Cadence Capital Management LLC Reduces Position in Broadcom Inc (NASDAQ:AVGO)

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Cadence Capital Management LLC lessened its stake in shares of Broadcom Inc (NASDAQ:AVGO) by 18.1% during the 3rd quarter, Holdings Channel reports. The firm owned 8,798 shares of the semiconductor manufacturer’s stock after selling 1,942 shares during the quarter. Broadcom comprises approximately 0.8% of Cadence Capital Management LLC’s investment portfolio, making the stock its 17th largest position. Cadence Capital Management LLC’s holdings in Broadcom were worth $3,205,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Public Employees Retirement Association of Colorado raised its position in Broadcom by 4.1% during the first quarter. Public Employees Retirement Association of Colorado now owns 75,097 shares of the semiconductor manufacturer’s stock worth $17,805,000 after acquiring an additional 2,941 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Broadcom by 2.7% during the first quarter. Massachusetts Financial Services Co. MA now owns 5,062 shares of the semiconductor manufacturer’s stock worth $1,200,000 after buying an additional 134 shares during the period. Thrivent Financial for Lutherans boosted its stake in Broadcom by 57.5% during the first quarter. Thrivent Financial for Lutherans now owns 51,889 shares of the semiconductor manufacturer’s stock worth $12,303,000 after buying an additional 18,935 shares during the period. Silvercrest Asset Management Group LLC boosted its stake in Broadcom by 104.3% during the first quarter. Silvercrest Asset Management Group LLC now owns 2,331 shares of the semiconductor manufacturer’s stock worth $553,000 after buying an additional 1,190 shares during the period. Finally, Two Sigma Advisers LP purchased a new position in Broadcom during the first quarter worth about $1,494,000. 81.82% of the stock is currently owned by institutional investors.

In other news, Director Henry Samueli bought 101,740 shares of the business’s stock in a transaction that occurred on Friday, September 18th. The stock was purchased at an average price of $361.45 per share, with a total value of $36,773,923.00. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Hock E. Tan sold 57,171 shares of the business’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $315.18, for a total transaction of $18,019,155.78. The disclosure for this sale can be found here. Insiders sold a total of 712,112 shares of company stock worth $246,515,630 over the last quarter. Insiders own 3.30% of the company’s stock.

Shares of Broadcom stock traded down $1.28 on Friday, hitting $378.65. The company’s stock had a trading volume of 1,029,702 shares, compared to its average volume of 2,653,615. Broadcom Inc has a 52-week low of $155.67 and a 52-week high of $387.80. The company has a quick ratio of 1.88, a current ratio of 2.04 and a debt-to-equity ratio of 1.83. The firm has a fifty day moving average price of $361.89 and a 200-day moving average price of $310.85. The company has a market capitalization of $153.16 billion, a P/E ratio of 71.04, a price-to-earnings-growth ratio of 1.67 and a beta of 0.90.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 3rd. The semiconductor manufacturer reported $5.40 EPS for the quarter, topping the consensus estimate of $5.24 by $0.16. Broadcom had a net margin of 10.70% and a return on equity of 32.44%. The business had revenue of $5.82 billion for the quarter, compared to analyst estimates of $5.76 billion. During the same period in the previous year, the firm earned $5.16 EPS. The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. As a group, analysts expect that Broadcom Inc will post 18.15 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 22nd were given a $3.25 dividend. The ex-dividend date of this dividend was Monday, September 21st. This represents a $13.00 annualized dividend and a dividend yield of 3.43%. Broadcom’s dividend payout ratio is presently 74.67%.

AVGO has been the subject of several research analyst reports. Bank of America reaffirmed a “buy” rating and set a $450.00 target price on shares of Broadcom in a research note on Friday, September 4th. 140166 raised their price objective on shares of Broadcom from $400.00 to $410.00 in a research note on Friday, September 4th. Truist raised their price objective on shares of Broadcom from $360.00 to $411.00 in a research note on Friday, September 4th. Oppenheimer raised their price objective on shares of Broadcom from $350.00 to $400.00 and gave the company an “outperform” rating in a research note on Tuesday, September 1st. Finally, BidaskClub raised shares of Broadcom from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, September 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-seven have assigned a buy rating and one has assigned a strong buy rating to the company. Broadcom has an average rating of “Buy” and a consensus price target of $382.48.

Broadcom Company Profile

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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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