Burns Matteson Capital Management LLC Increases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Burns Matteson Capital Management LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 34.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,415 shares of the semiconductor manufacturer’s stock after purchasing an additional 622 shares during the period. Burns Matteson Capital Management LLC’s holdings in Broadcom were worth $560,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Central Pacific Bank Trust Division raised its position in shares of Broadcom by 21.5% in the fourth quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer’s stock valued at $4,858,000 after buying an additional 3,707 shares during the last quarter. Wolff Financial Management LLC purchased a new stake in Broadcom in the 4th quarter worth approximately $244,000. Strait & Sound Wealth Management LLC grew its stake in Broadcom by 829.8% in 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 during the period. Catalyst Financial Partners LLC raised its holdings in Broadcom by 943.3% in the 3rd 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 lifted its stake in shares of Broadcom by 1,076.5% during the 4th quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer’s stock worth $1,066,000 after purchasing an additional 4,209 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Activity

In other Broadcom news, CFO Kirsten M. Spears sold 12,570 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $229.62, for a total transaction of $2,886,323.40. Following the sale, the chief financial officer now owns 325,443 shares in the company, valued at $74,728,221.66. This represents a 3.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Harry L. You sold 6,540 shares of Broadcom stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total value of $1,569,600.00. Following the completion of the transaction, the director now owns 30,450 shares of the company’s stock, valued at approximately $7,308,000. The trade was a 17.68 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 191,278 shares of company stock worth $44,964,800. 2.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on AVGO. Benchmark reiterated a “buy” rating and issued a $255.00 target price (up from $210.00) on shares of Broadcom in a research note on Friday, December 13th. Bank of America upped their price objective on shares of Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Morgan Stanley decreased their target price on shares of Broadcom from $265.00 to $246.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. JPMorgan Chase & Co. upped their price target on shares of Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Finally, Piper Sandler increased their price target on shares of Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $225.04.

Broadcom Price Performance

AVGO opened at $236.35 on Thursday. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88. The firm has a market cap of $1.11 trillion, a price-to-earnings ratio of 192.78, a PEG ratio of 2.42 and a beta of 1.02. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The company has a fifty day simple moving average of $222.47 and a 200 day simple moving average of $185.75.

Broadcom (NASDAQ:AVGO) last announced 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 return on equity of 28.00% and a net margin of 11.43%. The company had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. During the same period last year, the firm earned $0.98 earnings per share. The company’s revenue was up 51.2% on a year-over-year basis. Equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.00%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s dividend payout ratio is presently 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.