Patten & Patten Inc. TN Decreases Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Patten & Patten Inc. TN cut its position in Broadcom Inc. (NASDAQ:AVGOFree Report) by 21.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,026 shares of the semiconductor manufacturer’s stock after selling 562 shares during the quarter. Patten & Patten Inc. TN’s holdings in Broadcom were worth $2,262,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank bought a new position in Broadcom during the 4th quarter valued at $2,222,676,000. Moneta Group Investment Advisors LLC raised its holdings in shares of Broadcom by 122,794.1% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,667,161 shares of the semiconductor manufacturer’s stock worth $2,050,420,000 after purchasing an additional 3,664,177 shares during the period. Providence Capital Advisors LLC raised its holdings in shares of Broadcom by 49,919.1% during the first quarter. Providence Capital Advisors LLC now owns 2,437,432 shares of the semiconductor manufacturer’s stock worth $3,799,000 after purchasing an additional 2,432,559 shares during the period. Wellington Management Group LLP raised its holdings in shares of Broadcom by 43.9% during the third quarter. Wellington Management Group LLP now owns 4,025,658 shares of the semiconductor manufacturer’s stock worth $3,343,631,000 after purchasing an additional 1,228,755 shares during the period. Finally, Barclays PLC raised its holdings in shares of Broadcom by 126.5% during the second quarter. Barclays PLC now owns 1,468,758 shares of the semiconductor manufacturer’s stock worth $1,274,044,000 after purchasing an additional 820,402 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Performance

Shares of AVGO opened at $1,338.76 on Wednesday. The firm’s 50 day moving average is $1,280.36 and its 200-day moving average is $1,074.79. The stock has a market capitalization of $620.41 billion, a P/E ratio of 49.62, a P/E/G ratio of 2.79 and a beta of 1.25. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24. Broadcom Inc. has a 12-month low of $601.29 and a 12-month high of $1,438.17.

Broadcom (NASDAQ:AVGOGet Free Report) last released its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping the consensus estimate of $8.95 by $2.04. The business had revenue of $11.96 billion for the quarter, compared to the consensus estimate of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The firm’s quarterly revenue was up 34.2% compared to the same quarter last year. During the same period last year, the firm posted $9.83 earnings per share. Equities research analysts anticipate that Broadcom Inc. will post 36.8 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were given a $5.25 dividend. This represents a $21.00 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s dividend payout ratio (DPR) is currently 77.84%.

Wall Street Analysts Forecast Growth

AVGO has been the topic of a number of research reports. Benchmark reissued a “buy” rating and set a $1,720.00 target price on shares of Broadcom in a report on Thursday, March 21st. TD Cowen raised shares of Broadcom from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $1,400.00 to $1,500.00 in a report on Thursday, March 21st. Rosenblatt Securities reissued a “buy” rating and set a $1,500.00 target price on shares of Broadcom in a report on Thursday, March 21st. Mizuho lifted their price objective on shares of Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a research report on Thursday, March 7th. Finally, Susquehanna lifted their price objective on shares of Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a research report on Wednesday, February 28th. Three research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $1,230.18.

Check Out Our Latest Stock Analysis on AVGO

Insider Transactions at Broadcom

In other news, Director Kenneth Hao sold 9,160 shares of Broadcom stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the transaction, the director now directly owns 45 shares of the company’s stock, valued at $62,465.85. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Kenneth Hao sold 9,160 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the sale, the director now directly owns 45 shares in the company, valued at $62,465.85. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Kirsten M. Spears sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, January 5th. The stock was sold at an average price of $1,043.14, for a total transaction of $2,607,850.00. Following the sale, the chief financial officer now owns 26,880 shares of the company’s stock, valued at $28,039,603.20. The disclosure for this sale can be found here. Insiders have sold a total of 22,310 shares of company stock valued at $29,405,117 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

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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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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