Broadcom Inc. $AVGO Shares Sold by Silicon Valley Capital Partners

Silicon Valley Capital Partners lowered its holdings in Broadcom Inc. (NASDAQ:AVGO) by 6.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 104,365 shares of the semiconductor manufacturer’s stock after selling 6,773 shares during the period. Broadcom makes up 3.6% of Silicon Valley Capital Partners’ portfolio, making the stock its 11th biggest position. Silicon Valley Capital Partners’ holdings in Broadcom were worth $39,424,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in AVGO. Security National Bank of Sioux City Iowa IA purchased a new stake in shares of Broadcom during the 2nd quarter valued at about $227,000. Wellington Altus USA Inc. boosted its holdings in Broadcom by 18.3% in the 2nd quarter. Wellington Altus USA Inc. now owns 2,344 shares of the semiconductor manufacturer’s stock worth $885,000 after acquiring an additional 362 shares during the period. Twin Peaks Capital Ltd acquired a new stake in Broadcom in the second quarter valued at approximately $7,555,000. Anchor Investment Management LLC grew its position in Broadcom by 7.3% in the second quarter. Anchor Investment Management LLC now owns 25,525 shares of the semiconductor manufacturer’s stock valued at $9,269,000 after acquiring an additional 1,741 shares in the last quarter. Finally, Reynders McVeigh Capital Management LLC raised its stake in shares of Broadcom by 348.4% during the second quarter. Reynders McVeigh Capital Management LLC now owns 454,086 shares of the semiconductor manufacturer’s stock valued at $171,531,000 after purchasing an additional 352,815 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

AVGO traded up $5.05 during trading hours on Monday, hitting $362.66. 26,382,323 shares of the stock were exchanged, compared to its average volume of 25,342,357. The stock has a market cap of $1.73 trillion, a price-to-earnings ratio of 46.32 and a beta of 1.44. The stock has a 50-day simple moving average of $378.91 and a 200-day simple moving average of $379.43. The company has a debt-to-equity ratio of 0.57, a current ratio of 2.50 and a quick ratio of 2.29. Broadcom Inc. has a 12 month low of $289.96 and a 12 month high of $495.00.

Broadcom (NASDAQ:AVGO) last released its earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share for the quarter, beating the consensus estimate of $3.22 by $0.10. The firm had revenue of $29.59 billion during the quarter, compared to analyst estimates of $29.24 billion. Broadcom had a net margin of 42.94% and a return on equity of 48.33%. The firm’s revenue for the quarter was up 85.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.69 earnings per share. Analysts anticipate that Broadcom Inc. will post 10.36 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Monday, September 21st will be paid a dividend of $0.65 per share. The ex-dividend date is Monday, September 21st. This represents a $2.60 annualized dividend and a yield of 0.7%. Broadcom’s dividend payout ratio is 33.21%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Royal Bank Of Canada assumed coverage on shares of Broadcom in a research note on Thursday, September 3rd. They issued an “outperform” rating for the company. Weiss Ratings downgraded shares of Broadcom from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, July 30th. TD Cowen reissued a “buy” rating and issued a $475.00 price objective (down from $500.00) on shares of Broadcom in a research report on Thursday, September 3rd. Oppenheimer restated an “outperform” rating and set a $535.00 target price (up from $450.00) on shares of Broadcom in a research note on Thursday, June 4th. Finally, Cantor Fitzgerald lifted their target price on Broadcom from $525.00 to $600.00 and gave the stock an “overweight” rating in a research report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $509.04.

Insiders Place Their Bets

In other news, Director Justine Page sold 1,602 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $373.86, for a total transaction of $598,923.72. Following the sale, the director directly owned 17,426 shares in the company, valued at approximately $6,514,884.36. This represents a 8.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gayla J. Delly sold 1,890 shares of the firm’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $385.38, for a total value of $728,368.20. Following the completion of the sale, the director directly owned 31,326 shares in the company, valued at approximately $12,072,413.88. This trade represents a 5.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 53,492 shares of company stock valued at $20,840,292 over the last quarter. Insiders own 1.90% of the company’s stock.

About Broadcom

Broadcom Inc (NASDAQ:AVGO) designs, develops and supplies semiconductor and infrastructure software products for businesses, telecommunications providers and other organizations worldwide. Its semiconductor portfolio includes networking and connectivity components, custom application-specific integrated circuits, broadband and wireless communications products, storage adapters, optical components, and industrial solutions.

The company also provides enterprise infrastructure software through businesses including VMware, which offers virtualization and private- and hybrid-cloud solutions; mainframe and enterprise software; and cybersecurity products.