Nicholas Hoffman & Company LLC. Sells 30,040 Shares of Broadcom Inc. $AVGO

Key Points

• Nicholas Hoffman & Company LLC. cut its Broadcom stake by 14.4% in the fourth quarter, selling 30,040 shares and leaving it with 178,634 shares valued at about $61.8 million.
• Broadcom insiders also sold shares recently, including Charlie B. Kawwas and Mark David Brazeal, with insiders selling a combined 324,282 shares worth about $106.4 million over the last 90 days.
• Analysts remain mostly bullish on AVGO, with a consensus “Moderate Buy” rating and average price target of $435.30, while the stock has also been supported by strong quarterly results and a quarterly dividend of $0.65 per share.

Nicholas Hoffman & Company LLC. decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 14.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 178,634 shares of the semiconductor manufacturer's stock after selling 30,040 shares during the period. Broadcom makes up 1.4% of Nicholas Hoffman & Company LLC.'s holdings, making the stock its 12th biggest position. Nicholas Hoffman & Company LLC.'s holdings in Broadcom were worth $61,825,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Miller Global Investments LLC bought a new position in Broadcom during the 4th quarter worth $31,000. JCIC Asset Management Inc. bought a new position in Broadcom during the 3rd quarter worth $31,000. Nvest Wealth Strategies Inc. bought a new position in shares of Broadcom in the fourth quarter worth $33,000. Family CFO Inc bought a new position in shares of Broadcom in the fourth quarter worth $35,000. Finally, Manning & Napier Advisors LLC bought a new position in shares of Broadcom in the third quarter worth $34,000. Institutional investors own 76.43% of the company's stock.

Insiders Place Their Bets

In related news, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $345.23, for a total value of $3,452,300.00. Following the sale, the insider directly owned 787,184 shares of the company's stock, valued at $271,759,532.32. This trade represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 50,488 shares of the firm's stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $321.60, for a total value of $16,236,940.80. Following the completion of the sale, the insider directly owned 278,141 shares in the company, valued at $89,450,145.60. This trade represents a 15.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 324,282 shares of company stock valued at $106,425,249 over the last ninety days. 1.90% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages recently commented on AVGO. JPMorgan Chase & Co. raised their price target on Broadcom from $475.00 to $500.00 and gave the stock an "overweight" rating in a research report on Thursday, March 5th. Weiss Ratings cut Broadcom from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, April 24th. Wells Fargo & Company upgraded Broadcom from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $410.00 to $430.00 in a research report on Thursday, January 15th. Morgan Stanley raised their price target on Broadcom from $462.00 to $470.00 and gave the stock an "overweight" rating in a research report on Friday, March 6th. Finally, Mizuho restated an "outperform" rating and issued a $480.00 price target on shares of Broadcom in a research report on Thursday, April 16th. Two analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $435.30.

Broadcom Stock Performance

NASDAQ:AVGO opened at $428.43 on Tuesday. The stock's 50-day simple moving average is $356.98 and its 200 day simple moving average is $352.45. The firm has a market capitalization of $2.03 trillion, a PE ratio of 83.68, a price-to-earnings-growth ratio of 0.89 and a beta of 1.43. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.80. Broadcom Inc. has a twelve month low of $215.88 and a twelve month high of $437.68.

Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $19.31 billion for the quarter, compared to analyst estimates of $19.10 billion. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.Broadcom's revenue was up 29.5% compared to the same quarter last year. During the same period last year, the firm posted $1.60 earnings per share. On average, analysts anticipate that Broadcom Inc. will post 9.95 EPS for the current fiscal year.

Broadcom Dividend Announcement

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

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.

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.