Heritage Wealth Management Inc. CA Sells 1,271 Shares of Broadcom Inc. $AVGO

Key Points

• Heritage Wealth Management Inc. CA reduced its Broadcom stake by 7.9% in the fourth quarter, selling 1,271 shares and leaving it with 14,840 shares valued at about $5.14 million.
• Broadcom’s fundamentals remain strong: the company recently beat quarterly earnings and revenue estimates, with revenue up 29.5% year over year and analysts expecting 9.95 EPS for the current fiscal year.
• Wall Street remains broadly positive on AVGO, with a consensus rating of “Moderate Buy” and a consensus price target of $442.13, despite some recent rating and target price changes.

Heritage Wealth Management Inc. CA trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,840 shares of the semiconductor manufacturer's stock after selling 1,271 shares during the quarter. Broadcom comprises about 3.3% of Heritage Wealth Management Inc. CA's portfolio, making the stock its 8th biggest position. Heritage Wealth Management Inc. CA's holdings in Broadcom were worth $5,136,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AVGO. JCIC Asset Management Inc. acquired a new position in shares of Broadcom in the 3rd quarter valued at about $31,000. Miller Global Investments LLC acquired a new position in shares of Broadcom in the 4th quarter valued at about $31,000. Nvest Wealth Strategies Inc. acquired a new position in shares of Broadcom in the 4th quarter valued at about $33,000. Manning & Napier Advisors LLC acquired a new position in shares of Broadcom in the 3rd quarter valued at about $34,000. Finally, Family CFO Inc acquired a new position in shares of Broadcom in the 4th quarter valued at about $35,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on AVGO. Rosenblatt Securities reissued a "buy" rating and issued a $500.00 price objective on shares of Broadcom in a research note on Tuesday, April 7th. Zacks Research raised Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 2nd. Erste Group Bank lowered Broadcom from a "buy" rating to a "hold" rating in a research report on Thursday, April 2nd. Royal Bank Of Canada decreased their target price on Broadcom from $370.00 to $340.00 and set a "sector perform" rating for the company in a research report on Monday, March 2nd. Finally, Morgan Stanley boosted their target price on Broadcom from $462.00 to $470.00 and gave the company an "overweight" rating in a research report on Friday, March 6th. Two research analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $442.13.

Broadcom Price Performance

AVGO stock opened at $420.71 on Tuesday. The company has a market capitalization of $1.99 trillion, a P/E ratio of 82.17, a price-to-earnings-growth ratio of 0.88 and a beta of 1.43. The company has a debt-to-equity ratio of 0.80, a quick ratio of 1.73 and a current ratio of 1.90. Broadcom Inc. has a 52-week low of $221.60 and a 52-week high of $442.36. The business has a 50-day simple moving average of $367.36 and a two-hundred day simple moving average of $354.90.

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

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 23rd were paid a dividend of $0.65 per share. 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 50.78%.

Insider Buying and Selling

In other Broadcom news, insider Charlie B. Kawwas sold 39,116 shares of Broadcom stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $321.61, for a total transaction of $12,580,096.76. Following the completion of the transaction, the insider owned 74,626 shares in the company, valued at approximately $24,000,467.86. The trade was a 34.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kirsten M. Spears sold 36,292 shares of Broadcom stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $321.60, for a total value of $11,671,507.20. Following the transaction, the chief financial officer owned 327,760 shares of the company's stock, valued at $105,407,616. This trade represents a 9.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 324,282 shares of company stock worth $106,425,249 over the last 90 days. Company insiders own 1.90% of the company's stock.

About Broadcom

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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