Eagle Rock Investment Company LLC cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 147,604 shares of the semiconductor manufacturer's stock after selling 19,089 shares during the period. Broadcom accounts for approximately 5.7% of Eagle Rock Investment Company LLC's portfolio, making the stock its largest holding. Eagle Rock Investment Company LLC's holdings in Broadcom were worth $34,220,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of AVGO. Castleview Partners LLC grew its holdings in shares of Broadcom by 1,030.8% during the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer's stock worth $25,000 after purchasing an additional 134 shares in the last quarter. Pin Oak Investment Advisors Inc. boosted its stake in Broadcom by 900.0% in the third 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 in the last quarter. JDM Financial Group LLC boosted its stake in Broadcom by 1,323.1% in the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer's stock worth $32,000 after buying an additional 172 shares in the last quarter. Tsfg LLC boosted its stake in Broadcom by 1,073.7% in the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer's stock worth $38,000 after buying an additional 204 shares in the last quarter. Finally, Cedar Wealth Management LLC lifted its position in Broadcom by 900.0% in the third quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer's stock valued at $41,000 after purchasing an additional 216 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several brokerages have weighed in on AVGO. Robert W. Baird boosted their price objective on Broadcom from $195.00 to $210.00 and gave the company an "outperform" rating in a research report on Friday, December 13th. Benchmark restated a "buy" rating and set a $255.00 target price (up previously from $210.00) on shares of Broadcom in a report on Friday, December 13th. JPMorgan Chase & Co. upped their target price on Broadcom from $210.00 to $250.00 and gave the company an "overweight" rating in a report on Friday, December 13th. Truist Financial upped their target price on Broadcom from $205.00 to $245.00 and gave the company a "buy" rating in a report on Friday, December 13th. Finally, TD Cowen upped their target price on Broadcom from $210.00 to $240.00 and gave the company a "buy" rating in a report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $225.83.
Read Our Latest Report on Broadcom
Broadcom Price Performance
AVGO traded up $8.03 on Friday, hitting $237.44. 31,036,592 shares of the company's stock traded hands, compared to its average volume of 41,590,264. The company's 50 day simple moving average is $200.93 and its 200-day simple moving average is $177.60. The firm has a market cap of $1.11 trillion, a price-to-earnings ratio of 193.67, a P/E/G ratio of 2.35 and a beta of 1.03. Broadcom Inc. has a one year low of $112.19 and a one year high of $251.88. 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 issued its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.03. The company had revenue of $14.05 billion for the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm's quarterly revenue was up 51.2% on a year-over-year basis. During the same quarter last year, the company earned $0.98 EPS. As a group, research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.
Broadcom Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.99%. The ex-dividend date of this dividend was Monday, December 23rd. This is a boost from Broadcom's previous quarterly dividend of $0.53. Broadcom's dividend payout ratio (DPR) is currently 192.50%.
Insider Buying and Selling at Broadcom
In other Broadcom news, Director Eddy W. Hartenstein sold 4,000 shares of the firm's stock in a transaction that occurred 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 transaction, the director now owns 46,400 shares in the company, valued at $10,655,296. This trade represents a 7.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Hock E. Tan sold 45,000 shares of the firm's stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $239.96, for a total value of $10,798,200.00. Following the transaction, the chief executive officer now owns 842,836 shares of the company's stock, valued at $202,246,926.56. This represents a 5.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock worth $44,964,800 in the last quarter. 2.00% of the stock is owned by corporate insiders.
About Broadcom
(
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.
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