Arlington Trust Co LLC reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 72.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,389 shares of the semiconductor manufacturer's stock after selling 11,566 shares during the quarter. Arlington Trust Co LLC's holdings in Broadcom were worth $1,519,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. JCIC Asset Management Inc. acquired a new stake in Broadcom during the 3rd quarter worth approximately $31,000. Miller Global Investments LLC acquired a new stake in Broadcom during the 4th quarter worth approximately $31,000. Nvest Wealth Strategies Inc. acquired a new stake in Broadcom during the 4th quarter worth approximately $33,000. Manning & Napier Advisors LLC acquired a new stake in Broadcom during the 3rd quarter worth approximately $34,000. Finally, Family CFO Inc acquired a new stake in Broadcom during the 4th quarter worth approximately $35,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In related news, insider S. Ram Velaga sold 8,000 shares of the business's stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $370.52, for a total transaction of $2,964,160.00. Following the sale, the insider owned 57,932 shares of the company's stock, valued at approximately $21,464,964.64. The trade was a 12.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Mark David Brazeal sold 50,488 shares of the business's stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total transaction of $16,236,940.80. Following the sale, the insider directly owned 278,141 shares in the company, valued at approximately $89,450,145.60. This represents a 15.36% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 324,282 shares of company stock valued at $106,425,249 in the last quarter. Insiders own 1.90% of the company's stock.
Wall Street Analysts Forecast Growth
AVGO has been the subject of a number of recent research reports. Truist Financial increased their price objective on Broadcom from $510.00 to $545.00 and gave the stock a "buy" rating in a research report on Thursday, March 5th. Bank of America decreased their price objective on Broadcom from $500.00 to $450.00 and set a "buy" rating for the company in a research report on Thursday, March 5th. Mizuho reiterated an "outperform" rating and set a $480.00 price target on shares of Broadcom in a research note on Thursday, April 16th. DA Davidson upgraded shares of Broadcom to a "hold" rating in a research note on Friday, February 13th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Broadcom from $475.00 to $500.00 and gave the stock an "overweight" rating in a research note on Thursday, March 5th. Two research analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $435.30.
Read Our Latest Stock Report on Broadcom
Broadcom Stock Up 2.6%
AVGO stock opened at $427.38 on Wednesday. The company has a market cap of $2.02 trillion, a P/E ratio of 83.47, a P/E/G ratio of 0.86 and a beta of 1.43. Broadcom Inc. has a 52 week low of $195.94 and a 52 week high of $433.39. The company's 50-day moving average price is $349.25 and its 200 day moving average price is $350.33. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.80.
Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 EPS for the quarter, topping analysts' consensus estimates of $2.03 by $0.02. The firm had revenue of $19.31 billion for the quarter, compared to the consensus estimate of $19.10 billion. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The firm's revenue was up 29.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.60 earnings per share. On average, research analysts expect that Broadcom Inc. will post 9.95 earnings per share for the current fiscal year.
Broadcom Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 23rd were issued a dividend of $0.65 per share. The ex-dividend date of this dividend 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%.
Broadcom News Roundup
Here are the key news stories impacting Broadcom this week:
Broadcom Profile
(
Free Report)
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.
See Also
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