Pitcairn Co. Trims Stock Holdings in Broadcom Inc. $AVGO

Pitcairn Co. lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 8.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 82,202 shares of the semiconductor manufacturer’s stock after selling 7,354 shares during the period. Broadcom accounts for approximately 1.5% of Pitcairn Co.’s portfolio, making the stock its 13th biggest holding. Pitcairn Co.’s holdings in Broadcom were worth $22,659,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in AVGO. Sawyer & Company Inc grew its holdings in shares of Broadcom by 62.1% during the second quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock worth $26,000 after buying an additional 36 shares in the last quarter. Longfellow Investment Management Co. LLC acquired a new stake in Broadcom during the second quarter worth approximately $27,000. Legend Financial Advisors Inc. purchased a new stake in Broadcom in the 2nd quarter worth approximately $28,000. Teachers Insurance & Annuity Association of America acquired a new position in Broadcom in the 2nd quarter valued at $28,000. Finally, LGT Financial Advisors LLC purchased a new position in shares of Broadcom during the 2nd quarter worth $31,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Transactions at Broadcom

In other Broadcom news, Director Henry Samueli sold 320,316 shares of the firm’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $400.53, for a total value of $128,296,167.48. Following the transaction, the director directly owned 37,326,540 shares of the company’s stock, valued at $14,950,399,066.20. This trade represents a 0.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Justine Page sold 800 shares of the business’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $331.14, for a total value of $264,912.00. Following the transaction, the director directly owned 21,382 shares in the company, valued at $7,080,435.48. This trade represents a 3.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 837,433 shares of company stock worth $303,900,352 in the last quarter. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on AVGO shares. JPMorgan Chase & Co. lifted their price objective on Broadcom from $400.00 to $475.00 and gave the company an “overweight” rating in a research report on Friday. UBS Group restated a “buy” rating and issued a $472.00 price target (up previously from $415.00) on shares of Broadcom in a report on Monday, December 1st. Evercore ISI increased their price objective on shares of Broadcom from $342.00 to $403.00 and gave the stock an “outperform” rating in a report on Wednesday, October 15th. Wells Fargo & Company raised their target price on shares of Broadcom from $255.00 to $345.00 and gave the stock an “equal weight” rating in a research report on Friday, September 5th. Finally, Rosenblatt Securities upped their price target on shares of Broadcom from $400.00 to $440.00 and gave the stock a “buy” rating in a research report on Tuesday, December 9th. Three equities research 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.com, Broadcom currently has a consensus rating of “Buy” and an average target price of $435.85.

Broadcom Stock Down 11.4%

AVGO opened at $359.93 on Friday. Broadcom Inc. has a 1 year low of $138.10 and a 1 year high of $414.61. The firm has a 50 day moving average price of $363.17 and a 200 day moving average price of $317.95. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.37 and a current ratio of 1.50. The company has a market cap of $1.70 trillion, a PE ratio of 75.62, a price-to-earnings-growth ratio of 1.22 and a beta of 1.19.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 38.82%. The company had revenue of $18.02 billion during the quarter, compared to the consensus estimate of $17.46 billion. During the same period in the previous year, the firm earned $1.42 earnings per share. Broadcom’s revenue for the quarter was up 28.2% on a year-over-year basis. Sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 22nd will be issued a $0.65 dividend. The ex-dividend date is Monday, December 22nd. This represents a $2.60 annualized dividend and a yield of 0.7%. This is an increase from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s payout ratio is currently 49.58%.

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.