Hager Investment Management Services LLC Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Hager Investment Management Services LLC bought a new position in Broadcom Inc. (NASDAQ:AVGO) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 42,571 shares of the semiconductor manufacturer’s stock, valued at approximately $9,870,000. Broadcom makes up approximately 6.2% of Hager Investment Management Services LLC’s investment portfolio, making the stock its 2nd biggest holding.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Stratos Investment Management LLC grew its holdings in shares of Broadcom by 44.1% during the fourth quarter. Stratos Investment Management LLC now owns 85,308 shares of the semiconductor manufacturer’s stock worth $19,778,000 after purchasing an additional 26,087 shares in the last quarter. Sargent Investment Group LLC lifted its position in Broadcom by 82.9% during the fourth quarter. Sargent Investment Group LLC now owns 7,279 shares of the semiconductor manufacturer’s stock valued at $1,640,000 after purchasing an additional 3,299 shares during the last quarter. Old North State Wealth Management LLC grew its stake in Broadcom by 13.3% in the 4th quarter. Old North State Wealth Management LLC now owns 1,458 shares of the semiconductor manufacturer’s stock worth $339,000 after buying an additional 171 shares in the last quarter. Guidance Capital Inc. bought a new position in shares of Broadcom in the 4th quarter worth $265,000. Finally, Cassia Capital Partners LLC purchased a new stake in shares of Broadcom during the 4th quarter valued at $908,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

AVGO has been the topic of a number of research analyst reports. Bank of America increased their target price on Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, December 13th. JPMorgan Chase & Co. boosted their target price on Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Rosenblatt Securities reiterated a “buy” rating and set a $240.00 price target on shares of Broadcom in a research report on Wednesday, December 11th. Truist Financial boosted their price objective on shares of Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Finally, Citigroup increased their target price on shares of Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and an average price target of $225.04.

Broadcom Stock Down 2.8 %

AVGO stock opened at $224.87 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The business has a 50 day moving average of $218.50 and a 200 day moving average of $183.74. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88. The firm has a market cap of $1.05 trillion, a PE ratio of 183.42, a price-to-earnings-growth ratio of 2.31 and a beta of 1.02.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. During the same quarter in the previous year, the business posted $0.98 EPS. Broadcom’s revenue was up 51.2% compared to the same quarter last year. On average, research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed 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 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s payout ratio is presently 191.87%.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 20,168 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $238.79, for a total transaction of $4,815,916.72. Following the sale, the insider now owns 321,660 shares of the company’s stock, valued at $76,809,191.40. This trade represents a 5.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Harry L. You sold 6,540 shares of the business’s stock in a transaction that occurred on 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 transaction, the director now directly owns 30,450 shares of the company’s stock, valued at $7,308,000. The trade was a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 191,278 shares of company stock valued at $44,964,800. 2.00% of the stock is owned by corporate 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.