Tower Bridge Advisors Sells 1,879 Shares of Broadcom Inc. (NASDAQ:AVGO)

Tower Bridge Advisors lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.3% in the fourth quarter, Holdings Channel.com reports. The fund owned 142,803 shares of the semiconductor manufacturer’s stock after selling 1,879 shares during the quarter. Broadcom makes up approximately 3.5% of Tower Bridge Advisors’ portfolio, making the stock its 4th biggest holding. Tower Bridge Advisors’ holdings in Broadcom were worth $33,107,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in AVGO. Veridan Wealth LLC purchased a new stake in shares of Broadcom during the fourth quarter worth approximately $300,000. Waterway Wealth Management LLC boosted its stake in Broadcom by 26.7% during the 4th quarter. Waterway Wealth Management LLC now owns 3,149 shares of the semiconductor manufacturer’s stock worth $730,000 after purchasing an additional 664 shares during the last quarter. Pettyjohn Wood & White Inc. boosted its stake in Broadcom by 1.3% during the 4th quarter. Pettyjohn Wood & White Inc. now owns 16,930 shares of the semiconductor manufacturer’s stock worth $3,925,000 after purchasing an additional 210 shares during the last quarter. Private Capital Management LLC grew its holdings in shares of Broadcom by 951.1% during the third quarter. Private Capital Management LLC now owns 1,419 shares of the semiconductor manufacturer’s stock worth $245,000 after buying an additional 1,284 shares in the last quarter. Finally, Argyle Capital Management LLC raised its position in shares of Broadcom by 3.7% in the fourth quarter. Argyle Capital Management LLC now owns 5,358 shares of the semiconductor manufacturer’s stock valued at $1,242,000 after buying an additional 190 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insiders Place Their Bets

In related news, Director Eddy W. Hartenstein sold 4,000 shares of Broadcom stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total value of $918,560.00. Following the completion of the transaction, the director now directly owns 46,400 shares in the company, valued at approximately $10,655,296. This trade represents a 7.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Harry L. You sold 6,540 shares of the stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total value of $1,569,600.00. Following the completion of the sale, the director now directly owns 30,450 shares in the company, valued at $7,308,000. This represents a 17.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 191,278 shares of company stock worth $44,964,800 over the last 90 days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Price Performance

AVGO opened at $199.29 on Friday. The stock’s 50-day moving average price is $227.44 and its 200 day moving average price is $192.11. Broadcom Inc. has a 12-month low of $119.76 and a 12-month high of $251.88. The firm has a market cap of $934.16 billion, a price-to-earnings ratio of 162.56, a PEG ratio of 2.29 and a beta of 1.02. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

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

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were given a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.18%. The ex-dividend date of this dividend was Monday, December 23rd. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 191.87%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on AVGO. Jefferies Financial Group boosted their price target on shares of Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Citigroup upped their price target on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $240.00 price target on shares of Broadcom in a report on Wednesday, December 11th. Mizuho boosted their price objective on Broadcom from $245.00 to $260.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Finally, Susquehanna raised their target price on Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a research note on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average 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.