Naples Global Advisors LLC Trims Position in Broadcom Inc. (NASDAQ:AVGO)

Naples Global Advisors LLC lowered its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 131,444 shares of the semiconductor manufacturer’s stock after selling 4,249 shares during the period. Broadcom comprises 2.9% of Naples Global Advisors LLC’s holdings, making the stock its 2nd largest holding. Naples Global Advisors LLC’s holdings in Broadcom were worth $30,474,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Van ECK Associates Corp increased its holdings in Broadcom by 4.0% in the fourth quarter. Van ECK Associates Corp now owns 13,211,165 shares of the semiconductor manufacturer’s stock valued at $3,062,876,000 after purchasing an additional 509,665 shares during the period. Values First Advisors Inc. bought a new stake in shares of Broadcom in the 4th quarter valued at about $473,000. Avion Wealth increased its stake in shares of Broadcom by 9.4% in the fourth quarter. Avion Wealth now owns 1,484 shares of the semiconductor manufacturer’s stock valued at $344,000 after buying an additional 128 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Broadcom by 50.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,372,824 shares of the semiconductor manufacturer’s stock worth $550,438,000 after acquiring an additional 795,598 shares during the last quarter. Finally, Davidson Capital Management Inc. lifted its stake in shares of Broadcom by 3.6% in the fourth quarter. Davidson Capital Management Inc. now owns 20,223 shares of the semiconductor manufacturer’s stock worth $4,689,000 after acquiring an additional 711 shares during the period. Institutional investors own 76.43% of the company’s stock.

Insider Activity at Broadcom

In related news, Director Eddy W. Hartenstein sold 4,000 shares of the stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the completion of the sale, the director now directly owns 46,400 shares of the company’s stock, valued at approximately $10,655,296. This trade represents a 7.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Check Kian Low sold 48,000 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $235.35, for a total value of $11,296,800.00. Following the completion of the transaction, the director now directly owns 113,050 shares in the company, valued at approximately $26,606,317.50. This represents a 29.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 191,278 shares of company stock valued at $44,964,800 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $233.04 on Friday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The firm’s 50-day simple moving average is $226.16 and its 200 day simple moving average is $187.02. The stock has a market cap of $1.09 trillion, a price-to-earnings ratio of 190.08, a PEG ratio of 2.42 and a beta of 1.02. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.03. The company had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. Broadcom’s quarterly revenue was up 51.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.98 earnings per share. As a group, research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were issued a $0.59 dividend. The ex-dividend date of this dividend was Monday, December 23rd. This represents a $2.36 annualized dividend and a dividend yield of 1.01%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 192.50%.

Analysts Set New Price Targets

AVGO has been the subject of a number of recent analyst reports. Truist Financial increased their target price on shares of Broadcom from $205.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, December 13th. JPMorgan Chase & Co. increased their price objective on shares of Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. UBS Group boosted their target price on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a report on Monday, November 4th. Benchmark reaffirmed a “buy” rating and set a $255.00 price target (up previously from $210.00) on shares of Broadcom in a research report on Friday, December 13th. Finally, Evercore ISI lifted their price objective on Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $225.04.

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.