Broadcom Inc. (NASDAQ:AVGO) is Sumitomo Mitsui Trust Group Inc.’s 8th Largest Position

Sumitomo Mitsui Trust Group Inc. reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.9% during the fourth quarter, Holdings Channel reports. The firm owned 11,270,773 shares of the semiconductor manufacturer’s stock after selling 103,306 shares during the quarter. Broadcom makes up approximately 1.8% of Sumitomo Mitsui Trust Group Inc.’s portfolio, making the stock its 8th biggest position. Sumitomo Mitsui Trust Group Inc.’s holdings in Broadcom were worth $2,613,016,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. State Street Corp boosted its stake in shares of Broadcom by 948.5% during the 3rd quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock valued at $31,814,902,000 after purchasing an additional 166,844,263 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Broadcom by 976.6% in the third quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock worth $17,055,760,000 after buying an additional 89,975,941 shares during the period. FMR LLC boosted its position in Broadcom by 1,121.3% during the 3rd quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock valued at $15,594,088,000 after acquiring an additional 82,998,328 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of Broadcom by 842.4% during the 3rd quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock worth $6,209,758,000 after acquiring an additional 32,178,542 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Broadcom by 975.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock worth $5,833,894,000 after acquiring an additional 30,674,902 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

AVGO has been the topic of several research reports. Morgan Stanley dropped their price target on Broadcom from $265.00 to $246.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. JPMorgan Chase & Co. boosted their target price on shares of Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Jefferies Financial Group increased their price target on shares of Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Rosenblatt Securities reissued a “buy” rating and set a $240.00 price objective on shares of Broadcom in a research note on Wednesday, December 11th. Finally, Citigroup raised their target price on shares of Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and a consensus target price of $225.04.

Broadcom Stock Down 2.8 %

AVGO stock opened at $224.87 on Monday. The business’s 50-day moving average is $219.76 and its two-hundred day moving average is $184.32. The company has a market cap of $1.05 trillion, a price-to-earnings ratio of 183.42, a P/E/G ratio of 2.42 and a beta of 1.02. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.03. The firm had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business’s quarterly revenue was up 51.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.98 EPS. As a group, analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were given a dividend of $0.59 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.05%. Broadcom’s payout ratio is presently 192.50%.

Insider Transactions at Broadcom

In related news, Director Check Kian Low sold 48,000 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $235.35, for a total value of $11,296,800.00. Following the completion of the sale, the director now directly owns 113,050 shares of the company’s stock, valued at approximately $26,606,317.50. This represents a 29.80 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Harry L. You sold 6,540 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the sale, the director now owns 30,450 shares in the company, valued at approximately $7,308,000. The trade was a 17.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock worth $44,964,800 in the last three months. Corporate insiders own 2.00% of the company’s stock.

About Broadcom

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.