Notis McConarty Edward cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 2.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,510 shares of the semiconductor manufacturer's stock after selling 40 shares during the quarter. Notis McConarty Edward's holdings in Broadcom were worth $671,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in AVGO. Boston Trust Walden Corp boosted its stake in Broadcom by 6.9% in the 2nd quarter. Boston Trust Walden Corp now owns 1,747 shares of the semiconductor manufacturer's stock worth $849,000 after purchasing an additional 113 shares during the period. Veracity Capital LLC boosted its position in shares of Broadcom by 7.6% during the third quarter. Veracity Capital LLC now owns 537 shares of the semiconductor manufacturer's stock worth $239,000 after acquiring an additional 38 shares during the last quarter. Householder Group Estate & Retirement Specialist LLC bought a new position in shares of Broadcom during the third quarter worth $118,000. Rathbones Group Plc bought a new stake in Broadcom in the 3rd quarter valued at $271,000. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC increased its holdings in shares of Broadcom by 69.5% in the third quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 2,017 shares of the semiconductor manufacturer's stock worth $895,000 after purchasing an additional 827 shares during the last quarter. 81.28% of the stock is currently owned by hedge funds and other institutional investors.
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Insider Transactions at Broadcom
In related news, Director Justine Page sold 170 shares of Broadcom stock in a transaction that occurred on Tuesday, December 13th. The shares were sold at an average price of $574.86, for a total transaction of $97,726.20. Following the transaction, the director now directly owns 2,981 shares of the company's stock, valued at $1,713,657.66. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.30% of the company's stock.
Broadcom Trading Up 0.1 %
AVGO traded up $0.33 during trading on Friday, hitting $606.10. 406,347 shares of the stock were exchanged, compared to its average volume of 2,175,606. The company has a debt-to-equity ratio of 1.72, a quick ratio of 2.35 and a current ratio of 2.62. The firm has a 50 day simple moving average of $562.03 and a 200 day simple moving average of $520.15. The firm has a market cap of $253.28 billion, a price-to-earnings ratio of 22.70, a P/E/G ratio of 1.26 and a beta of 1.10. Broadcom Inc. has a 1 year low of $415.07 and a 1 year high of $645.31.
Broadcom (NASDAQ:AVGO – Get Rating) last announced its quarterly earnings results on Thursday, December 8th. The semiconductor manufacturer reported $9.75 EPS for the quarter, beating the consensus estimate of $9.50 by $0.25. Broadcom had a return on equity of 70.00% and a net margin of 34.62%. The firm had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.90 billion. During the same quarter last year, the firm posted $7.01 earnings per share. The business's revenue for the quarter was up 20.6% on a year-over-year basis. As a group, equities analysts expect that Broadcom Inc. will post 37.28 EPS for the current year.
Broadcom Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, December 30th. Stockholders of record on Tuesday, December 20th were issued a $4.60 dividend. The ex-dividend date was Monday, December 19th. This represents a $18.40 annualized dividend and a dividend yield of 3.04%. This is a positive change from Broadcom's previous quarterly dividend of $4.10. Broadcom's payout ratio is currently 69.43%.
Analysts Set New Price Targets
A number of research analysts recently weighed in on AVGO shares. Mizuho cut their target price on shares of Broadcom from $725.00 to $700.00 and set a "buy" rating for the company in a report on Friday, December 9th. Truist Financial reduced their target price on shares of Broadcom from $662.00 to $659.00 and set a "buy" rating on the stock in a report on Monday, January 23rd. Piper Sandler dropped their price target on Broadcom from $750.00 to $715.00 and set an "overweight" rating for the company in a research report on Monday, December 5th. Deutsche Bank Aktiengesellschaft upped their price objective on Broadcom from $575.00 to $590.00 in a research report on Wednesday, December 14th. Finally, Oppenheimer reiterated an "outperform" rating and issued a $720.00 target price on shares of Broadcom in a report on Monday, December 5th. Two equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Broadcom presently has an average rating of "Moderate Buy" and an average target price of $667.21.
About Broadcom
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Broadcom, Inc is a global technology company, which designs, develops, and supplies semiconductor and infrastructure software solutions. It operates through the Semiconductor Solutions and Infrastructure Software segments. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise, and embedded networking applications.
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