Praxis Investment Management Inc. Has $35.08 Million Stake in Broadcom Inc. $AVGO

Praxis Investment Management Inc. lowered its position in Broadcom Inc. (NASDAQ:AVGO) by 5.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 106,345 shares of the semiconductor manufacturer’s stock after selling 6,605 shares during the period. Broadcom comprises about 2.1% of Praxis Investment Management Inc.’s investment portfolio, making the stock its 9th largest holding. Praxis Investment Management Inc.’s holdings in Broadcom were worth $35,084,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Hobart Private Capital LLC lifted its stake in Broadcom by 52.2% in the third quarter. Hobart Private Capital LLC now owns 4,503 shares of the semiconductor manufacturer’s stock worth $1,486,000 after purchasing an additional 1,544 shares during the last quarter. Gilbert Capital Group Inc. purchased a new stake in shares of Broadcom in the second quarter worth approximately $835,000. Summit Financial Wealth Advisors LLC lifted its stake in shares of Broadcom by 10.2% during the 2nd quarter. Summit Financial Wealth Advisors LLC now owns 7,518 shares of the semiconductor manufacturer’s stock worth $2,072,000 after acquiring an additional 693 shares during the last quarter. Corient Private Wealth LLC boosted its holdings in Broadcom by 2.4% during the 2nd quarter. Corient Private Wealth LLC now owns 3,857,912 shares of the semiconductor manufacturer’s stock valued at $1,063,434,000 after acquiring an additional 89,208 shares during the period. Finally, TradeWell Securities LLC. grew its position in Broadcom by 3.7% in the 2nd quarter. TradeWell Securities LLC. now owns 2,837 shares of the semiconductor manufacturer’s stock valued at $782,000 after acquiring an additional 101 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

AVGO has been the subject of several research analyst reports. Truist Financial set a $500.00 target price on Broadcom in a research report on Friday. TD Cowen boosted their price objective on shares of Broadcom from $405.00 to $450.00 and gave the company a “buy” rating in a research report on Friday. Deutsche Bank Aktiengesellschaft set a $430.00 target price on shares of Broadcom and gave the stock a “buy” rating in a research note on Friday. UBS Group set a $475.00 price target on Broadcom and gave the company a “buy” rating in a report on Monday. Finally, Sanford C. Bernstein restated an “outperform” rating and set a $475.00 price objective (up from $400.00) on shares of Broadcom in a report on Friday. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $435.96.

Broadcom Price Performance

NASDAQ AVGO opened at $339.81 on Tuesday. The company has a market cap of $1.60 trillion, a PE ratio of 71.39, a P/E/G ratio of 1.22 and a beta of 1.19. The firm’s 50 day moving average price is $363.26 and its 200-day moving average price is $319.19. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71. Broadcom Inc. has a 52-week low of $138.10 and a 52-week high of $414.61.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The company had revenue of $18.02 billion during the quarter, compared to analyst estimates of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.Broadcom’s revenue was up 28.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.42 earnings per share. Sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 22nd will be given a dividend of $0.65 per share. The ex-dividend date of this dividend is Monday, December 22nd. This is an increase from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. Broadcom’s dividend payout ratio is 54.62%.

Insider Buying and Selling

In other Broadcom news, CFO Kirsten M. Spears sold 7,498 shares of Broadcom stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $347.66, for a total value of $2,606,754.68. Following the transaction, the chief financial officer owned 313,330 shares in the company, valued at $108,932,307.80. The trade was a 2.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 3,893 shares of Broadcom stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $347.82, for a total transaction of $1,354,063.26. Following the completion of the transaction, the insider directly owned 25,295 shares in the company, valued at approximately $8,798,106.90. The trade was a 13.34% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 818,662 shares of company stock valued at $297,135,938 over the last three months. Corporate insiders own 2.00% of the company’s stock.

Broadcom Profile

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.