Broadcom Inc. (NASDAQ:AVGO) Stake Trimmed by Westover Capital Advisors LLC

Westover Capital Advisors LLC decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 73,830 shares of the semiconductor manufacturer’s stock after selling 1,638 shares during the quarter. Broadcom comprises about 3.8% of Westover Capital Advisors LLC’s portfolio, making the stock its 5th biggest holding. Westover Capital Advisors LLC’s holdings in Broadcom were worth $17,117,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Canton Hathaway LLC purchased a new stake in Broadcom in the 4th quarter valued at $26,000. Pin Oak Investment Advisors Inc. grew its holdings in shares of Broadcom by 900.0% in the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 135 shares during the period. Synergy Investment Management LLC purchased a new stake in shares of Broadcom in the fourth quarter valued at about $35,000. Retirement Wealth Solutions LLC acquired a new stake in Broadcom during the fourth quarter worth about $37,000. Finally, R Squared Ltd purchased a new position in Broadcom during the fourth quarter worth about $39,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AVGO. Benchmark restated a “buy” rating and set a $255.00 price target (up previously from $210.00) on shares of Broadcom in a report on Friday, December 13th. Hsbc Global Res raised Broadcom to a “hold” rating in a research note on Tuesday, December 3rd. Citigroup upped their price target on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Rosenblatt Securities reissued a “buy” rating and set a $240.00 price objective on shares of Broadcom in a research report on Wednesday, December 11th. Finally, Robert W. Baird boosted their price objective on shares of Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $225.04.

Insider Activity at Broadcom

In other news, Director Diane M. Bryant sold 15,000 shares of the company’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 transaction, the director now owns 6,460 shares in the company, valued at approximately $1,464,352.80. This represents a 69.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Harry L. You sold 6,540 shares of Broadcom stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the sale, the director now owns 30,450 shares in the company, valued at $7,308,000. This represents a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 191,278 shares of company stock valued at $44,964,800 over the last quarter. 2.00% of the stock is owned by insiders.

Broadcom Price Performance

AVGO stock opened at $187.48 on Wednesday. Broadcom Inc. has a 1 year low of $119.76 and a 1 year high of $251.88. The firm has a market capitalization of $878.79 billion, a P/E ratio of 152.92, a P/E/G ratio of 2.29 and a beta of 1.02. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The business’s 50-day moving average is $225.50 and its two-hundred day moving average is $192.65.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating 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 firm had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. During the same quarter last year, the company earned $0.98 earnings per share. The firm’s revenue was up 51.2% compared to the same quarter last year. Analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were paid a dividend of $0.59 per share. The ex-dividend date was Monday, December 23rd. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.26%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is presently 191.87%.

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.