Mn Services Vermogensbeheer B.V. Sells 126,200 Shares of Broadcom Inc. (NASDAQ:AVGO)

Mn Services Vermogensbeheer B.V. cut its holdings in Broadcom Inc. (NASDAQ:AVGO) by 7.2% during the first quarter, HoldingsChannel reports. The firm owned 1,631,600 shares of the semiconductor manufacturer’s stock after selling 126,200 shares during the period. Broadcom comprises about 2.1% of Mn Services Vermogensbeheer B.V.’s investment portfolio, making the stock its 6th biggest holding. Mn Services Vermogensbeheer B.V.’s holdings in Broadcom were worth $273,179,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of AVGO. Canton Hathaway LLC purchased a new stake in Broadcom during the fourth quarter worth about $26,000. Rialto Wealth Management LLC purchased a new stake in Broadcom during the fourth quarter worth about $26,000. Sunbeam Capital Management LLC purchased a new stake in Broadcom during the fourth quarter worth about $28,000. Vermillion Wealth Management Inc. purchased a new stake in Broadcom during the fourth quarter worth about $30,000. Finally, Sellwood Investment Partners LLC purchased a new stake in Broadcom during the fourth quarter worth about $32,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AVGO has been the topic of several recent research reports. UBS Group upped their price target on shares of Broadcom from $270.00 to $290.00 and gave the company a “buy” rating in a report on Friday, June 6th. Evercore ISI reaffirmed an “outperform” rating and issued a $304.00 price target (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. Susquehanna upped their price target on shares of Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a report on Friday, June 6th. Bank of America boosted their price objective on shares of Broadcom from $240.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Broadcom from $250.00 to $325.00 and gave the company an “overweight” rating in a research report on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $276.09.

Insider Activity at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the sale, the insider now directly owns 789,784 shares of the company’s stock, valued at approximately $199,720,577.92. This represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 730,576 shares of company stock valued at $133,778,494. Corporate insiders own 2.00% of the company’s stock.

Broadcom Price Performance

AVGO opened at $248.70 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43. The company has a 50 day moving average of $213.01 and a two-hundred day moving average of $209.50. The company has a market cap of $1.17 trillion, a P/E ratio of 202.86, a P/E/G ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business’s revenue was up 20.2% on a year-over-year basis. During the same period last year, the business earned $10.96 EPS. On average, analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom’s payout ratio is 88.39%.

Broadcom announced that its Board of Directors has authorized a share buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

About Broadcom

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.