Legg Mason Asset Management Japan Co. Ltd. lessened its holdings in Broadcom Inc (NASDAQ:AVGO) by 54.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,600 shares of the semiconductor manufacturer’s stock after selling 1,900 shares during the period. Legg Mason Asset Management Japan Co. Ltd.’s holdings in Broadcom were worth $407,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Victory Capital Management Inc. increased its position in Broadcom by 42.9% during the 3rd quarter. Victory Capital Management Inc. now owns 47,322 shares of the semiconductor manufacturer’s stock valued at $11,676,000 after buying an additional 14,213 shares in the last quarter. Bessemer Group Inc. bought a new stake in shares of Broadcom in the 3rd quarter worth $1,603,000. Systematic Financial Management LP bought a new stake in shares of Broadcom in the 3rd quarter worth $1,320,000. MML Investors Services LLC increased its holdings in shares of Broadcom by 76.7% in the 3rd quarter. MML Investors Services LLC now owns 9,591 shares of the semiconductor manufacturer’s stock worth $2,366,000 after purchasing an additional 4,163 shares in the last quarter. Finally, Cedar Capital LLC bought a new stake in shares of Broadcom in the 3rd quarter worth $403,000. 83.49% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have commented on AVGO. JPMorgan Chase & Co. lifted their target price on Broadcom from $325.00 to $365.00 in a report on Monday. MKM Partners lifted their target price on Broadcom to $310.00 and gave the stock a “buy” rating in a report on Monday. Argus reissued a “buy” rating and issued a $350.00 target price on shares of Broadcom in a report on Monday. Wells Fargo & Co reissued a “hold” rating on shares of Broadcom in a report on Friday. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $350.00 target price on shares of Broadcom in a report on Friday. Ten equities research analysts have rated the stock with a hold rating and thirty-two have given a buy rating to the stock. Broadcom currently has a consensus rating of “Buy” and a consensus target price of $298.83.
Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, March 14th. The semiconductor manufacturer reported $5.55 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $4.32 by $1.23. Broadcom had a return on equity of 29.03% and a net margin of 58.80%. The company had revenue of $5.79 billion during the quarter, compared to analyst estimates of $5.83 billion. During the same quarter in the previous year, the company posted $5.12 earnings per share. Broadcom’s revenue was up 8.6% compared to the same quarter last year. Equities research analysts predict that Broadcom Inc will post 18.59 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Thursday, March 21st will be given a dividend of $2.65 per share. The ex-dividend date of this dividend is Wednesday, March 20th. This represents a $10.60 annualized dividend and a yield of 3.60%. Broadcom’s dividend payout ratio (DPR) is presently 56.29%.
In related news, Director Donald Macleod sold 5,223 shares of Broadcom stock in a transaction on Monday, January 7th. The stock was sold at an average price of $233.65, for a total transaction of $1,220,353.95. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction on Tuesday, January 15th. The shares were sold at an average price of $254.99, for a total value of $5,099,800.00. The disclosure for this sale can be found here. 3.30% of the stock is currently owned by insiders.
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
Recommended Story: Net Margin
Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc (NASDAQ:AVGO).
Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.