Pittenger & Anderson Inc. Cuts Stake in Broadcom Inc. (NASDAQ:AVGO)

Pittenger & Anderson Inc. lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 62,075 shares of the semiconductor manufacturer’s stock after selling 2,160 shares during the period. Pittenger & Anderson Inc.’s holdings in Broadcom were worth $10,393,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in AVGO. Norges Bank purchased a new position in Broadcom in the fourth quarter valued at about $16,893,010,000. GAMMA Investing LLC grew its stake in Broadcom by 18,179.3% in the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer’s stock valued at $2,892,548,000 after purchasing an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer’s stock valued at $11,018,089,000 after purchasing an additional 15,171,849 shares during the last quarter. GQG Partners LLC grew its stake in Broadcom by 200.0% in the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer’s stock valued at $2,367,819,000 after purchasing an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in Broadcom by 1.4% in 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 purchasing an additional 6,573,204 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Trading Down 0.4%

Shares of AVGO stock opened at $274.38 on Friday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The company has a market cap of $1.29 trillion, a price-to-earnings ratio of 102.76, a PEG ratio of 1.95 and a beta of 1.12. The stock has a 50 day simple moving average of $246.70 and a 200-day simple moving average of $218.72. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $281.18.

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

Broadcom Dividend Announcement

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

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

Analysts Set New Price Targets

AVGO has been the topic of several analyst reports. Evercore ISI reiterated an “outperform” rating and issued a $304.00 target price (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Cowen reiterated a “buy” rating on shares of Broadcom in a research note on Friday, June 6th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $300.00 target price on shares of Broadcom in a research note on Friday, June 6th. Mizuho boosted their price target on Broadcom from $310.00 to $315.00 and gave the stock an “outperform” rating in a research note on Thursday, July 3rd. Finally, Susquehanna increased their price objective on shares of Broadcom from $280.00 to $300.00 and gave the company a “positive” rating in a research report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $290.21.

Insider Activity

In related news, CEO Hock E. Tan sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the completion of the sale, the chief executive officer directly owned 482,836 shares in the company, valued at approximately $129,540,070.44. The trade was a 7.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gayla J. Delly sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total value of $795,390.00. Following the sale, the director owned 33,352 shares of the company’s stock, valued at $8,842,615.76. The trade was a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 829,716 shares of company stock valued at $216,933,761 in the last three months. Company insiders own 2.00% of the company’s stock.

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.