Broadcom Inc. $AVGO Shares Sold by Alliance Wealth Advisors LLC UT

Key Points

• Alliance Wealth Advisors LLC UT reduced its Broadcom stake by 30.1% in the fourth quarter, selling 3,455 shares and ending with 8,031 shares valued at about $2.78 million.
• Broadcom beat quarterly expectations in its latest earnings report, posting $2.05 EPS versus $2.03 expected and revenue of $19.31 billion, up 29.5% year over year.
• Analysts remain broadly positive on AVGO, with a consensus rating of “Moderate Buy” and an average price target of $435.30, despite some recent target and rating changes.

Alliance Wealth Advisors LLC UT lessened its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 30.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm 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 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Miller Global Investments LLC purchased a new stake in Broadcom during the 4th quarter worth about $31,000. JCIC Asset Management Inc. purchased a new position in shares of Broadcom in the 3rd quarter valued at about $31,000. Nvest Wealth Strategies Inc. purchased a new position in shares of Broadcom in the 4th quarter valued at about $33,000. Family CFO Inc acquired a new position in shares of Broadcom during the fourth quarter worth about $35,000. Finally, Manning & Napier Advisors LLC acquired a new position in shares of Broadcom during the third quarter worth about $34,000. Institutional investors and hedge funds own 76.43% of the company's stock.

Analyst Upgrades and Downgrades

AVGO has been the topic of several analyst reports. Morgan Stanley raised their target price on shares of Broadcom from $462.00 to $470.00 and gave the company an "overweight" rating in a report on Friday, March 6th. Erste Group Bank cut shares of Broadcom from a "buy" rating to a "hold" rating in a report on Thursday, April 2nd. JPMorgan Chase & Co. increased their price objective on shares of Broadcom from $475.00 to $500.00 and gave the company an "overweight" rating in a research report on Thursday, March 5th. Wolfe Research upgraded shares of Broadcom from a "peer perform" rating to an "outperform" rating and set a $400.00 price objective on the stock in a report on Friday, January 30th. Finally, Citigroup boosted their target price on shares of Broadcom from $458.00 to $475.00 and gave the stock a "buy" rating in a research note on Thursday, March 5th. Two research analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, Broadcom presently has a consensus rating of "Moderate Buy" and an average target price of $435.30.

Broadcom Trading Down 0.4%

NASDAQ AVGO opened at $428.43 on Tuesday. The firm's fifty day moving average price is $356.98 and its 200 day moving average price is $352.45. The company has a market capitalization of $2.03 trillion, a price-to-earnings ratio of 83.68, a price-to-earnings-growth ratio of 0.89 and a beta of 1.43. Broadcom Inc. has a 12 month low of $215.88 and a 12 month high of $437.68. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.90 and a quick ratio of 1.73.

Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.02. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The business had revenue of $19.31 billion during the quarter, compared to the consensus estimate of $19.10 billion. During the same period in the previous year, the business earned $1.60 EPS. The business's quarterly revenue was up 29.5% on a year-over-year basis. On average, sell-side analysts expect that Broadcom Inc. will post 9.95 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

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

Insider Activity

In other Broadcom news, Director Justine Page sold 2,018 shares of the stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $353.00, for a total transaction of $712,354.00. Following the completion of the sale, the director directly owned 18,164 shares of the company's stock, valued at approximately $6,411,892. This trade represents a 10.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $345.23, for a total value of $3,452,300.00. Following the completion of the transaction, the insider owned 787,184 shares in the company, valued at $271,759,532.32. This trade represents a 1.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 324,282 shares of company stock worth $106,425,249 over the last quarter. 1.90% of the stock is owned by insiders.

Broadcom 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.

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