Broadcom Inc. (NASDAQ:AVGO) Position Trimmed by SeaBridge Investment Advisors LLC

SeaBridge Investment Advisors LLC decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,752 shares of the semiconductor manufacturer’s stock after selling 57 shares during the period. SeaBridge Investment Advisors LLC’s holdings in Broadcom were worth $2,266,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in AVGO. BlackRock Inc. increased its stake in Broadcom by 4.8% during the first quarter. BlackRock Inc. now owns 27,270,770 shares of the semiconductor manufacturer’s stock valued at $12,644,366,000 after purchasing an additional 1,254,432 shares during the last quarter. Franklin Resources Inc. increased its stake in Broadcom by 111.5% during the first quarter. Franklin Resources Inc. now owns 1,105,096 shares of the semiconductor manufacturer’s stock valued at $512,388,000 after purchasing an additional 582,546 shares during the last quarter. Morgan Stanley increased its stake in Broadcom by 13.6% during the first quarter. Morgan Stanley now owns 3,339,683 shares of the semiconductor manufacturer’s stock valued at $1,548,477,000 after purchasing an additional 400,046 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Broadcom by 223.5% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 542,543 shares of the semiconductor manufacturer’s stock worth $251,555,000 after acquiring an additional 374,843 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Broadcom by 26.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,460,183 shares of the semiconductor manufacturer’s stock worth $677,282,000 after acquiring an additional 302,018 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

In related news, insider Mark David Brazeal sold 9,453 shares of the stock in a transaction that occurred on Friday, September 10th. The stock was sold at an average price of $502.38, for a total value of $4,748,998.14. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Charlie B. Kawwas sold 3,000 shares of the stock in a transaction that occurred on Friday, September 10th. The stock was sold at an average price of $500.83, for a total value of $1,502,490.00. The disclosure for this sale can be found here. Insiders sold 17,264 shares of company stock worth $8,652,754 in the last 90 days. 2.40% of the stock is currently owned by corporate insiders.

Shares of AVGO traded up $7.13 during trading hours on Wednesday, reaching $509.00. The company’s stock had a trading volume of 56,235 shares, compared to its average volume of 1,834,716. The firm has a market cap of $209.51 billion, a price-to-earnings ratio of 37.23, a P/E/G ratio of 1.36 and a beta of 0.93. Broadcom Inc. has a 1-year low of $343.48 and a 1-year high of $507.85. The company has a quick ratio of 2.23, a current ratio of 2.41 and a debt-to-equity ratio of 1.65. The company has a 50 day moving average of $484.42 and a two-hundred day moving average of $470.98.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Wednesday, September 1st. The semiconductor manufacturer reported $6.96 earnings per share for the quarter, beating analysts’ consensus estimates of $6.88 by $0.08. The company had revenue of $6.78 billion for the quarter, compared to the consensus estimate of $6.76 billion. Broadcom had a return on equity of 44.27% and a net margin of 22.90%. The firm’s quarterly revenue was up 16.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.40 EPS. As a group, analysts forecast that Broadcom Inc. will post 24.42 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 30th. Investors of record on Wednesday, September 22nd will be issued a $3.60 dividend. The ex-dividend date is Tuesday, September 21st. This represents a $14.40 dividend on an annualized basis and a yield of 2.83%. Broadcom’s dividend payout ratio is currently 78.05%.

AVGO has been the subject of several recent research reports. Evercore ISI restated a “buy” rating and set a $550.00 price target on shares of Broadcom in a research report on Sunday, September 5th. Piper Sandler increased their target price on shares of Broadcom from $525.00 to $550.00 and gave the company an “overweight” rating in a research report on Friday, September 3rd. Susquehanna Bancshares increased their target price on shares of Broadcom from $580.00 to $590.00 and gave the company a “positive” rating in a research report on Friday, September 3rd. Summit Redstone lowered shares of Broadcom to a “hold” rating in a research report on Friday, September 3rd. Finally, Truist Securities increased their target price on shares of Broadcom from $554.00 to $564.00 and gave the company a “buy” rating in a research report on Friday, September 3rd. Five research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat.com, Broadcom has an average rating of “Buy” and an average price target of $549.52.

Broadcom Company Profile

Broadcom, Inc is a global technology company, which designs, develops and supplies semiconductor and infrastructure software solutions. It operates through the following segments: Semiconductor Solutions and Infrastructure Software. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise and embedded networking applications.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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