Broadcom Inc. $AVGO Shares Sold by Bridgeway Capital Management LLC

by · The Cerbat Gem

Bridgeway Capital Management LLC lowered its holdings in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 15.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 128,710 shares of the semiconductor manufacturer’s stock after selling 23,943 shares during the quarter. Broadcom accounts for 0.8% of Bridgeway Capital Management LLC’s holdings, making the stock its 4th largest holding. Bridgeway Capital Management LLC’s holdings in Broadcom were worth $35,479,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Byrne Financial Freedom LLC increased its position in shares of Broadcom by 13.2% during the 2nd quarter. Byrne Financial Freedom LLC now owns 2,333 shares of the semiconductor manufacturer’s stock worth $643,000 after purchasing an additional 272 shares during the last quarter. Bienville Capital Management LLC lifted its position in Broadcom by 2.4% in the second quarter. Bienville Capital Management LLC now owns 2,170 shares of the semiconductor manufacturer’s stock valued at $598,000 after buying an additional 50 shares during the last quarter. Blue Capital Inc. purchased a new position in Broadcom during the second quarter worth about $3,273,000. Bamco Inc. NY increased its position in shares of Broadcom by 3.5% during the second quarter. Bamco Inc. NY now owns 529,935 shares of the semiconductor manufacturer’s stock valued at $146,077,000 after acquiring an additional 17,864 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its stake in shares of Broadcom by 3.7% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 4,222,156 shares of the semiconductor manufacturer’s stock valued at $1,163,837,000 after acquiring an additional 151,096 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $359.93 on Friday. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.50 and a quick ratio of 1.37. The company has a market cap of $1.70 trillion, a price-to-earnings ratio of 75.62, a price-to-earnings-growth ratio of 1.38 and a beta of 1.19. The stock’s 50-day moving average is $363.17 and its two-hundred day moving average is $317.38. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $414.61.

Broadcom (NASDAQ:AVGO – Get Free Report) last announced its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. Broadcom had a return on equity of 38.82% and a net margin of 36.20%.The business 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 company posted $1.42 earnings per share. The business’s revenue for the quarter was up 28.2% on a year-over-year basis. Analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd will be given a $0.65 dividend. The ex-dividend date of this dividend is Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. This is a boost from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s payout ratio is currently 49.58%.

Insider Buying and Selling

In related news, Director Henry Samueli sold 320,316 shares of the stock in a transaction on 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 owned 37,326,540 shares of the company’s stock, valued at $14,950,399,066.20. This represents a 0.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 3,893 shares of the firm’s stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $347.82, for a total value of $1,354,063.26. Following the completion of the sale, the insider owned 25,295 shares in the company, valued at approximately $8,798,106.90. This represents a 13.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 837,433 shares of company stock worth $303,900,352. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Broadcom in a research report on Monday. Raymond James Financial set a $420.00 price target on Broadcom and gave the stock an “outperform” rating in a research report on Thursday, November 20th. Mizuho boosted their price objective on Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a report on Friday. Deutsche Bank Aktiengesellschaft set a $430.00 target price on Broadcom and gave the stock a “buy” rating in a research note on Friday. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $430.00 target price (up from $375.00) on shares of Broadcom in a research report on Friday. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $435.85.

View Our Latest Analysis on Broadcom

Broadcom Company Profile

(Free Report)

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.

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