Bank OZK Lowers Stock Position in Broadcom Inc. $AVGO

Bank OZK lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 5.8% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,819 shares of the semiconductor manufacturer’s stock after selling 483 shares during the quarter. Bank OZK’s holdings in Broadcom were worth $1,309,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Broadcom by 0.4% during the first quarter. Vanguard Group Inc. now owns 477,220,137 shares of the semiconductor manufacturer’s stock worth $79,900,968,000 after purchasing an additional 2,085,534 shares in the last quarter. Northern Trust Corp lifted its position in shares of Broadcom by 12.0% during the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer’s stock worth $11,380,411,000 after purchasing an additional 5,258,925 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock valued at $11,018,089,000 after acquiring an additional 15,171,849 shares in the last quarter. Nuveen LLC acquired a new stake in Broadcom in the first quarter valued at approximately $6,649,117,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Broadcom by 1.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 34,401,379 shares of the semiconductor manufacturer’s stock valued at $7,975,616,000 after acquiring an additional 581,704 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

AVGO has been the topic of several analyst reports. Oppenheimer raised their target price on shares of Broadcom from $265.00 to $305.00 and gave the company an “outperform” rating in a report on Tuesday, July 15th. Susquehanna raised their target price on shares of Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a report on Friday, June 6th. Wells Fargo & Company raised their target price on shares of Broadcom from $230.00 to $255.00 and gave the company an “equal weight” rating in a report on Friday, June 6th. Rosenblatt Securities raised their target price on shares of Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a report on Friday, June 6th. Finally, Seaport Res Ptn raised shares of Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. One equities research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $295.96.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 117,758 shares of Broadcom stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the transaction, the chief executive officer directly owned 1,014,152 shares of the company’s stock, valued at $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider directly owned 789,784 shares in the company, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 830,516 shares of company stock valued at $217,286,457. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Down 0.2%

AVGO stock opened at $305.76 on Tuesday. Broadcom Inc. has a twelve month low of $134.90 and a twelve month high of $317.35. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $1.44 trillion, a P/E ratio of 114.52, a PEG ratio of 2.18 and a beta of 1.15. The firm has a 50 day simple moving average of $279.50 and a 200-day simple moving average of $230.48.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period last year, the business posted $10.96 earnings per share. On average, equities research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom’s dividend payout ratio (DPR) is 88.39%.

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.