Lowe Brockenbrough & Co. Inc. Decreases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Lowe Brockenbrough & Co. Inc. cut its stake in Broadcom Inc. (NASDAQ:AVGO) by 0.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 80,554 shares of the semiconductor manufacturer’s stock after selling 408 shares during the period. Broadcom makes up about 1.2% of Lowe Brockenbrough & Co. Inc.’s holdings, making the stock its 20th largest holding. Lowe Brockenbrough & Co. Inc.’s holdings in Broadcom were worth $18,676,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in AVGO. Pin Oak Investment Advisors Inc. raised its holdings in shares of Broadcom by 900.0% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 135 shares during the period. Canton Hathaway LLC purchased a new position in Broadcom during the fourth quarter worth about $26,000. Rialto Wealth Management LLC purchased a new position in Broadcom during the fourth quarter worth about $26,000. JDM Financial Group LLC boosted its holdings in Broadcom by 1,323.1% in the 3rd quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 172 shares during the last quarter. Finally, Bellevue Asset Management LLC purchased a new stake in shares of Broadcom in the 4th quarter valued at approximately $33,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other news, Director Diane M. Bryant sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $226.68, for a total transaction of $3,400,200.00. Following the completion of the sale, the director now owns 6,460 shares in the company, valued at approximately $1,464,352.80. The trade was a 69.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 completion of the transaction, the director now directly owns 46,400 shares in the company, valued at $10,655,296. This trade represents a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 172,168 shares of company stock valued at $40,508,877 over the last three months. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Down 2.6 %

Broadcom stock opened at $190.54 on Friday. The stock’s fifty day moving average is $215.03 and its two-hundred day moving average is $194.59. The stock has a market cap of $895.91 billion, a PE ratio of 155.42, a P/E/G ratio of 2.29 and a beta of 1.01. Broadcom Inc. has a 1-year low of $119.76 and a 1-year high of $251.88. 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 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.24%. The ex-dividend date of this dividend is Thursday, March 20th. Broadcom’s payout ratio is 113.46%.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of recent analyst reports. Piper Sandler upped their price objective on Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Citigroup raised their price objective on Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Jefferies Financial Group upped their target price on shares of Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Morgan Stanley lifted their price target on shares of Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, March 7th. Finally, KeyCorp upped their price objective on shares of Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $231.48.

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.