Apexium Financial LP Reduces Position in Broadcom Inc. (NASDAQ:AVGO)

Apexium Financial LP reduced its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 23.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,748 shares of the semiconductor manufacturer's stock after selling 1,792 shares during the period. Apexium Financial LP's holdings in Broadcom were worth $1,333,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in AVGO. NCP Inc. grew its holdings in Broadcom by 615.4% during the second quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer's stock worth $747,000 after acquiring an additional 400 shares during the period. Point72 Asia Singapore Pte. Ltd. grew its stake in shares of Broadcom by 257.1% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 12,167 shares of the semiconductor manufacturer's stock worth $19,535,000 after purchasing an additional 8,760 shares during the period. New Century Financial Group LLC purchased a new position in shares of Broadcom during the 2nd quarter valued at approximately $376,000. RiverFront Investment Group LLC acquired a new position in shares of Broadcom in the 2nd quarter valued at $2,778,000. Finally, Farmers National Bank boosted its holdings in Broadcom by 3.7% during the second quarter. Farmers National Bank now owns 5,919 shares of the semiconductor manufacturer's stock worth $9,503,000 after buying an additional 211 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.

Broadcom Trading Up 5.1 %

Shares of Broadcom stock traded up $10.50 during mid-day trading on Thursday, hitting $216.85. The stock had a trading volume of 30,608,634 shares, compared to its average volume of 30,738,475. The firm has a 50-day moving average of $211.24 and a two-hundred day moving average of $181.27. The firm has a market cap of $1.02 trillion, a P/E ratio of 176.94, a price-to-earnings-growth ratio of 2.52 and a beta of 1.03. 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 Inc. has a 12-month low of $117.43 and a 12-month high of $251.88.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping 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 analyst estimates of $14.07 billion. During the same period in the prior year, the business posted $0.98 earnings per share. The firm's revenue for the quarter was up 51.2% compared to the same quarter last year. Sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently announced 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 1.09%. The ex-dividend date was Monday, December 23rd. This is a positive change from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio (DPR) is 192.50%.

Insider Buying and Selling at Broadcom

In other news, Director Check Kian Low sold 48,000 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the sale, the director now owns 113,050 shares of the company's stock, valued at approximately $26,606,317.50. This represents a 29.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 40,000 shares of the firm's stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the completion of the transaction, the insider now directly owns 696,730 shares of the company's stock, valued at approximately $161,627,425.40. The trade was a 5.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 191,278 shares of company stock worth $44,964,800 over the last three months. Insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on AVGO. Rosenblatt Securities reaffirmed a "buy" rating and issued a $240.00 price objective on shares of Broadcom in a report on Wednesday, December 11th. Citigroup upped their price target on Broadcom from $175.00 to $205.00 and gave the stock a "buy" rating in a report on Tuesday, December 10th. Truist Financial raised their price objective on Broadcom from $205.00 to $245.00 and gave the company a "buy" rating in a report on Friday, December 13th. TD Cowen upped 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. Finally, Jefferies Financial Group lifted their price target on shares of Broadcom from $205.00 to $225.00 and gave the company a "buy" rating in a research note 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $225.04.

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.