Broadcom Inc. (NASDAQ:AVGO) Stake Cut by Hohimer Wealth Management LLC

Hohimer Wealth Management LLC lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,122 shares of the semiconductor manufacturer’s stock after selling 87 shares during the period. Broadcom makes up about 2.9% of Hohimer Wealth Management LLC’s portfolio, making the stock its 2nd biggest holding. Hohimer Wealth Management LLC’s holdings in Broadcom were worth $11,299,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Norges Bank purchased a new stake in Broadcom during the 4th quarter valued at about $6,225,987,000. Northern Trust Corp increased its holdings in Broadcom by 2.1% in the 3rd quarter. Northern Trust Corp now owns 4,655,402 shares of the semiconductor manufacturer’s stock worth $3,866,684,000 after buying an additional 93,615 shares during the period. Wellington Management Group LLP raised its position in Broadcom by 43.9% during the 3rd quarter. Wellington Management Group LLP now owns 4,025,658 shares of the semiconductor manufacturer’s stock worth $3,343,631,000 after buying an additional 1,228,755 shares during the last quarter. FMR LLC lifted its stake in Broadcom by 16.7% during the 3rd quarter. FMR LLC now owns 4,019,122 shares of the semiconductor manufacturer’s stock valued at $3,338,203,000 after acquiring an additional 573,826 shares during the period. Finally, International Assets Investment Management LLC boosted its holdings in shares of Broadcom by 113,495.7% in the 4th quarter. International Assets Investment Management LLC now owns 3,327,217 shares of the semiconductor manufacturer’s stock valued at $37,140,060,000 after acquiring an additional 3,324,288 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Kenneth Hao sold 9,160 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was 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 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 available through this hyperlink. In related news, CEO Hock E. Tan sold 2,000 shares of Broadcom stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $1,312.25, for a total value of $2,624,500.00. Following the completion of the sale, the chief executive officer now owns 168,096 shares in the company, valued at approximately $220,583,976. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kenneth Hao sold 9,160 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the transaction, the director now owns 45 shares in the company, valued at $62,465.85. The disclosure for this sale can be found here. Insiders have sold 29,920 shares of company stock worth $40,306,667 in the last ninety days. 2.00% of the stock is owned by insiders.

Broadcom Price Performance

AVGO traded down $9.60 during trading on Thursday, reaching $1,382.64. The company’s stock had a trading volume of 2,067,836 shares, compared to its average volume of 2,770,778. The company has a market cap of $640.74 billion, a price-to-earnings ratio of 51.50, a PEG ratio of 2.79 and a beta of 1.25. The firm has a fifty day simple moving average of $1,318.57 and a two-hundred day simple moving average of $1,195.69. Broadcom Inc. has a 1 year low of $676.06 and a 1 year high of $1,445.40. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The firm had revenue of $11.96 billion for the quarter, compared to the consensus estimate of $11.79 billion. During the same quarter last year, the business posted $9.83 earnings per share. The firm’s revenue was up 34.2% compared to the same quarter last year. As a group, analysts anticipate that Broadcom Inc. will post 36.06 EPS for the current year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were paid a dividend of $5.25 per share. This represents a $21.00 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date was Wednesday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

Analyst Ratings Changes

A number of research analysts recently issued reports on AVGO shares. Susquehanna boosted their target price 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. Cantor Fitzgerald lifted their price target on Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a research report on Monday, March 4th. Jefferies Financial Group initiated coverage on Broadcom in a report on Monday, May 13th. They issued a “buy” rating and a $1,550.00 price target for the company. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $1,700.00 target price on shares of Broadcom in a report on Thursday, March 21st. Finally, UBS Group raised their price target on shares of Broadcom to $1,480.00 and gave the company a “buy” rating in a research report on Monday, February 26th. Three equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,296.91.

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.