Broadcom Inc. (NASDAQ:AVGO) Position Trimmed by Brookmont Capital Management

Brookmont Capital Management cut its holdings in Broadcom Inc. (NASDAQ:AVGOFree Report) by 12.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 1,196 shares of the semiconductor manufacturer’s stock after selling 175 shares during the period. Brookmont Capital Management’s holdings in Broadcom were worth $277,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. State Street Corp grew its holdings in shares of Broadcom by 948.5% during the third quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock valued at $31,814,902,000 after purchasing an additional 166,844,263 shares during the last quarter. Geode Capital Management LLC grew its stake in Broadcom by 976.6% during the 3rd quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock worth $17,055,760,000 after buying an additional 89,975,941 shares during the last quarter. FMR LLC increased its position in Broadcom by 1,121.3% in the third quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock worth $15,594,088,000 after buying an additional 82,998,328 shares during the period. Jennison Associates LLC boosted its holdings in shares of Broadcom by 842.4% during the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock valued at $6,209,758,000 after acquiring an additional 32,178,542 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Broadcom by 975.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock worth $5,833,894,000 after acquiring an additional 30,674,902 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Broadcom news, Director Harry L. You sold 6,540 shares of the company’s stock in a transaction dated Tuesday, December 17th. The shares were 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 in the company, valued at $7,308,000. This represents a 17.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 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 directly owns 46,400 shares in the company, valued at approximately $10,655,296. This represents 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 valued at $44,964,800 over the last 90 days. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Performance

AVGO stock opened at $240.91 on Thursday. The firm has a 50 day moving average of $204.46 and a two-hundred day moving average of $179.16. Broadcom Inc. has a 12 month low of $117.43 and a 12 month high of $251.88. The company has a market capitalization of $1.13 trillion, a price-to-earnings ratio of 196.50, a P/E/G ratio of 2.48 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:AVGOGet Free Report) last posted its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping the consensus estimate of $1.39 by $0.03. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm had revenue of $14.05 billion for the quarter, compared to the consensus estimate of $14.07 billion. During the same period in the prior year, the business posted $0.98 earnings per share. The business’s quarterly revenue was up 51.2% on a year-over-year basis. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were issued a $0.59 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a yield of 0.98%. The ex-dividend date was Monday, December 23rd. Broadcom’s payout ratio is 192.50%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on AVGO. Truist Financial boosted their target price on shares of Broadcom from $205.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Cantor Fitzgerald raised their target price on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Barclays boosted their price target on Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Benchmark restated a “buy” rating and set a $255.00 price objective (up from $210.00) on shares of Broadcom in a research note on Friday, December 13th. Finally, Hsbc Global Res raised shares of Broadcom to a “hold” rating in a report on Tuesday, December 3rd. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $225.83.

Read Our Latest Stock Report on Broadcom

Broadcom Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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