Jackson Square Capital LLC Sells 17,877 Shares of Broadcom Inc. (NASDAQ:AVGO)

Jackson Square Capital LLC lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 17.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 83,392 shares of the semiconductor manufacturer’s stock after selling 17,877 shares during the period. Broadcom accounts for approximately 4.5% of Jackson Square Capital LLC’s investment portfolio, making the stock its 4th biggest holding. Jackson Square Capital LLC’s holdings in Broadcom were worth $13,962,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. SlateStone Wealth LLC lifted its stake in Broadcom by 0.3% in the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer’s stock valued at $3,207,000 after buying an additional 47 shares during the period. True Wealth Design LLC lifted its stake in Broadcom by 7.2% in the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer’s stock valued at $165,000 after buying an additional 48 shares during the period. DT Investment Partners LLC lifted its stake in Broadcom by 0.9% in the fourth quarter. DT Investment Partners LLC now owns 5,397 shares of the semiconductor manufacturer’s stock valued at $1,251,000 after buying an additional 50 shares during the period. Bfsg LLC lifted its stake in Broadcom by 12.5% in the fourth quarter. Bfsg LLC now owns 451 shares of the semiconductor manufacturer’s stock valued at $105,000 after buying an additional 50 shares during the period. Finally, Global Strategic Investment Solutions LLC lifted its stake in Broadcom by 1.5% in the fourth quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer’s stock valued at $782,000 after buying an additional 50 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on AVGO shares. Cowen restated a “buy” rating on shares of Broadcom in a report on Friday, June 6th. Morgan Stanley boosted their price objective on Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a report on Friday, June 6th. Seaport Res Ptn upgraded Broadcom to a “strong-buy” rating in a report on Wednesday, April 30th. Benchmark boosted their price objective on Broadcom from $255.00 to $315.00 and gave the company a “buy” rating in a report on Friday, June 6th. Finally, Erste Group Bank upgraded Broadcom from a “hold” rating to a “buy” rating in a report on Thursday, June 5th. Two equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus price target of $276.09.

Broadcom Stock Down 2.9%

Shares of NASDAQ AVGO opened at $248.70 on Friday. Broadcom Inc. has a one year low of $128.50 and a one year high of $265.43. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The business’s fifty day moving average price is $213.01 and its 200-day moving average price is $209.15. The stock has a market capitalization of $1.17 trillion, a PE ratio of 202.86, a P/E/G ratio of 2.29 and a beta of 1.11.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. During the same quarter in the prior year, the firm earned $10.96 EPS. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. On average, equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given 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 dividend yield of 0.95%. Broadcom’s dividend payout ratio is presently 88.39%.

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

Insider Activity

In related news, insider Mark David Brazeal sold 30,000 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now owns 490,956 shares of the company’s stock, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the 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 sale, the insider now directly owns 789,784 shares in the company, valued at $199,720,577.92. This trade represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 730,576 shares of company stock valued at $133,778,494 in the last 90 days. Insiders own 2.00% of the company’s stock.

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.