Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Innova Wealth Partners

Innova Wealth Partners lowered its position in Broadcom Inc. (NASDAQ:AVGO) by 90.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,185 shares of the semiconductor manufacturer’s stock after selling 11,260 shares during the quarter. Innova Wealth Partners’ holdings in Broadcom were worth $275,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. NCP Inc. raised its position in Broadcom by 615.4% in the second quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock valued at $747,000 after purchasing an additional 400 shares during the period. LGT Fund Management Co Ltd. lifted its position in Broadcom by 172.1% in the second quarter. LGT Fund Management Co Ltd. now owns 8,313 shares of the semiconductor manufacturer’s stock valued at $13,347,000 after buying an additional 5,258 shares during the last quarter. Global X Japan Co. Ltd. boosted its stake in Broadcom by 23.5% during the second quarter. Global X Japan Co. Ltd. now owns 26,731 shares of the semiconductor manufacturer’s stock worth $42,917,000 after buying an additional 5,093 shares during the period. Royal London Asset Management Ltd. increased its position in shares of Broadcom by 3.7% during the second quarter. Royal London Asset Management Ltd. now owns 395,603 shares of the semiconductor manufacturer’s stock valued at $635,152,000 after acquiring an additional 14,167 shares during the last quarter. Finally, Bright Futures Wealth Management LLC. raised its stake in shares of Broadcom by 991.2% in the 2nd quarter. Bright Futures Wealth Management LLC. now owns 16,739 shares of the semiconductor manufacturer’s stock valued at $26,875,000 after acquiring an additional 15,205 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently weighed in on AVGO shares. Rosenblatt Securities reaffirmed a “buy” rating and set a $240.00 price objective on shares of Broadcom in a research report on Wednesday, December 11th. Jefferies Financial Group lifted their price objective on Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Citigroup increased their target price on Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. TD Cowen lifted their target price on Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Finally, Bank of America boosted their price target on shares of Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a research note 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’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $221.88.

Broadcom Trading Down 3.3 %

Shares of Broadcom stock opened at $228.64 on Wednesday. The company has a fifty day simple moving average of $193.55 and a 200-day simple moving average of $174.58. Broadcom Inc. has a 12-month low of $105.20 and a 12-month high of $251.88. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The stock has a market cap of $1.07 trillion, a price-to-earnings ratio of 198.64, a PEG ratio of 2.15 and a beta of 1.03.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data 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. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. During the same quarter in the prior year, the firm posted $0.98 earnings per share. Broadcom’s revenue for the quarter was up 51.2% on a year-over-year basis. On average, equities analysts forecast that Broadcom Inc. will post 3.79 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm 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. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.03%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s payout ratio is presently 191.87%.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 20,168 shares of the business’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $238.79, for a total value of $4,815,916.72. Following the transaction, the insider now owns 321,660 shares in the company, valued at $76,809,191.40. The trade was a 5.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the sale, the insider now directly owns 737,330 shares of the company’s stock, valued at $133,781,155.20. The trade was a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 155,228 shares of company stock worth $35,643,408 in the last 90 days. 2.00% of the stock is owned by 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.