Parsons Capital Management Inc. RI Trims Stake in Broadcom Inc. (NASDAQ:AVGO)

Parsons Capital Management Inc. RI trimmed its position in Broadcom Inc. (NASDAQ:AVGO) by 4.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 64,300 shares of the semiconductor manufacturer’s stock after selling 2,789 shares during the quarter. Broadcom accounts for 0.8% of Parsons Capital Management Inc. RI’s holdings, making the stock its 27th largest holding. Parsons Capital Management Inc. RI’s holdings in Broadcom were worth $14,907,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. NCP Inc. increased its position in Broadcom by 615.4% during the 2nd quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock valued at $747,000 after purchasing an additional 400 shares during the period. Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of Broadcom by 257.1% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 12,167 shares of the semiconductor manufacturer’s stock valued at $19,535,000 after purchasing an additional 8,760 shares in the last quarter. New Century Financial Group LLC purchased a new position in Broadcom during the second quarter valued at approximately $376,000. RiverFront Investment Group LLC bought a new position in Broadcom in the second quarter worth approximately $2,778,000. Finally, Farmers National Bank lifted its holdings in Broadcom by 3.7% during the second quarter. Farmers National Bank now owns 5,919 shares of the semiconductor manufacturer’s stock worth $9,503,000 after buying an additional 211 shares during the period. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Down 0.5 %

NASDAQ:AVGO opened at $206.35 on Thursday. Broadcom Inc. has a 52 week low of $117.43 and a 52 week high of $251.88. The stock’s fifty day moving average is $210.37 and its two-hundred day moving average is $181.05. The stock has a market capitalization of $967.24 billion, a price-to-earnings ratio of 168.31, a price-to-earnings-growth ratio of 2.52 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.03. The business had revenue of $14.05 billion during the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business’s quarterly revenue was up 51.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.98 EPS. Research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current 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 was Monday, December 23rd. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a yield of 1.14%. Broadcom’s dividend payout ratio is currently 192.50%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on AVGO shares. UBS Group boosted their price target on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Cantor Fitzgerald increased their price target on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. 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. Mizuho increased their target price on shares of Broadcom from $245.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Finally, Susquehanna lifted their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a report on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and a consensus target price of $225.04.

Insiders Place Their Bets

In other news, insider Mark David Brazeal sold 20,168 shares of the firm’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $238.79, for a total value of $4,815,916.72. Following the completion of the sale, the insider now owns 321,660 shares in the company, valued at approximately $76,809,191.40. This trade represents a 5.90 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Check Kian Low sold 48,000 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the transaction, the director now owns 113,050 shares in the company, valued at approximately $26,606,317.50. This trade represents a 29.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 191,278 shares of company stock valued at $44,964,800. 2.00% of the stock is owned by company insiders.

Broadcom 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.