AGF Management Ltd. Sells 994 Shares of Broadcom Inc. (NASDAQ:AVGO)

AGF Management Ltd. lowered its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,532 shares of the semiconductor manufacturer’s stock after selling 994 shares during the quarter. AGF Management Ltd.’s holdings in Broadcom were worth $102,003,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AVGO. ClariVest Asset Management LLC grew its holdings in Broadcom by 37.0% during the 2nd quarter. ClariVest Asset Management LLC now owns 5,713 shares of the semiconductor manufacturer’s stock valued at $9,172,000 after buying an additional 1,543 shares in the last quarter. Blue Square Asset Management LLC bought a new position in shares of Broadcom during the second quarter worth $228,000. Carson Advisory Inc. purchased a new position in Broadcom during the second quarter valued at $250,000. MGO One Seven LLC increased its holdings in Broadcom by 12.0% in the 2nd quarter. MGO One Seven LLC now owns 6,461 shares of the semiconductor manufacturer’s stock valued at $10,373,000 after acquiring an additional 690 shares during the last quarter. Finally, Headlands Technologies LLC lifted its stake in Broadcom by 132.4% in the 2nd quarter. Headlands Technologies LLC now owns 7,597 shares of the semiconductor manufacturer’s stock worth $12,197,000 after purchasing an additional 4,328 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Insiders Place Their Bets

In related news, Director Justine Page sold 2,540 shares of Broadcom stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the sale, the director now directly owns 27,480 shares in the company, valued at $4,809,714.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Justine Page sold 2,540 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the transaction, the director now owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the sale, the chief executive officer now owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Up 5.2 %

NASDAQ:AVGO opened at $148.21 on Wednesday. The company has a market cap of $689.90 billion, a price-to-earnings ratio of 6.37, a price-to-earnings-growth ratio of 2.41 and a beta of 1.16. Broadcom Inc. has a twelve month low of $79.51 and a twelve month high of $185.16. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The stock has a fifty day simple moving average of $188.66 and a 200-day simple moving average of $156.32.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm’s revenue for the quarter was up 47.3% on a year-over-year basis. During the same quarter last year, the business posted $0.95 EPS. Analysts anticipate that Broadcom Inc. will post 3.75 EPS for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be paid a $0.53 dividend. The ex-dividend date is Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.43%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is 9.12%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on AVGO shares. UBS Group reduced their target price on Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a report on Monday. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Melius began coverage on Broadcom in a report on Monday, June 3rd. They set a “buy” rating and a $185.00 price objective on the stock. Piper Sandler raised their target price on shares of Broadcom from $165.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, June 13th. Finally, Jefferies Financial Group upped their price target on shares of Broadcom from $155.00 to $205.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Two analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $189.23.

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.