NorthStar Asset Management LLC NJ Boosts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

NorthStar Asset Management LLC NJ grew its position in Broadcom Inc. (NASDAQ:AVGO) by 6.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,684 shares of the semiconductor manufacturer’s stock after acquiring an additional 163 shares during the quarter. NorthStar Asset Management LLC NJ’s holdings in Broadcom were worth $622,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Castleview Partners LLC grew its holdings 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 buying an additional 134 shares in the last quarter. Pin Oak Investment Advisors Inc. boosted its position in Broadcom by 900.0% during the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 135 shares during the last quarter. Retirement Wealth Solutions LLC purchased a new stake in Broadcom during the 4th quarter valued at about $37,000. JDM Financial Group LLC raised its holdings in Broadcom by 1,323.1% in the 3rd quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock valued at $32,000 after acquiring an additional 172 shares during the last quarter. Finally, Tsfg LLC lifted its stake in Broadcom by 1,073.7% in the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock worth $38,000 after purchasing an additional 204 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Price Performance

Shares of AVGO opened at $221.27 on Friday. The company has a market cap of $1.04 trillion, a P/E ratio of 180.48, a PEG ratio of 2.16 and a beta of 1.03. Broadcom Inc. has a fifty-two week low of $117.43 and a fifty-two week high of $251.88. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm’s 50 day moving average price is $212.27 and its 200 day moving average price is $181.58.

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 return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. During the same period last year, the firm earned $0.98 earnings per share. The company’s revenue for the quarter was up 51.2% compared to the same quarter last year. On average, research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.07%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. Broadcom’s dividend payout ratio is presently 192.50%.

Insider Activity at Broadcom

In other Broadcom news, Director Harry L. You sold 6,540 shares of the stock in a transaction that occurred on 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 sale, the director now directly owns 30,450 shares of the company’s stock, valued at approximately $7,308,000. This represents a 17.68 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Hock E. Tan sold 45,000 shares of Broadcom stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $239.96, for a total transaction of $10,798,200.00. Following the sale, the chief executive officer now directly owns 842,836 shares of the company’s stock, valued at approximately $202,246,926.56. This trade represents a 5.07 % 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 valued at $44,964,800 over the last 90 days. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Piper Sandler upped their price target on Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Bank of America upped their target price on Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a report on Friday, December 13th. Morgan Stanley reduced their price target on Broadcom from $265.00 to $246.00 and set an “overweight” rating on the stock in a report on Tuesday. Citigroup upped their price objective on shares of Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Finally, Cantor Fitzgerald lifted their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $225.04.

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.