Triangle Securities Wealth Management Sells 2,993 Shares of Broadcom Inc. $AVGO

Triangle Securities Wealth Management decreased its stake in Broadcom Inc. (NASDAQ:AVGO) by 14.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 17,196 shares of the semiconductor manufacturer’s stock after selling 2,993 shares during the period. Broadcom makes up 1.3% of Triangle Securities Wealth Management’s investment portfolio, making the stock its 20th biggest position. Triangle Securities Wealth Management’s holdings in Broadcom were worth $5,673,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AVGO. Sawyer & Company Inc raised its holdings in Broadcom by 62.1% during the 2nd quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock worth $26,000 after purchasing an additional 36 shares during the last quarter. Longfellow Investment Management Co. LLC acquired a new stake in shares of Broadcom during the second quarter worth $27,000. Legend Financial Advisors Inc. acquired a new stake in shares of Broadcom during the second quarter worth $28,000. Teachers Insurance & Annuity Association of America bought a new position in Broadcom during the second quarter worth $28,000. Finally, LGT Financial Advisors LLC acquired a new position in Broadcom in the second quarter valued at $31,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on AVGO shares. The Goldman Sachs Group set a $435.00 price target on Broadcom and gave the stock a “buy” rating in a report on Tuesday, November 25th. Bank of America raised their target price on Broadcom from $460.00 to $500.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Benchmark boosted their price target on Broadcom from $385.00 to $485.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Raymond James Financial set a $420.00 price target on Broadcom and gave the stock an “outperform” rating in a report on Thursday, November 20th. Finally, Sanford C. Bernstein reiterated an “outperform” rating and issued a $475.00 price objective (up previously from $400.00) on shares of Broadcom in a research note on Friday, December 12th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $436.33.

Broadcom Stock Performance

Shares of AVGO stock opened at $352.13 on Friday. The company has a current ratio of 1.71, a quick ratio of 1.58 and a debt-to-equity ratio of 0.76. The firm has a fifty day simple moving average of $362.74 and a two-hundred day simple moving average of $324.51. Broadcom Inc. has a 12 month low of $138.10 and a 12 month high of $414.61. The firm has a market capitalization of $1.67 trillion, a PE ratio of 73.98, a price-to-earnings-growth ratio of 1.21 and a beta of 1.19.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.87 by $0.08. The firm had revenue of $18.02 billion during the quarter, compared to analysts’ expectations of $17.46 billion. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The business’s revenue was up 28.2% on a year-over-year basis. During the same period last year, the company earned $1.42 earnings per share. 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. Shareholders of record on Monday, December 22nd will be issued a dividend of $0.65 per share. The ex-dividend date of this dividend is Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a yield of 0.7%. This is an increase from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio is presently 54.62%.

Insider Transactions at Broadcom

In related news, Director Harry L. You purchased 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 18th. The stock was acquired at an average price of $325.13 per share, for a total transaction of $325,130.00. Following the completion of the acquisition, the director owned 36,602 shares of the company’s stock, valued at $11,900,408.26. This represents a 2.81% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kirsten M. Spears sold 3,714 shares of the stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $327.79, for a total value of $1,217,412.06. Following the completion of the sale, the chief financial officer directly owned 307,237 shares of the company’s stock, valued at $100,709,216.23. The trade was a 1.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 524,780 shares of company stock valued at $195,499,150. Corporate insiders own 2.00% of the company’s stock.

Broadcom Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.