Cutter & CO Brokerage Inc. Reduces Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Cutter & CO Brokerage Inc. lessened its position in Broadcom Inc. (NASDAQ:AVGO) by 1.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,829 shares of the semiconductor manufacturer’s stock after selling 32 shares during the quarter. Cutter & CO Brokerage Inc.’s holdings in Broadcom were worth $2,042,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in AVGO. Stanley Laman Group Ltd. purchased a new position in shares of Broadcom in the 3rd quarter worth approximately $1,110,000. Impact Partnership Wealth LLC grew its position in Broadcom by 151.8% during the 3rd quarter. Impact Partnership Wealth LLC now owns 141 shares of the semiconductor manufacturer’s stock worth $117,000 after purchasing an additional 85 shares during the last quarter. 1900 Wealth Management LLC grew its position in Broadcom by 120.3% during the 3rd quarter. 1900 Wealth Management LLC now owns 672 shares of the semiconductor manufacturer’s stock worth $558,000 after purchasing an additional 367 shares during the last quarter. Kozak & Associates Inc. grew its position in Broadcom by 4.8% during the 3rd quarter. Kozak & Associates Inc. now owns 306 shares of the semiconductor manufacturer’s stock worth $258,000 after purchasing an additional 14 shares during the last quarter. Finally, Avior Wealth Management LLC grew its position in Broadcom by 1.0% during the 3rd quarter. Avior Wealth Management LLC now owns 2,426 shares of the semiconductor manufacturer’s stock worth $2,015,000 after purchasing an additional 23 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other news, Director Eddy W. Hartenstein sold 3,150 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director now directly owns 4,643 shares in the company, valued at $5,991,048.62. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Eddy W. Hartenstein sold 3,150 shares of Broadcom stock in a transaction on 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 transaction, the director now directly owns 4,643 shares in the company, valued at approximately $5,991,048.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 2,000 shares of Broadcom stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the completion of the transaction, the chief executive officer now owns 168,096 shares in the company, valued at $220,583,976. The disclosure for this sale can be found here. Insiders have sold 29,920 shares of company stock worth $40,306,667 over the last three months. Insiders own 2.00% of the company’s stock.

Broadcom Stock Up 2.0 %

NASDAQ:AVGO traded up $24.73 during mid-day trading on Tuesday, hitting $1,249.19. The stock had a trading volume of 2,198,693 shares, compared to its average volume of 2,952,703. The stock has a 50-day simple moving average of $1,304.30 and a two-hundred day simple moving average of $1,125.79. The company has a market capitalization of $578.90 billion, a PE ratio of 46.21, a PEG ratio of 2.46 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. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05.

Broadcom (NASDAQ:AVGO) last issued its 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 firm’s revenue was up 34.2% compared to the same quarter last year. During the same quarter last year, the company earned $9.83 earnings per share. On average, equities research analysts anticipate that Broadcom Inc. will post 35.88 EPS for the current year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were paid a $5.25 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $21.00 annualized dividend and a yield of 1.68%. Broadcom’s dividend payout ratio is currently 77.84%.

Analyst Upgrades and Downgrades

Several brokerages have commented on AVGO. TD Cowen upgraded shares of Broadcom from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $1,400.00 to $1,500.00 in a research note on Thursday, March 21st. Mizuho lifted their price objective 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. Rosenblatt Securities restated a “buy” rating and set a $1,500.00 price objective on shares of Broadcom in a research note on Thursday, March 21st. JPMorgan Chase & Co. restated an “overweight” rating and set a $1,700.00 price objective on shares of Broadcom in a research note on Thursday, March 21st. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $1,325.00 target price on shares of Broadcom in a research note on Friday, January 19th. Three equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,285.41.

Broadcom 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.