Catalina Capital Group LLC Lowers Position in Broadcom Inc. (NASDAQ:AVGO)

Catalina Capital Group LLC lessened its position in Broadcom Inc. (NASDAQ:AVGO) by 68.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,382 shares of the semiconductor manufacturer’s stock after selling 13,607 shares during the quarter. Catalina Capital Group LLC’s holdings in Broadcom were worth $1,069,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after acquiring an additional 6,573,204 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Broadcom by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock worth $23,647,209,000 after purchasing an additional 3,018,294 shares in the last quarter. FMR LLC increased its holdings in shares of Broadcom by 3.2% in the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock worth $21,624,718,000 after purchasing an additional 2,873,809 shares in the last quarter. Norges Bank bought a new stake in shares of Broadcom in the 4th quarter worth $16,893,010,000. Finally, Northern Trust Corp increased its holdings in shares of Broadcom by 12.0% in the 4th 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. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on AVGO shares. KeyCorp boosted their target price on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. Benchmark boosted their target price on Broadcom from $255.00 to $315.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Morgan Stanley boosted their target price on Broadcom from $260.00 to $270.00 and gave the stock an “overweight” rating in a research report on Friday, June 6th. Citigroup boosted their target price on Broadcom from $276.00 to $285.00 and gave the stock a “buy” rating in a research report on Monday, June 9th. Finally, Bank of America boosted their target price on Broadcom from $240.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, June 6th. Three investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $276.09.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the completion of the transaction, the insider now owns 490,956 shares in the company, valued at $95,564,585.40. This trade represents a 5.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction on Monday, June 16th. The stock was sold at an average price of $250.35, for a total value of $200,280.00. Following the completion of the transaction, the director now owns 25,382 shares of the company’s stock, valued at $6,354,383.70. This trade represents a 3.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 849,134 shares of company stock worth $163,760,949 over the last 90 days. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Up 0.8%

Shares of NASDAQ:AVGO opened at $251.26 on Thursday. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43. The stock has a market cap of $1.18 trillion, a P/E ratio of 94.10, a price-to-earnings-growth ratio of 1.77 and a beta of 1.11. The business’s 50 day moving average is $217.54 and its 200 day moving average is $211.02. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom’s revenue was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $10.96 earnings per share. Sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.94%. Broadcom’s dividend payout ratio is currently 88.39%.

Broadcom declared that its Board of Directors has initiated a share buyback program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Broadcom Profile

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.