Westpac Banking Corp Has $25.37 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Westpac Banking Corp cut its position in Broadcom Inc. (NASDAQ:AVGO) by 5.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 109,427 shares of the semiconductor manufacturer’s stock after selling 5,937 shares during the quarter. Broadcom comprises about 1.7% of Westpac Banking Corp’s holdings, making the stock its 7th largest position. Westpac Banking Corp’s holdings in Broadcom were worth $25,370,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in AVGO. Nicolet Advisory Services LLC lifted its holdings in Broadcom by 9.9% during the fourth quarter. Nicolet Advisory Services LLC now owns 9,989 shares of the semiconductor manufacturer’s stock valued at $2,241,000 after purchasing an additional 902 shares during the last quarter. Martin Worley Group bought a new stake in shares of Broadcom in the fourth quarter valued at approximately $271,000. Disciplined Investors L.L.C. purchased a new stake in shares of Broadcom during the 4th quarter valued at approximately $630,000. SevenBridge Financial Group LLC lifted its stake in shares of Broadcom by 3.2% during the 4th quarter. SevenBridge Financial Group LLC now owns 6,576 shares of the semiconductor manufacturer’s stock valued at $1,546,000 after buying an additional 205 shares in the last quarter. Finally, Martin Investment Management LLC bought a new position in Broadcom in the 4th quarter worth approximately $243,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling

In other news, Director Henry Samueli sold 663,976 shares of the firm’s stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the transaction, the director now owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Check Kian Low sold 48,000 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the sale, the director now owns 113,050 shares of the company’s stock, valued at $26,606,317.50. This represents a 29.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 745,976 shares of company stock worth $138,632,902 in the last ninety days. 2.00% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on AVGO. Jefferies Financial Group boosted their target price on shares of Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a report on Friday, December 13th. Cantor Fitzgerald reiterated an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research note on Friday, March 7th. JPMorgan Chase & Co. raised their target price on Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Citigroup upped their price target on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $250.00 price target on shares of Broadcom in a report on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $231.48.

Broadcom Stock Performance

Broadcom stock opened at $172.09 on Thursday. The firm has a fifty day simple moving average of $205.27 and a two-hundred day simple moving average of $196.37. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88. The company has a market capitalization of $809.16 billion, a PE ratio of 140.37, a P/E/G ratio of 2.29 and a beta of 1.01. 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 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Thursday, March 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 1.37%. The ex-dividend date of this dividend was Thursday, March 20th. Broadcom’s dividend payout ratio is presently 113.46%.

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.