Mitchell Mcleod Pugh & Williams Inc. Sells 2,901 Shares of Broadcom Inc. $AVGO

Mitchell Mcleod Pugh & Williams Inc. decreased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 9.8% in the 3rd quarter, HoldingsChannel reports. The firm owned 26,750 shares of the semiconductor manufacturer’s stock after selling 2,901 shares during the quarter. Broadcom accounts for approximately 1.4% of Mitchell Mcleod Pugh & Williams Inc.’s portfolio, making the stock its 12th largest position. Mitchell Mcleod Pugh & Williams Inc.’s holdings in Broadcom were worth $8,825,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Arthur M. Cohen & Associates LLC lifted its position in Broadcom by 0.6% during the 3rd quarter. Arthur M. Cohen & Associates LLC now owns 4,781 shares of the semiconductor manufacturer’s stock worth $1,577,000 after buying an additional 30 shares in the last quarter. Jackson Hole Capital Partners LLC raised its stake in shares of Broadcom by 1.4% in the third quarter. Jackson Hole Capital Partners LLC now owns 2,170 shares of the semiconductor manufacturer’s stock worth $716,000 after acquiring an additional 30 shares during the last quarter. McHugh Group LLC lifted its position in shares of Broadcom by 0.4% during the third quarter. McHugh Group LLC now owns 8,433 shares of the semiconductor manufacturer’s stock worth $2,782,000 after purchasing an additional 31 shares in the last quarter. Smith Thornton Advisors LLC grew its stake in shares of Broadcom by 1.4% during the third quarter. Smith Thornton Advisors LLC now owns 2,313 shares of the semiconductor manufacturer’s stock valued at $763,000 after purchasing an additional 31 shares during the last quarter. Finally, FWG Investments LLC. increased its holdings in shares of Broadcom by 2.7% in the third quarter. FWG Investments LLC. now owns 1,177 shares of the semiconductor manufacturer’s stock valued at $388,000 after purchasing an additional 31 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of AVGO opened at $324.85 on Tuesday. The stock has a market cap of $1.54 trillion, a P/E ratio of 68.25, a price-to-earnings-growth ratio of 1.06 and a beta of 1.21. Broadcom Inc. has a 1 year low of $138.10 and a 1 year high of $414.61. The stock’s 50-day moving average price is $356.84 and its two-hundred day moving average price is $336.51. The company has a current ratio of 1.71, a quick ratio of 1.58 and a debt-to-equity ratio of 0.76.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The business had revenue of $18.02 billion for the quarter, compared to the consensus estimate of $17.46 billion. During the same period last year, the company posted $1.42 EPS. Broadcom’s revenue for the quarter was up 28.2% on a year-over-year basis. On average, equities analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd were given a dividend of $0.65 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Monday, December 22nd. Broadcom’s payout ratio is 54.62%.

Insider Activity

In related news, Director Henry Samueli sold 320,316 shares of the company’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $400.53, for a total value of $128,296,167.48. Following the completion of the sale, the director owned 37,326,540 shares in the company, valued at $14,950,399,066.20. This represents a 0.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Hock E. Tan sold 130,000 shares of the firm’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $326.02, for a total value of $42,382,600.00. Following the sale, the chief executive officer directly owned 595,638 shares in the company, valued at $194,189,900.76. The trade was a 17.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 779,901 shares of company stock worth $284,069,237 over the last quarter. Corporate insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the company. KeyCorp reaffirmed an “overweight” rating and set a $500.00 price objective (up previously from $460.00) on shares of Broadcom in a report on Friday, December 12th. UBS Group set a $475.00 price target on Broadcom and gave the company a “buy” rating in a research note on Monday, December 15th. Oppenheimer lifted their price objective on Broadcom from $435.00 to $450.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Sanford C. Bernstein reissued an “outperform” rating and set a $475.00 price objective (up from $400.00) on shares of Broadcom in a report on Friday, December 12th. Finally, Barclays reaffirmed an “overweight” rating and issued a $500.00 target price (up previously from $450.00) on shares of Broadcom in a research note on Friday, December 12th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $438.61.

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.