Broadcom in the second quarter valued at $8,657,000. Bank of Montreal Can boosted its holdings in shares of Broadcom by 1.2% during the second quarter. Bank of Montreal Can now owns 1,760,377 shares of the semiconductor maker’s stock worth $2,908,160,000 after buying an additional 20,811 shares during the period. Finally, Lombard Odier Asset Management Europe Ltd purchased a new stake in shares of Broadcom in the second quarter valued at $11,441,000. 76.43% of the shares are owned by institutional investors and hedge funds.

The Wall Street analyst weighs in

Several equities research analysts recently weighed in on AVGO shares. Wells Fargo & Company boosted their target price on Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a report on Thursday, June 13th. TD Cowen upgraded Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Jefferies Financial Group boosted their price objective on Broadcom from $155.00 to $205.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 price objective on shares of Broadcom in a research report on Friday, September 6th. Finally, Piper Sandler boosted their price objective on Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, June 13th. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Moderate Buy” and a consensus price target of $189.23, based on data from MarketBeat.com.

Read our latest review on AVGO

Insiders place their bets

In other Broadcom news, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the sale, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. The sale was disclosed in a filing with the SEC, which can be accessed via this link. In other Broadcom news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now directly owns 1,331,910 shares of the company’s stock, valued at approximately $217,594,136.70. The sale was disclosed in a filing with the SEC, which can be accessed via this link. Also, insider Charlie B. Kawwas sold 25,200 shares of the company’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $168.27, for a total value of $4,240,404.00. Following the completion of the sale, the insider now directly owns 753,280 shares in the company, valued at $126,754,425.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 82,702 shares of company stock worth $25,206,941. Insiders own 2.00% of the company’s shares.

Broadcom stock rose 1.1%

AVGO opened at $172.94 on Tuesday. The company has a quick ratio of 0.94, a current ratio of 1.04, and a debt-to-equity ratio of 1.02. The firm has a market cap of $805.01 billion, a P/E ratio of 7.44, a PEG ratio of 2.55 and a beta of 1.16. Broadcom Inc. it has a 52-week low of $80.44 and a 52-week high of $185.16. The company’s fifty-day simple moving average is $156.84, and its 200-day simple moving average is $147.14.

Broadcom (NASDAQ:AVGO – Get Your Free Report ) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor maker reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s revenue for the quarter was up 47.3% compared to the same quarter last year. In the same quarter last year, the company earned $0.95 per share. As a group, equities research analysts anticipate that Broadcom Inc. will post 3.77 EPS for the current fiscal year.

Broadcom raises dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be given a $0.53 dividend. This represents a dividend of $2.12 on an annualized basis and a yield of 1.23%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend is Thursday, September 19. Broadcom’s dividend payout ratio (DPR) is currently 9.12%.

Broadcom Company 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.

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