New Wave Wealth Advisors LLC decreased its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 93.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 150 shares of the semiconductor manufacturer's stock after selling 2,292 shares during the quarter. New Wave Wealth Advisors LLC's holdings in Broadcom were worth $35,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the company. State Street Corp grew its position in Broadcom by 948.5% in the third quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer's stock worth $31,814,902,000 after acquiring an additional 166,844,263 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Broadcom by 976.6% in the third quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer's stock worth $17,055,760,000 after purchasing an additional 89,975,941 shares during the period. FMR LLC lifted its holdings in shares of Broadcom by 1,121.3% during the third quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer's stock worth $15,594,088,000 after buying an additional 82,998,328 shares during the last quarter. Jennison Associates LLC raised its stake in Broadcom by 842.4% during the 3rd quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer's stock valued at $6,209,758,000 after purchasing an additional 32,178,542 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Broadcom by 975.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer's stock valued at $5,833,894,000 after buying an additional 30,674,902 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.
Insider Buying and Selling
In other Broadcom news, Director Check Kian Low sold 48,000 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the completion of the transaction, the director now owns 113,050 shares in the company, valued at approximately $26,606,317.50. This represents a 29.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eddy W. Hartenstein sold 4,000 shares of the business's stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total value of $918,560.00. Following the completion of the sale, the director now owns 46,400 shares in the company, valued at approximately $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. In the last three months, insiders sold 191,278 shares of company stock valued at $44,964,800. 2.00% of the stock is owned by corporate insiders.
Broadcom Stock Up 2.6 %
Shares of NASDAQ AVGO opened at $221.27 on Monday. Broadcom Inc. has a 52-week low of $117.43 and a 52-week high of $251.88. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The stock has a market cap of $1.04 trillion, a P/E ratio of 180.48, a P/E/G ratio of 2.16 and a beta of 1.03. The firm has a 50 day moving average price of $213.41 and a 200 day moving average price of $182.02.
Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, beating 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%. The firm's quarterly revenue was up 51.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.98 EPS. Analysts expect 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. Investors of record on Monday, December 23rd were given 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 annualized dividend and a dividend yield of 1.07%. Broadcom's payout ratio is currently 192.50%.
Analysts Set New Price Targets
Several research analysts recently commented on the company. Susquehanna raised their target price on Broadcom from $200.00 to $225.00 and gave the stock a "positive" rating in a research report on Friday, December 13th. JPMorgan Chase & Co. lifted their price target on shares of Broadcom from $210.00 to $250.00 and gave the company an "overweight" rating in a report on Friday, December 13th. Jefferies Financial Group raised their price objective on shares of Broadcom from $205.00 to $225.00 and gave the stock a "buy" rating in a report on Friday, December 13th. Cantor Fitzgerald lifted their target price on shares of Broadcom from $200.00 to $225.00 and gave the company an "overweight" rating in a research note on Tuesday, October 8th. Finally, TD Cowen increased their price target on Broadcom from $210.00 to $240.00 and gave the stock a "buy" rating in a research report on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $225.04.
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About Broadcom
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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.
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