Broadcom Inc. (NASDAQ:AVGO) Stake Decreased by Artemis Investment Management LLP

Artemis Investment Management LLP lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 20.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 446,698 shares of the semiconductor manufacturer’s stock after selling 112,569 shares during the quarter. Broadcom accounts for 1.5% of Artemis Investment Management LLP’s investment portfolio, making the stock its 12th biggest position. Artemis Investment Management LLP’s holdings in Broadcom were worth $103,562,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Lbmc Investment Advisors LLC bought a new stake in shares of Broadcom during the fourth quarter valued at approximately $231,000. Liberty One Investment Management LLC raised its holdings in Broadcom by 1.0% during the fourth quarter. Liberty One Investment Management LLC now owns 30,268 shares of the semiconductor manufacturer’s stock worth $7,017,000 after purchasing an additional 307 shares in the last quarter. Oak Ridge Investments LLC raised its holdings in Broadcom by 5.9% during the fourth quarter. Oak Ridge Investments LLC now owns 194,123 shares of the semiconductor manufacturer’s stock worth $45,005,000 after purchasing an additional 10,766 shares in the last quarter. Aaron Wealth Advisors LLC raised its holdings in Broadcom by 10.7% during the fourth quarter. Aaron Wealth Advisors LLC now owns 21,354 shares of the semiconductor manufacturer’s stock worth $4,951,000 after purchasing an additional 2,066 shares in the last quarter. Finally, Whitaker Myers Wealth Managers LTD. bought a new stake in Broadcom during the fourth quarter worth approximately $542,000. Institutional investors own 76.43% of the company’s stock.

Insiders Place Their Bets

In other Broadcom news, Director Eddy W. Hartenstein sold 4,000 shares of the company’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the sale, the director now directly owns 46,400 shares of the company’s stock, valued at approximately $10,655,296. This represents a 7.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Hock E. Tan sold 45,000 shares of the company’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $239.96, for a total transaction of $10,798,200.00. Following the sale, the chief executive officer now directly owns 842,836 shares in the company, valued at $202,246,926.56. This represents a 5.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 191,278 shares of company stock valued at $44,964,800. 2.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on AVGO shares. Bank of America boosted their target price on Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Piper Sandler boosted their target price on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Mizuho boosted their target price on Broadcom from $245.00 to $260.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Citigroup lifted their price target on shares of Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Finally, Hsbc Global Res upgraded shares of Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $225.83.

Broadcom Stock Performance

NASDAQ AVGO opened at $237.44 on Tuesday. The stock has a market cap of $1.11 trillion, a P/E ratio of 193.67, a PEG ratio of 2.35 and a beta of 1.03. The company’s 50-day simple moving average is $202.01 and its 200 day simple moving average is $178.14. Broadcom Inc. has a twelve month low of $112.19 and a twelve month high of $251.88. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. The business had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm’s revenue for the quarter was up 51.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.98 earnings per share. As a group, research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.99%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. Broadcom’s dividend payout ratio is currently 192.50%.

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.