Meitav Investment House Ltd. Sells 5,687 Shares of Broadcom Inc. (NASDAQ:AVGO)

Meitav Investment House Ltd. decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 311,317 shares of the semiconductor manufacturer’s stock after selling 5,687 shares during the quarter. Broadcom makes up 1.2% of Meitav Investment House Ltd.’s investment portfolio, making the stock its 24th largest position. Meitav Investment House Ltd.’s holdings in Broadcom were worth $72,194,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in AVGO. WealthBridge Capital Management LLC boosted its stake in Broadcom by 13.8% in the 4th quarter. WealthBridge Capital Management LLC now owns 4,324 shares of the semiconductor manufacturer’s stock worth $1,002,000 after purchasing an additional 523 shares during the period. WealthCare Investment Partners LLC bought a new position in Broadcom in the 4th quarter worth about $242,000. Sunpointe LLC boosted its stake in Broadcom by 15.7% in the 4th quarter. Sunpointe LLC now owns 8,004 shares of the semiconductor manufacturer’s stock worth $1,856,000 after purchasing an additional 1,088 shares during the period. Cumberland Partners Ltd boosted its stake in Broadcom by 67.2% in the 4th quarter. Cumberland Partners Ltd now owns 166,430 shares of the semiconductor manufacturer’s stock worth $38,585,000 after purchasing an additional 66,872 shares during the period. Finally, Ieq Capital LLC boosted its stake in Broadcom by 7.8% in the 4th quarter. Ieq Capital LLC now owns 413,722 shares of the semiconductor manufacturer’s stock worth $95,917,000 after purchasing an additional 30,074 shares during the period. Institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

AVGO opened at $218.61 on Friday. The firm has a market cap of $1.02 trillion, a price-to-earnings ratio of 178.32, a PEG ratio of 2.37 and a beta of 1.02. Broadcom Inc. has a 1 year low of $119.76 and a 1 year high of $251.88. The stock’s 50 day simple moving average is $230.09 and its 200 day simple moving average is $190.11. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

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 analysts’ consensus estimates of $1.39 by $0.03. The firm had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business’s quarterly revenue was up 51.2% compared to the same quarter last year. During the same period last year, the company earned $0.98 EPS. As a group, 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. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s dividend payout ratio (DPR) is currently 192.50%.

Insider Transactions at Broadcom

In other news, Director Eddy W. Hartenstein sold 4,000 shares of Broadcom stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total value of $918,560.00. Following the sale, the director now directly owns 46,400 shares in the company, valued at approximately $10,655,296. This trade represents a 7.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Check Kian Low sold 48,000 shares of Broadcom stock in a transaction that occurred on Monday, January 6th. The stock was 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 owns 113,050 shares in the company, valued at approximately $26,606,317.50. This represents a 29.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 191,278 shares of company stock worth $44,964,800. 2.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

AVGO has been the subject of several analyst reports. TD Cowen raised their target price on Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Jefferies Financial Group raised their price target on Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a report on Friday, December 13th. Benchmark reaffirmed a “buy” rating and issued a $255.00 price target (up previously from $210.00) on shares of Broadcom in a report on Friday, December 13th. Piper Sandler raised their price target on Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Finally, UBS Group raised their price objective on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a report on Monday, November 4th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and a consensus target price of $225.04.

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.