Beta Wealth Group Inc. Has $486,000 Position in Broadcom Inc. (NASDAQ:AVGO)

Beta Wealth Group Inc. cut its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 57.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,098 shares of the semiconductor manufacturer's stock after selling 2,803 shares during the quarter. Beta Wealth Group Inc.'s holdings in Broadcom were worth $486,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the company. Pin Oak Investment Advisors Inc. boosted its stake in Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer's stock worth $25,000 after buying an additional 135 shares during the last quarter. JDM Financial Group LLC lifted its holdings in shares of Broadcom by 1,323.1% during the 3rd quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer's stock worth $32,000 after acquiring an additional 172 shares during the period. Retirement Wealth Solutions LLC acquired a new stake in shares of Broadcom in the fourth quarter worth approximately $37,000. R Squared Ltd purchased a new stake in Broadcom in the fourth quarter valued at approximately $39,000. Finally, Cedar Wealth Management LLC increased its position in Broadcom by 900.0% during the third quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer's stock worth $41,000 after purchasing an additional 216 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Bank of America boosted their price target on Broadcom from $215.00 to $250.00 and gave the company a "buy" rating in a research report on Friday, December 13th. JPMorgan Chase & Co. raised their price objective on Broadcom from $210.00 to $250.00 and gave the company an "overweight" rating in a research report on Friday, December 13th. Benchmark reiterated a "buy" rating and set a $255.00 target price (up from $210.00) on shares of Broadcom in a report on Friday, December 13th. Piper Sandler boosted their target price on shares of Broadcom from $200.00 to $250.00 and gave the stock an "overweight" rating in a research report on Friday, December 13th. Finally, Truist Financial raised their price target on shares of Broadcom from $205.00 to $245.00 and gave the company a "buy" rating in a report 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $225.04.

Broadcom Stock Down 3.6 %

NASDAQ AVGO traded down $8.13 during trading on Friday, hitting $218.61. 24,786,947 shares of the company traded hands, compared to its average volume of 27,613,346. 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 market capitalization of $1.02 trillion, a P/E ratio of 178.32, a PEG ratio of 2.39 and a beta of 1.02. The business has a fifty day simple moving average of $230.21 and a 200 day simple moving average of $189.26. Broadcom Inc. has a 12 month low of $119.76 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 analysts' consensus estimates of $1.39 by $0.03. The business had revenue of $14.05 billion during 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%. Broadcom's revenue for the quarter was up 51.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.98 earnings per share. As a group, sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were paid a $0.59 dividend. The ex-dividend date of this dividend was Monday, December 23rd. This is a positive change from Broadcom's previous quarterly dividend of $0.53. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.08%. Broadcom's payout ratio is presently 191.87%.

Insider Transactions at Broadcom

In related news, Director Harry L. You sold 6,540 shares of the company's stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the completion of the transaction, the director now directly owns 30,450 shares in the company, valued at $7,308,000. This represents a 17.68 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Eddy W. Hartenstein sold 4,000 shares of the firm's stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the completion of the sale, the director now owns 46,400 shares in the company, valued at $10,655,296. This represents a 7.94 % decrease in their ownership of the stock. 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. 2.00% of the stock is currently owned by insiders.

About Broadcom

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.