Swedbank AB Sells 1,304,100 Shares of Broadcom Inc. $AVGO

Swedbank AB cut its position in Broadcom Inc. (NASDAQ:AVGO) by 9.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,762,596 shares of the semiconductor manufacturer’s stock after selling 1,304,100 shares during the quarter. Broadcom makes up 4.3% of Swedbank AB’s investment portfolio, making the stock its 4th biggest holding. Swedbank AB’s holdings in Broadcom were worth $4,210,508,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. CogentBlue Wealth Advisors LLC grew its position in shares of Broadcom by 42.0% during the third quarter. CogentBlue Wealth Advisors LLC now owns 1,843 shares of the semiconductor manufacturer’s stock worth $608,000 after acquiring an additional 545 shares during the last quarter. Stanich Group LLC acquired a new stake in Broadcom during the 3rd quarter worth $222,000. Successful Portfolios LLC boosted its stake in Broadcom by 30.3% during the 3rd quarter. Successful Portfolios LLC now owns 1,114 shares of the semiconductor manufacturer’s stock worth $368,000 after purchasing an additional 259 shares during the period. Cypress Wealth Services LLC grew its position in Broadcom by 29.5% during the 3rd quarter. Cypress Wealth Services LLC now owns 8,163 shares of the semiconductor manufacturer’s stock worth $2,693,000 after purchasing an additional 1,861 shares during the last quarter. Finally, Matthew Goff Investment Advisor LLC increased its stake in Broadcom by 0.5% in the third quarter. Matthew Goff Investment Advisor LLC now owns 16,176 shares of the semiconductor manufacturer’s stock valued at $5,337,000 after purchasing an additional 86 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insiders Place Their Bets

In other news, insider Charlie B. Kawwas sold 1,928 shares of Broadcom stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $327.80, for a total transaction of $631,998.40. Following the completion of the transaction, the insider owned 23,582 shares of the company’s stock, valued at $7,730,179.60. The trade was a 7.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Kirsten M. Spears sold 3,714 shares of the business’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $327.79, for a total transaction of $1,217,412.06. Following the completion of the sale, the chief financial officer owned 307,237 shares in the company, valued at $100,709,216.23. This represents a 1.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 524,780 shares of company stock valued at $195,499,150. Company insiders own 2.00% of the company’s stock.

Broadcom Trading Up 0.5%

Shares of AVGO opened at $352.13 on Friday. Broadcom Inc. has a twelve month low of $138.10 and a twelve month high of $414.61. The company has a current ratio of 1.71, a quick ratio of 1.58 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $1.67 trillion, a P/E ratio of 73.98, a PEG ratio of 1.20 and a beta of 1.19. The firm’s 50-day moving average is $362.74 and its two-hundred day moving average is $323.95.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, topping the consensus estimate of $1.87 by $0.08. The business had revenue of $18.02 billion for the quarter, compared to analyst estimates of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The company’s quarterly revenue was up 28.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.42 EPS. On average, research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd will be issued a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 0.7%. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Monday, December 22nd. Broadcom’s dividend payout ratio is currently 54.62%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Barclays reiterated an “overweight” rating and set a $500.00 target price (up previously from $450.00) on shares of Broadcom in a research note on Friday, December 12th. Evercore ISI upped their price objective on shares of Broadcom from $342.00 to $403.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 15th. Bank of America raised their target price on shares of Broadcom from $460.00 to $500.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Rosenblatt Securities boosted their price target on shares of Broadcom from $400.00 to $440.00 and gave the stock a “buy” rating in a research note on Tuesday, December 9th. Finally, TD Cowen increased their price target on shares of Broadcom from $405.00 to $450.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $436.33.

About Broadcom

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.