Parsons Capital Management Inc. RI Decreases Position in Broadcom Inc. (NASDAQ:AVGO)

Parsons Capital Management Inc. RI decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 64,300 shares of the semiconductor manufacturer's stock after selling 2,789 shares during the quarter. Broadcom makes up 0.8% of Parsons Capital Management Inc. RI's holdings, making the stock its 27th biggest position. Parsons Capital Management Inc. RI's holdings in Broadcom were worth $14,907,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Castleview Partners LLC lifted 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 buying an additional 134 shares in the last quarter. Pin Oak Investment Advisors Inc. grew its position in shares of Broadcom by 900.0% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer's stock worth $25,000 after purchasing an additional 135 shares in the last quarter. JDM Financial Group LLC increased its holdings in shares of Broadcom by 1,323.1% during the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer's stock worth $32,000 after purchasing an additional 172 shares during the period. Retirement Wealth Solutions LLC bought a new stake in shares of Broadcom in the fourth quarter valued at approximately $37,000. Finally, Tsfg LLC grew its position in Broadcom by 1,073.7% during 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. 76.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Barclays upped their target price on Broadcom from $205.00 to $260.00 and gave the company an "overweight" rating in a research report on Friday, January 17th. Morgan Stanley reduced their price objective on shares of Broadcom from $265.00 to $246.00 and set an "overweight" rating on the stock in a research note on Tuesday. Evercore ISI raised their target price on shares of Broadcom from $201.00 to $250.00 and gave the company an "outperform" rating in a report on Friday, December 13th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Broadcom from $190.00 to $240.00 and gave the stock a "buy" rating in a report on Friday, December 13th. Finally, Susquehanna lifted their price objective on shares of Broadcom from $200.00 to $225.00 and gave the company a "positive" rating in a research note on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $225.04.

Broadcom Stock Up 4.5 %

Broadcom stock traded up $9.31 during midday trading on Thursday, hitting $215.66. 42,311,581 shares of the stock were exchanged, compared to its average volume of 31,396,859. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $1.01 trillion, a price-to-earnings ratio of 175.91, a price-to-earnings-growth ratio of 2.52 and a beta of 1.03. The business's 50-day moving average price is $211.24 and its 200-day moving average price is $181.27. Broadcom Inc. has a 52-week low of $117.43 and a 52-week high of $251.88.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share 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 company had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. During the same quarter in the prior year, the business earned $0.98 earnings per share. The firm's revenue for the quarter was up 51.2% on a year-over-year basis. On average, research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal 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 paid 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 payout ratio is currently 191.87%.

Insider Transactions at Broadcom

In other Broadcom news, Director Eddy W. Hartenstein sold 4,000 shares of Broadcom stock in a transaction dated 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 of the company's stock, valued at $10,655,296. The trade was a 7.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 sale, the director now directly owns 113,050 shares in the company, valued at approximately $26,606,317.50. The trade was a 29.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock valued at $44,964,800 over the last three months. Company insiders own 2.00% of the company's stock.

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.