Broadcom Inc. (NASDAQ:AVGO) Stake Boosted by Pettee Investors Inc.

Pettee Investors Inc. increased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 11.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,010 shares of the semiconductor manufacturer’s stock after purchasing an additional 300 shares during the quarter. Pettee Investors Inc.’s holdings in Broadcom were worth $698,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Central Pacific Bank Trust Division lifted its stake in Broadcom by 21.5% during the fourth quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer’s stock worth $4,858,000 after purchasing an additional 3,707 shares during the last quarter. Wolff Financial Management LLC acquired a new stake in Broadcom in the fourth quarter worth $244,000. Strait & Sound Wealth Management LLC increased its position in Broadcom by 829.8% in the third quarter. Strait & Sound Wealth Management LLC now owns 7,950 shares of the semiconductor manufacturer’s stock worth $1,371,000 after buying an additional 7,095 shares during the period. Motive Wealth Advisors increased its position in Broadcom by 1,076.5% in the fourth quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer’s stock worth $1,066,000 after buying an additional 4,209 shares during the period. Finally, Tidal Investments LLC increased its position in Broadcom by 969.3% in the third quarter. Tidal Investments LLC now owns 386,644 shares of the semiconductor manufacturer’s stock worth $66,696,000 after buying an additional 350,485 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Insider Activity at Broadcom

In related news, Director Check Kian Low sold 48,000 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $235.35, for a total value of $11,296,800.00. Following the completion of the transaction, the director now owns 113,050 shares in the company, valued at $26,606,317.50. This trade represents a 29.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Eddy W. Hartenstein sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total value of $918,560.00. Following the sale, the director now owns 46,400 shares of the company’s stock, valued at $10,655,296. The trade was a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock worth $44,964,800 in the last quarter. 2.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

AVGO has been the topic of several analyst reports. Bank of America increased their target price on Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Truist Financial increased their target price on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research report on Friday. Deutsche Bank Aktiengesellschaft increased their target price on Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. KeyCorp increased their target price on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Morgan Stanley raised their price target on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a report on Friday. Three equities research analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and a consensus price target of $231.48.

Broadcom Price Performance

NASDAQ:AVGO opened at $194.96 on Friday. The business’s 50-day moving average price is $222.28 and its 200 day moving average price is $192.93. The firm has a market cap of $913.85 billion, a P/E ratio of 159.02, a PEG ratio of 2.29 and a beta of 1.01. Broadcom Inc. has a 52-week low of $119.76 and a 52-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.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $14.07 billion. During the same quarter last year, the company posted $0.98 EPS. Broadcom’s revenue for the quarter was up 51.2% on a year-over-year basis. As a group, sell-side analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be given a $0.59 dividend. The ex-dividend date is Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.21%. Broadcom’s dividend payout ratio (DPR) is 191.87%.

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.