Broadcom Inc. $AVGO Shares Sold by GLOBALT Investments LLC GA

GLOBALT Investments LLC GA decreased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 15.9% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 90,273 shares of the semiconductor manufacturer’s stock after selling 17,082 shares during the quarter. Broadcom comprises about 1.1% of GLOBALT Investments LLC GA’s investment portfolio, making the stock its 21st largest holding. GLOBALT Investments LLC GA’s holdings in Broadcom were worth $29,782,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of AVGO. Vanguard Group Inc. increased its holdings in Broadcom by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after purchasing an additional 6,222,802 shares during the period. State Street Corp grew its position in shares of Broadcom by 0.5% during the second quarter. State Street Corp now owns 185,276,987 shares of the semiconductor manufacturer’s stock worth $51,071,601,000 after buying an additional 873,963 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Broadcom by 2.1% during the second quarter. Geode Capital Management LLC now owns 108,610,718 shares of the semiconductor manufacturer’s stock worth $29,827,649,000 after buying an additional 2,226,585 shares in the last quarter. Norges Bank purchased a new stake in shares of Broadcom during the second quarter worth approximately $18,579,549,000. Finally, Invesco Ltd. raised its holdings in Broadcom by 8.4% in the second quarter. Invesco Ltd. now owns 38,449,630 shares of the semiconductor manufacturer’s stock valued at $10,598,641,000 after acquiring an additional 2,978,768 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Performance

NASDAQ AVGO opened at $352.13 on Friday. The company has a fifty day moving average of $362.74 and a two-hundred day moving average of $323.95. The company has a market capitalization of $1.67 trillion, a PE ratio of 73.98, a P/E/G ratio of 1.20 and a beta of 1.19. Broadcom Inc. has a 1 year low of $138.10 and a 1 year high of $414.61. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.87 by $0.08. The business had revenue of $18.02 billion during the quarter, compared to the consensus estimate of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The business’s quarterly revenue was up 28.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.42 EPS. As a group, analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd will be issued a $0.65 dividend. The ex-dividend date of this dividend is Monday, December 22nd. This is an increase from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. Broadcom’s dividend payout ratio is currently 54.62%.

Insiders Place Their Bets

In other news, CFO Kirsten M. Spears sold 3,714 shares of the firm’s stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $327.79, for a total transaction of $1,217,412.06. Following the transaction, the chief financial officer directly owned 307,237 shares in the company, valued at approximately $100,709,216.23. This trade represents a 1.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mark David Brazeal sold 38,281 shares of the company’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $327.65, for a total transaction of $12,542,769.65. Following the completion of the sale, the insider owned 266,494 shares of the company’s stock, valued at approximately $87,316,759.10. This trade represents a 12.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 524,780 shares of company stock valued at $195,499,150. 2.00% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of Broadcom in a report on Monday, December 15th. Barclays reaffirmed an “overweight” rating and set a $500.00 price objective (up from $450.00) on shares of Broadcom in a research report on Friday, December 12th. Citigroup reissued a “buy” rating and issued a $480.00 target price (up previously from $415.00) on shares of Broadcom in a report on Friday, December 12th. JPMorgan Chase & Co. lifted their price target on Broadcom from $400.00 to $475.00 and gave the stock an “overweight” rating in a report on Friday, December 12th. Finally, Deutsche Bank Aktiengesellschaft set a $430.00 price target on Broadcom and gave the stock a “buy” rating in a report on Friday, December 12th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $436.33.

Broadcom Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.