Tennessee Valley Asset Management Partners trimmed its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 13.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,162 shares of the semiconductor manufacturer's stock after selling 1,757 shares during the quarter. Tennessee Valley Asset Management Partners' holdings in Broadcom were worth $2,588,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. NCP Inc. increased its position in shares of Broadcom by 615.4% in the 2nd quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer's stock valued at $747,000 after acquiring an additional 400 shares during the period. Point72 Asia Singapore Pte. Ltd. raised its stake in shares of Broadcom by 257.1% in the second 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 last quarter. New Century Financial Group LLC acquired a new stake in shares of Broadcom during the second quarter worth about $376,000. RiverFront Investment Group LLC purchased a new stake in Broadcom in the second quarter valued at approximately $2,778,000. Finally, Farmers National Bank increased its holdings in Broadcom by 3.7% in the 2nd 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 during the period. Institutional investors own 76.43% of the company's stock.
Broadcom Stock Performance
Shares of NASDAQ AVGO traded up $10.83 during trading hours on Thursday, reaching $217.18. The stock had a trading volume of 23,942,837 shares, compared to its average volume of 30,394,816. The firm has a market cap of $1.02 trillion, a price-to-earnings ratio of 177.01, a PEG ratio of 2.52 and a beta of 1.03. Broadcom Inc. has a fifty-two week low of $117.43 and a fifty-two week high of $251.88. The firm has a 50-day moving average of $211.24 and a 200-day moving average of $181.27. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.
Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, beating the consensus estimate of $1.39 by $0.03. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. During the same quarter in the prior year, the firm earned $0.98 EPS. Broadcom's revenue for the quarter was up 51.2% on a year-over-year basis. Equities research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.
Broadcom Increases Dividend
The company 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. This represents a $2.36 dividend on an annualized basis and a yield of 1.09%. This is a positive change from Broadcom's previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. Broadcom's dividend payout ratio (DPR) is 192.50%.
Insider Buying and Selling at Broadcom
In other news, CEO Hock E. Tan sold 45,000 shares of Broadcom stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $239.96, for a total transaction of $10,798,200.00. Following the completion of the sale, the chief executive officer now directly owns 842,836 shares in the company, valued at approximately $202,246,926.56. This trade represents a 5.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Harry L. You sold 6,540 shares of the company's 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 sale, the director now owns 30,450 shares in the company, valued at approximately $7,308,000. This represents a 17.68 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 191,278 shares of company stock valued at $44,964,800. 2.00% of the stock is owned by company insiders.
Analyst Ratings Changes
Several equities research analysts have weighed in on the company. Piper Sandler increased their price target on Broadcom from $200.00 to $250.00 and gave the stock an "overweight" rating in a research report on Friday, December 13th. Bank of America increased their price target on shares of Broadcom from $215.00 to $250.00 and gave the stock a "buy" rating in a report on Friday, December 13th. UBS Group upped their price objective on shares of Broadcom from $170.00 to $200.00 and gave the stock a "buy" rating in a research report on Monday, November 4th. Benchmark restated a "buy" rating and issued a $255.00 price target (up previously from $210.00) on shares of Broadcom in a research note on Friday, December 13th. Finally, JPMorgan Chase & Co. increased their price target on Broadcom from $210.00 to $250.00 and gave the stock an "overweight" rating in a research report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $225.04.
Read Our Latest Analysis on AVGO
Broadcom Company Profile
(
Free Report)
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.
Further Reading
Before you consider Broadcom, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Broadcom wasn't on the list.
While Broadcom currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking to avoid the hassle of mudslinging, volatility, and uncertainty? You'd need to be out of the market, which isn’t viable. So where should investors put their money? Find out with this report.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
