Bay Harbor Wealth Management LLC Boosts Stake in Broadcom Inc. (NASDAQ:AVGO)

Bay Harbor Wealth Management LLC grew its stake in Broadcom Inc. (NASDAQ:AVGO) by 15.7% during the fourth quarter, HoldingsChannel reports. The fund owned 987 shares of the semiconductor manufacturer’s stock after acquiring an additional 134 shares during the quarter. Bay Harbor Wealth Management LLC’s holdings in Broadcom were worth $229,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Central Pacific Bank Trust Division raised its holdings in Broadcom by 21.5% in the fourth quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer’s stock worth $4,858,000 after purchasing an additional 3,707 shares in the last quarter. Wolff Financial Management LLC purchased a new position in shares of Broadcom in the 4th quarter worth approximately $244,000. Strait & Sound Wealth Management LLC raised its stake in shares of Broadcom by 829.8% during the 3rd quarter. Strait & Sound Wealth Management LLC now owns 7,950 shares of the semiconductor manufacturer’s stock worth $1,371,000 after acquiring an additional 7,095 shares in the last quarter. Catalyst Financial Partners LLC lifted its position in Broadcom by 943.3% during the third quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer’s stock valued at $3,473,000 after acquiring an additional 18,206 shares during the last quarter. Finally, Motive Wealth Advisors boosted its stake in Broadcom by 1,076.5% in the fourth quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer’s stock valued at $1,066,000 after acquiring an additional 4,209 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Insider Transactions at Broadcom

In related news, Director Diane M. Bryant sold 15,000 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $226.68, for a total value of $3,400,200.00. Following the completion of the sale, the director now owns 6,460 shares of the company’s stock, valued at approximately $1,464,352.80. The trade was a 69.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eddy W. Hartenstein sold 4,000 shares of the stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the transaction, the director now directly owns 46,400 shares in the company, valued at approximately $10,655,296. The trade was a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 191,278 shares of company stock valued at $44,964,800 in the last three months. 2.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AVGO. Barclays upped their price target on Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Piper Sandler upped their target price on Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. JPMorgan Chase & Co. raised their price target on Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Citigroup upped their price objective on shares of Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Finally, Susquehanna increased their price objective on shares of Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a research report on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $225.04.

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $231.36 on Friday. The company has a market capitalization of $1.08 trillion, a PE ratio of 188.71, a price-to-earnings-growth ratio of 2.31 and a beta of 1.02. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The company’s fifty day moving average price is $217.07 and its 200 day moving average price is $183.40. Broadcom Inc. has a 1 year low of $119.76 and a 1 year high of $251.88.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.03. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. During the same period in the prior year, the company posted $0.98 EPS. The company’s revenue for the quarter was up 51.2% on a year-over-year basis. On average, research analysts predict 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 $0.59 dividend. The ex-dividend date was Monday, December 23rd. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.02%. Broadcom’s payout ratio is 192.50%.

Broadcom 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.