Alliance Wealth Advisors LLC UT Decreases Stake in Broadcom Inc. $AVGO

Alliance Wealth Advisors LLC UT lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 30.1% during the fourth quarter, HoldingsChannel reports. The fund owned 8,031 shares of the semiconductor manufacturer’s stock after selling 3,455 shares during the period. Alliance Wealth Advisors LLC UT’s holdings in Broadcom were worth $2,780,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the business. Providence First Trust Co raised its position in Broadcom by 1,099.3% during the third quarter. Providence First Trust Co now owns 8,923 shares of the semiconductor manufacturer’s stock worth $2,944,000 after acquiring an additional 8,179 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its position in shares of Broadcom by 3.4% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 323,587 shares of the semiconductor manufacturer’s stock valued at $109,492,000 after purchasing an additional 10,786 shares during the last quarter. Lmcg Investments LLC increased its stake in shares of Broadcom by 9.4% during the 3rd quarter. Lmcg Investments LLC now owns 38,961 shares of the semiconductor manufacturer’s stock worth $12,854,000 after purchasing an additional 3,357 shares in the last quarter. Wright Investors Service Inc. raised its position in shares of Broadcom by 5.4% during the 3rd quarter. Wright Investors Service Inc. now owns 42,159 shares of the semiconductor manufacturer’s stock worth $13,909,000 after purchasing an additional 2,178 shares during the last quarter. Finally, Brown Brothers Harriman & Co. raised its position in shares of Broadcom by 10.7% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 77,411 shares of the semiconductor manufacturer’s stock worth $25,539,000 after purchasing an additional 7,499 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 50,488 shares of the stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $321.60, for a total transaction of $16,236,940.80. Following the transaction, the insider directly owned 278,141 shares in the company, valued at $89,450,145.60. This represents a 15.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Kirsten M. Spears sold 36,292 shares of the firm’s stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total transaction of $11,671,507.20. Following the completion of the sale, the chief financial officer directly owned 327,760 shares in the company, valued at $105,407,616. This represents a 9.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 324,282 shares of company stock worth $106,425,249. 1.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on AVGO. Bank of America lowered their target price on Broadcom from $500.00 to $450.00 and set a “buy” rating on the stock in a report on Thursday, March 5th. Morgan Stanley boosted their price target on Broadcom from $462.00 to $470.00 and gave the stock an “overweight” rating in a report on Friday, March 6th. Seaport Research Partners restated a “neutral” rating on shares of Broadcom in a research report on Wednesday, April 8th. Wells Fargo & Company upgraded Broadcom from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $410.00 to $430.00 in a research report on Thursday, January 15th. Finally, Truist Financial boosted their target price on shares of Broadcom from $510.00 to $545.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus price target of $435.30.

Broadcom Trading Down 0.4%

Shares of Broadcom stock opened at $428.43 on Tuesday. Broadcom Inc. has a fifty-two week low of $215.88 and a fifty-two week high of $437.68. The business’s fifty day moving average is $356.98 and its two-hundred day moving average is $352.45. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.80. The firm has a market cap of $2.03 trillion, a PE ratio of 83.68, a P/E/G ratio of 0.89 and a beta of 1.43.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.02. The business had revenue of $19.31 billion during the quarter, compared to the consensus estimate of $19.10 billion. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The business’s revenue for the quarter was up 29.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.60 earnings per share. Analysts anticipate that Broadcom Inc. will post 9.95 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 23rd were issued a $0.65 dividend. The ex-dividend date was Monday, March 23rd. This represents a $2.60 annualized dividend and a yield of 0.6%. Broadcom’s payout ratio is 50.78%.

Broadcom Company 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.