Mutual of America Capital Management LLC Sells 3,463 Shares of Broadcom Inc. (NASDAQ:AVGO)

Mutual of America Capital Management LLC decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 5.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 57,168 shares of the semiconductor manufacturer’s stock after selling 3,463 shares during the quarter. Broadcom comprises 1.0% of Mutual of America Capital Management LLC’s holdings, making the stock its 11th largest holding. Mutual of America Capital Management LLC’s holdings in Broadcom were worth $91,785,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Lion Street Advisors LLC boosted its stake in shares of Broadcom by 1.9% during the second quarter. Lion Street Advisors LLC now owns 324 shares of the semiconductor manufacturer’s stock valued at $520,000 after purchasing an additional 6 shares during the period. Tucker Asset Management LLC boosted its stake in shares of Broadcom by 12.5% during the fourth quarter. Tucker Asset Management LLC now owns 72 shares of the semiconductor manufacturer’s stock valued at $80,000 after purchasing an additional 8 shares during the period. Buckley Wealth Management LLC boosted its stake in shares of Broadcom by 0.7% during the first quarter. Buckley Wealth Management LLC now owns 1,153 shares of the semiconductor manufacturer’s stock valued at $1,529,000 after purchasing an additional 8 shares during the period. Legend Financial Advisors Inc. boosted its stake in shares of Broadcom by 72.7% during the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 8 shares during the period. Finally, Ascent Wealth Partners LLC boosted its stake in shares of Broadcom by 0.3% during the first quarter. Ascent Wealth Partners LLC now owns 2,964 shares of the semiconductor manufacturer’s stock valued at $3,929,000 after purchasing an additional 8 shares during the period. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 7,502 shares of Broadcom stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the completion of the sale, the chief executive officer now directly owns 138,191 shares in the company, valued at approximately $235,746,936.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the transaction, the director now directly owns 27,480 shares in the company, valued at $4,809,714.48. The disclosure for this sale can be found here. 2.00% of the stock is owned by corporate insiders.

Broadcom Price Performance

NASDAQ AVGO opened at $162.47 on Wednesday. Broadcom Inc. has a one year low of $79.51 and a one year high of $185.16. The stock has a 50-day moving average of $157.17 and a 200 day moving average of $146.21. The company has a market capitalization of $756.28 billion, a price-to-earnings ratio of 6.99, a PEG ratio of 2.55 and a beta of 1.16. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same period last year, the company earned $0.95 EPS. Broadcom’s revenue for the quarter was up 47.3% on a year-over-year basis. On average, sell-side analysts forecast that Broadcom Inc. will post 3.77 EPS for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 1.30%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date is Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Benchmark reissued a “buy” rating and set a $210.00 price objective on shares of Broadcom in a research note on Friday, September 6th. Barclays raised their price target on Broadcom from $150.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, June 13th. Sanford C. Bernstein raised their price target on Broadcom from $160.00 to $195.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. Oppenheimer dropped their price target on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, July 16th. Finally, Rosenblatt Securities dropped their price target on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $189.23.

Broadcom Company Profile

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.