Legacy Wealth Asset Management LLC Lowers Position in Broadcom Inc. (NASDAQ:AVGO)

Legacy Wealth Asset Management LLC cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 22,297 shares of the semiconductor manufacturer’s stock after selling 424 shares during the period. Broadcom accounts for approximately 1.4% of Legacy Wealth Asset Management LLC’s investment portfolio, making the stock its 7th biggest holding. Legacy Wealth Asset Management LLC’s holdings in Broadcom were worth $5,169,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in AVGO. Castleview Partners LLC grew its stake in shares of Broadcom by 1,030.8% during the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 134 shares during the last quarter. Pin Oak Investment Advisors Inc. grew its position in Broadcom by 900.0% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 135 shares during the last quarter. JDM Financial Group LLC grew its position in Broadcom by 1,323.1% during the 3rd quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 172 shares during the last quarter. Tsfg LLC raised its holdings in shares of Broadcom by 1,073.7% in the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock worth $38,000 after buying an additional 204 shares during the last quarter. Finally, Cedar Wealth Management LLC lifted its stake in shares of Broadcom by 900.0% during the third quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer’s stock worth $41,000 after buying an additional 216 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Broadcom Stock Up 3.5 %

Shares of AVGO opened at $237.44 on Friday. The stock has a 50 day moving average price of $200.93 and a 200 day moving average price of $177.60. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The stock has a market capitalization of $1.11 trillion, a price-to-earnings ratio of 193.67, a PEG ratio of 2.35 and a beta of 1.03. Broadcom Inc. has a one year low of $112.19 and a one year high of $251.88.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.03. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company had revenue of $14.05 billion during the quarter, compared to analysts’ expectations of $14.07 billion. During the same quarter in the prior year, the company earned $0.98 EPS. Broadcom’s revenue was up 51.2% compared to the same quarter last year. Equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, December 23rd. This represents a $2.36 dividend on an annualized basis and a yield of 0.99%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 191.87%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Benchmark reissued a “buy” rating and issued a $255.00 target price (up from $210.00) on shares of Broadcom in a research report on Friday, December 13th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Robert W. Baird upped their price objective on shares of Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Susquehanna raised their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a report on Friday, December 13th. Finally, Piper Sandler boosted their target price on shares of Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and an average target price of $225.83.

Broadcom Company Profile

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.