Oxbow Advisors LLC Trims Stake in Broadcom Inc. (NASDAQ:AVGO)

Oxbow Advisors LLC reduced its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.6% during the 1st quarter, HoldingsChannel reports. The firm owned 10,720 shares of the semiconductor manufacturer’s stock after selling 70 shares during the period. Oxbow Advisors LLC’s holdings in Broadcom were worth $1,795,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the period. Geode Capital Management LLC increased its holdings in Broadcom by 3.0% during 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 during the period. 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 valued at $21,624,718,000 after acquiring an additional 2,873,809 shares during the period. Norges Bank purchased a new position in shares of Broadcom in the 4th quarter valued at $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 valued at $11,380,411,000 after acquiring an additional 5,258,925 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Performance

Shares of AVGO opened at $274.38 on Friday. The stock has a 50-day moving average of $246.70 and a two-hundred day moving average of $218.72. The stock has a market cap of $1.29 trillion, a P/E ratio of 102.76, a P/E/G ratio of 1.95 and a beta of 1.12. Broadcom Inc. has a one year low of $128.50 and a one year high of $281.18. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.57 by $0.01. The business 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%. The company’s revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the business posted $10.96 EPS. As a group, research analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom declared that its Board of Directors has authorized a stock buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.86%. Broadcom’s payout ratio is currently 88.39%.

Insider Buying and Selling at Broadcom

In related news, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the transaction, the director owned 38,188,575 shares in the company, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kirsten M. Spears sold 56,310 shares of Broadcom stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the completion of the transaction, the chief financial officer owned 361,937 shares of the company’s stock, valued at approximately $91,117,639.75. This represents a 13.46% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 829,716 shares of company stock worth $216,933,761. Insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of analyst reports. Evercore ISI reiterated an “outperform” rating and issued a $304.00 price target (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Redburn Atlantic initiated coverage on Broadcom in a report on Wednesday, May 28th. They issued a “buy” rating and a $301.00 price target on the stock. Hsbc Global Res upgraded Broadcom from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 24th. Morgan Stanley lifted their price target on Broadcom from $260.00 to $270.00 and gave the company an “overweight” rating in a report on Friday, June 6th. Finally, KeyCorp raised their price objective on Broadcom from $315.00 to $330.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 8th. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $290.21.

Broadcom Company 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.