Elk River Wealth Management LLC Has $26.07 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Elk River Wealth Management LLC lowered its stake in Broadcom Inc. (NASDAQ:AVGO) by 0.3% during the 4th quarter, Holdings Channel reports. The institutional investor owned 112,455 shares of the semiconductor manufacturer’s stock after selling 377 shares during the quarter. Broadcom comprises about 4.7% of Elk River Wealth Management LLC’s holdings, making the stock its 6th biggest position. Elk River Wealth Management LLC’s holdings in Broadcom were worth $26,072,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Cumberland Partners Ltd raised its position in shares of Broadcom by 67.2% during the 4th quarter. Cumberland Partners Ltd now owns 166,430 shares of the semiconductor manufacturer’s stock valued at $38,585,000 after purchasing an additional 66,872 shares during the period. Ieq Capital LLC raised its holdings in Broadcom by 7.8% during the fourth quarter. Ieq Capital LLC now owns 413,722 shares of the semiconductor manufacturer’s stock valued at $95,917,000 after acquiring an additional 30,074 shares during the period. Emerald Advisors LLC lifted its position in shares of Broadcom by 10.6% in the fourth quarter. Emerald Advisors LLC now owns 6,457 shares of the semiconductor manufacturer’s stock valued at $1,497,000 after acquiring an additional 617 shares in the last quarter. Private Wealth Partners LLC grew its position in shares of Broadcom by 142.6% during the fourth quarter. Private Wealth Partners LLC now owns 10,970 shares of the semiconductor manufacturer’s stock worth $2,543,000 after purchasing an additional 6,448 shares in the last quarter. Finally, TBH Global Asset Management LLC raised its stake in Broadcom by 3.5% during the 4th quarter. TBH Global Asset Management LLC now owns 9,381 shares of the semiconductor manufacturer’s stock valued at $2,175,000 after purchasing an additional 315 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Down 3.6 %

Shares of AVGO opened at $218.61 on Friday. The firm has a fifty day moving average price of $230.09 and a 200-day moving average price of $190.11. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $1.02 trillion, a P/E ratio of 178.32, a P/E/G ratio of 2.37 and a beta of 1.02. Broadcom Inc. has a 12-month low of $119.76 and a 12-month high of $251.88.

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, beating the consensus estimate of $1.39 by $0.03. The company had revenue of $14.05 billion during the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm’s quarterly revenue was up 51.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.98 EPS. Equities research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were issued a dividend of $0.59 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a yield of 1.08%. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s dividend payout ratio (DPR) is presently 192.50%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on AVGO shares. Truist Financial increased their price objective on shares of Broadcom from $205.00 to $245.00 and gave the company a “buy” rating in a report on Friday, December 13th. Susquehanna boosted their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a research note on Friday, December 13th. Bank of America raised their price objective on Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, December 13th. UBS Group lifted their target price on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Finally, Piper Sandler raised their price target on Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Three equities research 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.com, Broadcom presently has an average rating of “Moderate Buy” and an average target price of $225.04.

Insiders Place Their Bets

In other news, Director Eddy W. Hartenstein sold 4,000 shares of the business’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total value of $918,560.00. Following the completion of the sale, the director now owns 46,400 shares in the company, valued at approximately $10,655,296. The trade was a 7.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Harry L. You sold 6,540 shares of the company’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the completion of the sale, the director now directly owns 30,450 shares of the company’s stock, valued at $7,308,000. The trade was a 17.68 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 191,278 shares of company stock worth $44,964,800. 2.00% of the stock is currently owned by company insiders.

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.