Independent Advisor Alliance Decreases Stock Position in Broadcom Inc. $AVGO

Key Points

• Independent Advisor Alliance cut its Broadcom stake by 2.7% in the fourth quarter, selling 5,670 shares and leaving it with 205,407 shares valued at about $71.1 million.
• Broadcom reported strong quarterly results, with EPS of $2.05 and revenue of $19.31 billion, both ahead of analyst estimates; revenue rose 29.5% year over year.
• Analysts remain constructive on AVGO overall, with a consensus rating of “Moderate Buy” and an average price target of $442.13, even as some firms adjusted their targets and ratings.

Independent Advisor Alliance decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 205,407 shares of the semiconductor manufacturer's stock after selling 5,670 shares during the period. Broadcom accounts for about 1.7% of Independent Advisor Alliance's investment portfolio, making the stock its 9th largest position. Independent Advisor Alliance's holdings in Broadcom were worth $71,091,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Providence First Trust Co grew its holdings in shares of Broadcom by 1,099.3% in the third quarter. Providence First Trust Co now owns 8,923 shares of the semiconductor manufacturer's stock valued at $2,944,000 after purchasing an additional 8,179 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Broadcom by 3.4% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 323,587 shares of the semiconductor manufacturer's stock valued at $109,492,000 after purchasing an additional 10,786 shares in the last quarter. Lmcg Investments LLC grew its holdings in shares of Broadcom by 9.4% in the third quarter. Lmcg Investments LLC now owns 38,961 shares of the semiconductor manufacturer's stock valued at $12,854,000 after purchasing an additional 3,357 shares in the last quarter. Wright Investors Service Inc. boosted its stake in Broadcom by 5.4% during the third quarter. Wright Investors Service Inc. now owns 42,159 shares of the semiconductor manufacturer's stock worth $13,909,000 after buying an additional 2,178 shares during the period. Finally, Brown Brothers Harriman & Co. boosted its stake in Broadcom by 10.7% during the third quarter. Brown Brothers Harriman & Co. now owns 77,411 shares of the semiconductor manufacturer's stock worth $25,539,000 after buying an additional 7,499 shares during the period. Institutional investors own 76.43% of the company's stock.

Broadcom Stock Down 1.1%

Shares of AVGO opened at $420.71 on Tuesday. The firm has a market capitalization of $1.99 trillion, a P/E ratio of 82.17, a P/E/G ratio of 0.88 and a beta of 1.43. Broadcom Inc. has a 12-month low of $221.60 and a 12-month high of $442.36. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.80. The firm has a fifty day moving average price of $367.36 and a 200-day moving average price of $354.90.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its 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 firm had revenue of $19.31 billion during the quarter, compared to analyst estimates of $19.10 billion. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The business's revenue was up 29.5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.60 earnings per share. Equities research analysts expect that Broadcom Inc. will post 9.95 earnings per share for the current year.

Broadcom Dividend Announcement

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

Wall Street Analyst Weigh In

AVGO has been the subject of several recent analyst reports. Morgan Stanley lifted their price objective on shares of Broadcom from $462.00 to $470.00 and gave the stock an "overweight" rating in a research note on Friday, March 6th. Truist Financial lifted their price objective on shares of Broadcom from $510.00 to $545.00 and gave the stock a "buy" rating in a research note on Thursday, March 5th. DA Davidson raised shares of Broadcom to a "hold" rating in a research note on Friday, February 13th. Bank of America dropped their price objective on shares of Broadcom from $500.00 to $450.00 and set a "buy" rating for the company in a research note on Thursday, March 5th. Finally, Mizuho reaffirmed an "outperform" rating and set a $480.00 price objective on shares of Broadcom in a research note on Thursday, April 16th. Two research analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $442.13.

Insider Activity

In other news, Director Justine Page sold 2,018 shares of the business's stock in a transaction on Wednesday, April 8th. The shares were 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. The trade was a 10.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider S. Ram Velaga sold 8,000 shares of the business's stock in a transaction on 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 directly owned 57,932 shares of the company's stock, valued at $21,464,964.64. This represents a 12.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 324,282 shares of company stock valued at $106,425,249. 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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