Dakota Wealth Management trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 14.3% during the third quarter, Holdings Channel reports. The institutional investor owned 114,888 shares of the semiconductor manufacturer’s stock after selling 19,189 shares during the quarter. Broadcom comprises about 0.8% of Dakota Wealth Management’s portfolio, making the stock its 26th largest holding. Dakota Wealth Management’s holdings in Broadcom were worth $37,903,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the company. M. Kulyk & Associates LLC grew its holdings in Broadcom by 8.9% during the 3rd quarter. M. Kulyk & Associates LLC now owns 2,227 shares of the semiconductor manufacturer’s stock worth $735,000 after acquiring an additional 182 shares in the last quarter. Portland Global Advisors LLC purchased a new stake in shares of Broadcom during the 3rd quarter worth $215,000. Cornerstone Capital Inc. lifted its position in shares of Broadcom by 11.9% during the 3rd quarter. Cornerstone Capital Inc. now owns 1,790 shares of the semiconductor manufacturer’s stock worth $591,000 after purchasing an additional 190 shares during the last quarter. Cary Street Partners Investment Advisory LLC grew its stake in shares of Broadcom by 2.6% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 13,399 shares of the semiconductor manufacturer’s stock worth $4,420,000 after purchasing an additional 340 shares in the last quarter. Finally, MainStreet Investment Advisors LLC increased its holdings in Broadcom by 7.5% in the third quarter. MainStreet Investment Advisors LLC now owns 42,099 shares of the semiconductor manufacturer’s stock valued at $13,889,000 after buying an additional 2,926 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.
Broadcom Price Performance
Broadcom stock opened at $330.34 on Tuesday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.71 and a quick ratio of 1.58. The business has a 50 day simple moving average of $337.11 and a 200-day simple moving average of $342.27. Broadcom Inc. has a 12 month low of $138.10 and a 12 month high of $414.61. The stock has a market capitalization of $1.57 trillion, a PE ratio of 69.40, a price-to-earnings-growth ratio of 1.06 and a beta of 1.21.
Broadcom (NASDAQ:AVGO – Get Free Report) last announced its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The company had revenue of $18.02 billion for the quarter, compared to analysts’ expectations of $17.46 billion. During the same period in the previous year, the company posted $1.42 EPS. Broadcom’s revenue was up 28.2% compared to the same quarter last year. Equities analysts predict 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 Wednesday, December 31st. Investors of record on Monday, December 22nd were given a $0.65 dividend. The ex-dividend date was Monday, December 22nd. This is an increase from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. Broadcom’s payout ratio is 54.62%.
Insider Buying and Selling
In other Broadcom news, CEO Hock E. Tan sold 70,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $347.30, for a total transaction of $24,311,000.00. Following the transaction, the chief executive officer owned 132,836 shares in the company, valued at approximately $46,133,942.80. The trade was a 34.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Kirsten M. Spears sold 30,000 shares of the stock in a transaction that occurred on Wednesday, December 31st. The stock was sold at an average price of $347.82, for a total value of $10,434,600.00. Following the transaction, the chief financial officer directly owned 277,237 shares of the company’s stock, valued at approximately $96,428,573.34. This trade represents a 9.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 779,101 shares of company stock worth $283,804,325 in the last three months. Company insiders own 2.00% of the company’s stock.
Analysts Set New Price Targets
A number of analysts have issued reports on AVGO shares. JPMorgan Chase & Co. lifted their price target on Broadcom from $400.00 to $475.00 and gave the stock an “overweight” rating in a report on Friday, December 12th. Citigroup restated a “buy” rating and set a $458.00 target price (down previously from $480.00) on shares of Broadcom in a research note on Tuesday, February 17th. Truist Financial increased their price target on shares of Broadcom from $500.00 to $510.00 and gave the company a “buy” rating in a research note on Friday, December 19th. Susquehanna reissued a “positive” rating and set a $450.00 price objective (up previously from $400.00) on shares of Broadcom in a report on Thursday, December 4th. Finally, Rosenblatt Securities upped their target price on shares of Broadcom from $400.00 to $440.00 and gave the company a “buy” rating in a report on Tuesday, December 9th. Two investment analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of “Buy” and an average target price of $433.13.
View Our Latest Analysis on AVGO
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About Broadcom
(Free Report)
Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.
On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.
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