Confluence Wealth Services Inc. Has $4.38 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Confluence Wealth Services Inc. trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,922 shares of the semiconductor manufacturer’s stock after selling 87 shares during the period. Confluence Wealth Services Inc.’s holdings in Broadcom were worth $4,378,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cantor Fitzgerald Investment Advisor L.P raised its position in Broadcom by 94.4% in the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 75,090 shares of the semiconductor manufacturer’s stock valued at $47,283,000 after buying an additional 36,458 shares during the last quarter. Fairfield Bush & CO. raised its stake in shares of Broadcom by 2.6% during the 1st quarter. Fairfield Bush & CO. now owns 4,945 shares of the semiconductor manufacturer’s stock worth $3,114,000 after purchasing an additional 123 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Broadcom by 20.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 509,603 shares of the semiconductor manufacturer’s stock worth $320,887,000 after buying an additional 87,945 shares during the last quarter. Loomis Sayles & Co. L P grew its position in Broadcom by 1.1% during the first quarter. Loomis Sayles & Co. L P now owns 40,357 shares of the semiconductor manufacturer’s stock valued at $25,412,000 after buying an additional 420 shares during the period. Finally, Ergoteles LLC purchased a new stake in Broadcom during the first quarter worth about $1,095,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Trading Down 0.4 %

Shares of NASDAQ:AVGO traded down $4.72 on Monday, hitting $1,334.71. The company had a trading volume of 927,708 shares, compared to its average volume of 3,007,582. Broadcom Inc. has a 1 year low of $601.29 and a 1 year high of $1,438.17. The firm has a market capitalization of $618.53 billion, a price-to-earnings ratio of 49.61, a P/E/G ratio of 2.86 and a beta of 1.25. The firm’s 50-day simple moving average is $1,289.24 and its two-hundred day simple moving average is $1,088.71. 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 issued its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. During the same period last year, the company posted $9.83 EPS. Broadcom’s revenue was up 34.2% on a year-over-year basis. Equities analysts anticipate that Broadcom Inc. will post 36.31 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The company also recently disclosed 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. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a yield of 1.57%. Broadcom’s dividend payout ratio is currently 77.84%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on AVGO. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $1,700.00 target price on shares of Broadcom in a research note on Thursday, March 21st. 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 note on Wednesday, February 28th. TD Cowen upgraded shares of Broadcom from a “market perform” rating to an “outperform” rating and upped their price target for the company from $1,400.00 to $1,500.00 in a research note on Thursday, March 21st. Oppenheimer restated an “outperform” rating and set a $1,500.00 price target (up from $1,100.00) on shares of Broadcom in a research note on Friday, March 1st. Finally, Cantor Fitzgerald upped their price target on shares of Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a research note on Monday, March 4th. Three research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $1,255.18.

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 dated Thursday, March 21st. The shares were 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 directly owns 45 shares in the company, valued at approximately $62,465.85. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Kenneth Hao sold 9,160 shares of Broadcom stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the sale, the director now directly owns 45 shares in the company, valued at $62,465.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 5,000 shares of Broadcom stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the completion of the sale, the insider now owns 16,575 shares of the company’s stock, valued at $22,276,800. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,310 shares of company stock worth $32,840,567. 2.00% of the stock is owned by corporate insiders.

Broadcom Company 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.