Legato Capital Management LLC Sells 15,046 Shares of Broadcom Inc. (NASDAQ:AVGO)

Legato Capital Management LLC decreased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 33.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 30,034 shares of the semiconductor manufacturer’s stock after selling 15,046 shares during the quarter. Broadcom accounts for approximately 0.9% of Legato Capital Management LLC’s holdings, making the stock its 9th biggest holding. Legato Capital Management LLC’s holdings in Broadcom were worth $6,963,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AVGO. Avion Wealth raised its position in Broadcom by 9.4% in the fourth quarter. Avion Wealth now owns 1,484 shares of the semiconductor manufacturer’s stock worth $344,000 after purchasing an additional 128 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Broadcom by 50.4% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,372,824 shares of the semiconductor manufacturer’s stock worth $550,438,000 after buying an additional 795,598 shares in the last quarter. Davidson Capital Management Inc. lifted its position in shares of Broadcom by 3.6% during the 4th quarter. Davidson Capital Management Inc. now owns 20,223 shares of the semiconductor manufacturer’s stock worth $4,689,000 after buying an additional 711 shares during the period. Avidian Wealth Enterprises LLC boosted its stake in Broadcom by 13.0% in the 4th quarter. Avidian Wealth Enterprises LLC now owns 23,518 shares of the semiconductor manufacturer’s stock valued at $5,453,000 after buying an additional 2,707 shares in the last quarter. Finally, Kentucky Trust Co bought a new stake in Broadcom in the fourth quarter valued at $165,000. 76.43% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on AVGO. Morgan Stanley reduced their target price on shares of Broadcom from $265.00 to $246.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Rosenblatt Securities reaffirmed a “buy” rating and set a $240.00 price objective on shares of Broadcom in a research note on Wednesday, December 11th. Jefferies Financial Group lifted their target price on shares of Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Benchmark restated a “buy” rating and set a $255.00 price target (up from $210.00) on shares of Broadcom in a research report on Friday, December 13th. Finally, Piper Sandler lifted their price objective on Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $225.04.

Broadcom Price Performance

Broadcom stock opened at $233.04 on Friday. 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 $1.09 trillion, a P/E ratio of 190.08, a PEG ratio of 2.42 and a beta of 1.02. The business has a 50-day moving average of $226.16 and a 200-day moving average of $187.02. Broadcom Inc. has a 1 year low of $119.76 and a 1 year high of $251.88.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. The firm 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 business’s revenue for the quarter was up 51.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.98 earnings per share. On average, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The firm also recently disclosed 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 annualized dividend and a yield of 1.01%. The ex-dividend date was Monday, December 23rd. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is presently 192.50%.

Insiders Place Their Bets

In related news, Director Harry L. You sold 6,540 shares of the business’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 value of $1,569,600.00. Following the completion of the transaction, the director now directly owns 30,450 shares in the company, valued at approximately $7,308,000. The trade was a 17.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Hock E. Tan sold 45,000 shares of the firm’s stock in a transaction that occurred 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 owns 842,836 shares in the company, valued at $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. Over the last ninety days, insiders have sold 191,278 shares of company stock worth $44,964,800. Corporate insiders own 2.00% of the company’s stock.

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.