Silicon Valley Capital Partners cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 6.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 104,365 shares of the semiconductor manufacturer’s stock after selling 6,773 shares during the period. Broadcom makes up about 3.6% of Silicon Valley Capital Partners’ investment portfolio, making the stock its 11th largest holding. Silicon Valley Capital Partners’ holdings in Broadcom were worth $39,424,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in AVGO. Networth Advisors LLC increased its holdings in shares of Broadcom by 546.2% during the first quarter. Networth Advisors LLC now owns 84 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 71 shares during the period. Core Capital Management & Research inc. acquired a new stake in Broadcom in the second quarter worth about $31,000. Harborfront Financial Group LLC acquired a new stake in Broadcom in the second quarter worth about $38,000. Cherry Tree Wealth Management LLC grew its position in Broadcom by 44.9% in the 4th quarter. Cherry Tree Wealth Management LLC now owns 129 shares of the semiconductor manufacturer’s stock valued at $45,000 after buying an additional 40 shares in the last quarter. Finally, Godfrey Financial Associates Inc. bought a new position in Broadcom in the 4th quarter valued at about $56,000. 76.43% of the stock is owned by institutional investors.
Insider Activity
In related news, Director Gayla J. Delly sold 1,890 shares of Broadcom stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $385.38, for a total value of $728,368.20. Following the transaction, the director owned 31,326 shares of the company’s stock, valued at approximately $12,072,413.88. This trade represents a 5.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark Brazeal sold 25,000 shares of the business’s stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $401.33, for a total value of $10,033,250.00. Following the sale, the insider owned 194,989 shares in the company, valued at approximately $78,254,935.37. The trade was a 11.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 53,492 shares of company stock valued at $20,840,292 over the last three months. Insiders own 1.90% of the company’s stock.
Broadcom Price Performance
Broadcom (NASDAQ:AVGO – Get Free Report) last posted its quarterly earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.22 by $0.10. Broadcom had a return on equity of 48.33% and a net margin of 42.94%.The company had revenue of $29.59 billion for the quarter, compared to analysts’ expectations of $29.24 billion. During the same quarter in the prior year, the company earned $1.69 earnings per share. The firm’s revenue was up 85.5% on a year-over-year basis. Sell-side analysts expect that Broadcom Inc. will post 10.36 EPS for the current fiscal year.
Broadcom Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Monday, September 21st will be given a dividend of $0.65 per share. The ex-dividend date of this dividend is Monday, September 21st. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. Broadcom’s payout ratio is 33.21%.
Wall Street Analyst Weigh In
A number of analysts have commented on the stock. Morgan Stanley restated an “overweight” rating and set a $505.00 price target (up from $502.00) on shares of Broadcom in a research report on Thursday, September 3rd. Erste Group Bank reiterated a “hold” rating on shares of Broadcom in a report on Tuesday, July 7th. BMO Capital Markets raised their price objective on shares of Broadcom from $455.00 to $575.00 and gave the company an “outperform” rating in a research note on Thursday, September 3rd. Dbs Bank raised Broadcom to a “moderate buy” rating in a report on Thursday, June 18th. Finally, DA Davidson set a $350.00 target price on Broadcom and gave the company a “neutral” rating in a research note on Friday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-eight have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and an average price target of $509.04.
Read Our Latest Analysis on Broadcom
About Broadcom
Broadcom Inc (NASDAQ:AVGO) designs, develops and supplies semiconductor and infrastructure software products for businesses, telecommunications providers and other organizations worldwide. Its semiconductor portfolio includes networking and connectivity components, custom application-specific integrated circuits, broadband and wireless communications products, storage adapters, optical components, and industrial solutions.
The company also provides enterprise infrastructure software through businesses including VMware, which offers virtualization and private- and hybrid-cloud solutions; mainframe and enterprise software; and cybersecurity products.
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