Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Essex Savings Bank

Essex Savings Bank lowered its holdings in Broadcom Inc. (NASDAQ:AVGO) by 0.7% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 25,537 shares of the semiconductor manufacturer’s stock after selling 178 shares during the period. Broadcom makes up 1.5% of Essex Savings Bank’s holdings, making the stock its 14th biggest holding. Essex Savings Bank’s holdings in Broadcom were worth $5,920,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Kiely Wealth Advisory Group Inc. purchased a new position in shares of Broadcom in the 2nd quarter valued at about $128,000. Mark Sheptoff Financial Planning LLC acquired a new stake in Broadcom in the second quarter valued at approximately $136,000. RiverGlades Family Offices LLC acquired a new stake in Broadcom in the second quarter valued at approximately $210,000. Disciplined Growth Investors Inc. MN purchased a new position in Broadcom in the second quarter worth approximately $228,000. Finally, Security National Bank of Sioux City Iowa IA acquired a new position in Broadcom during the 2nd quarter worth approximately $234,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on AVGO shares. Robert W. Baird lifted their price objective on shares of Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Rosenblatt Securities reaffirmed a “buy” rating and set a $240.00 price target on shares of Broadcom in a report on Wednesday, December 11th. Benchmark reiterated a “buy” rating and issued a $255.00 price objective (up previously from $210.00) on shares of Broadcom in a report on Friday, December 13th. Piper Sandler raised their target price on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Finally, Barclays upped their price target on Broadcom from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Monday, December 16th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $223.54.

Insider Transactions at Broadcom

In other Broadcom news, Director Harry L. You sold 6,540 shares of Broadcom stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total value of $1,569,600.00. Following the sale, the director now owns 30,450 shares of the company’s stock, valued at approximately $7,308,000. The trade was a 17.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 20,168 shares of the stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $238.79, for a total value of $4,815,916.72. Following the transaction, the insider now directly owns 321,660 shares of the company’s stock, valued at approximately $76,809,191.40. This trade represents a 5.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 191,278 shares of company stock worth $44,964,800 over the last ninety days. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Up 0.6 %

Broadcom stock opened at $229.41 on Friday. The stock has a 50 day moving average of $200.02 and a two-hundred day moving average of $177.11. Broadcom Inc. has a twelve month low of $109.02 and a twelve month high of $251.88. The stock has a market capitalization of $1.08 trillion, a price-to-earnings ratio of 187.12, a PEG ratio of 2.35 and a beta of 1.03. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. During the same period last year, the company earned $0.98 earnings per share. The company’s revenue for the quarter was up 51.2% on a year-over-year basis. As a group, research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were issued a $0.59 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. This represents a $2.36 annualized dividend and a dividend yield of 1.03%. Broadcom’s payout ratio is presently 192.50%.

About Broadcom

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.