Institute for Wealth Management LLC. Trims Position in Broadcom Inc. (NASDAQ:AVGO)

Institute for Wealth Management LLC. cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,501 shares of the semiconductor manufacturer’s stock after selling 32 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Broadcom were worth $2,791,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of AVGO. Cantor Fitzgerald Investment Advisor L.P raised its position in Broadcom by 94.4% during the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 75,090 shares of the semiconductor manufacturer’s stock worth $47,283,000 after buying an additional 36,458 shares during the last quarter. Fairfield Bush & CO. increased its holdings in shares of Broadcom by 2.6% during the 1st quarter. Fairfield Bush & CO. now owns 4,945 shares of the semiconductor manufacturer’s stock valued at $3,114,000 after purchasing an additional 123 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Broadcom by 20.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 509,603 shares of the semiconductor manufacturer’s stock valued at $320,887,000 after purchasing an additional 87,945 shares in the last quarter. Loomis Sayles & Co. L P increased its holdings in shares of Broadcom by 1.1% during the 1st quarter. Loomis Sayles & Co. L P now owns 40,357 shares of the semiconductor manufacturer’s stock valued at $25,412,000 after purchasing an additional 420 shares in the last quarter. Finally, Ergoteles LLC purchased a new position in shares of Broadcom during the 1st quarter valued at approximately $1,095,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Trading Down 3.9 %

Shares of AVGO stock traded down $49.65 on Friday, hitting $1,209.34. 2,739,180 shares of the stock traded hands, compared to its average volume of 2,942,930. The firm’s 50-day moving average price is $1,306.69 and its two-hundred day moving average price is $1,116.18. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. The stock has a market capitalization of $560.43 billion, a PE ratio of 45.98, a PEG ratio of 2.62 and a beta of 1.25. Broadcom Inc. has a twelve month low of $601.29 and a twelve month high of $1,438.17.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, beating the consensus estimate of $8.95 by $2.04. The firm had revenue of $11.96 billion for the quarter, compared to analysts’ expectations of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company’s revenue was up 34.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $9.83 EPS. As a group, analysts anticipate that Broadcom Inc. will post 35.88 EPS for the current year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were given a dividend of $5.25 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $21.00 annualized dividend and a dividend yield of 1.74%. Broadcom’s payout ratio is 77.84%.

Analyst Upgrades and Downgrades

AVGO has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $1,500.00 target price on shares of Broadcom in a report on Monday, April 8th. Evercore ISI assumed coverage on shares of Broadcom in a research note on Tuesday. They issued an “outperform” rating and a $1,620.00 price target on the stock. The Goldman Sachs Group reissued a “buy” rating and issued a $1,325.00 price target on shares of Broadcom in a research note on Friday, January 19th. UBS Group lifted their price target on shares of Broadcom to $1,480.00 and gave the company a “buy” rating in a research note on Monday, February 26th. Finally, Mizuho lifted their price target on shares of Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a research note on Thursday, March 7th. Three equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $1,285.41.

Insider Activity

In related news, Director Eddy W. Hartenstein sold 3,150 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the sale, the director now directly owns 4,643 shares in the company, valued at approximately $5,991,048.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Justine Page sold 110 shares of the business’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total value of $145,530.00. Following the sale, the director now directly owns 3,125 shares in the company, valued at approximately $4,134,375. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eddy W. Hartenstein sold 3,150 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the sale, the director now owns 4,643 shares in the company, valued at $5,991,048.62. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,920 shares of company stock valued at $40,306,667. 2.00% of the stock is currently owned by insiders.

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.