Canvas Wealth Advisors LLC Boosts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Canvas Wealth Advisors LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,165 shares of the semiconductor manufacturer’s stock after buying an additional 74 shares during the quarter. Canvas Wealth Advisors LLC’s holdings in Broadcom were worth $1,893,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. RAM Investment Partners LLC raised its holdings in Broadcom by 7.7% in the fourth quarter. RAM Investment Partners LLC now owns 5,293 shares of the semiconductor manufacturer’s stock valued at $1,227,000 after acquiring an additional 379 shares in the last quarter. Angeles Wealth Management LLC increased its position in shares of Broadcom by 21.3% in the 4th quarter. Angeles Wealth Management LLC now owns 15,264 shares of the semiconductor manufacturer’s stock worth $3,539,000 after purchasing an additional 2,678 shares during the last quarter. Activest Wealth Management raised its stake in shares of Broadcom by 22.5% in the 4th quarter. Activest Wealth Management now owns 1,036 shares of the semiconductor manufacturer’s stock valued at $240,000 after purchasing an additional 190 shares in the last quarter. Legacy Financial Strategies LLC raised its stake in shares of Broadcom by 19.5% in the 4th quarter. Legacy Financial Strategies LLC now owns 1,635 shares of the semiconductor manufacturer’s stock valued at $379,000 after purchasing an additional 267 shares in the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA grew its stake in Broadcom by 4.2% in the fourth quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 21,880 shares of the semiconductor manufacturer’s stock worth $5,073,000 after purchasing an additional 884 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

AVGO has been the topic of several research reports. TD Cowen upped their price objective on Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Rosenblatt Securities restated a “buy” rating and set a $240.00 price objective on shares of Broadcom in a research note on Wednesday, December 11th. Barclays boosted their target price on shares of Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Piper Sandler raised their price target on shares of Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Finally, Truist Financial boosted their price objective on shares of Broadcom from $205.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $225.04.

Insider Activity

In other news, Director Eddy W. Hartenstein sold 4,000 shares of the firm’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the completion of the sale, the director now directly owns 46,400 shares of the company’s stock, valued at $10,655,296. This trade represents a 7.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 20,168 shares of the business’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $238.79, for a total value of $4,815,916.72. Following the sale, the insider now directly owns 321,660 shares in the company, valued at $76,809,191.40. This trade represents a 5.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 191,278 shares of company stock worth $44,964,800. Corporate insiders own 2.00% of the company’s stock.

Broadcom Trading Up 0.6 %

Broadcom stock opened at $236.35 on Thursday. Broadcom Inc. has a 12-month low of $119.76 and a 12-month high of $251.88. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The stock has a market capitalization of $1.11 trillion, a PE ratio of 192.78, a price-to-earnings-growth ratio of 2.42 and a beta of 1.02. The firm has a 50 day simple moving average of $222.47 and a 200-day simple moving average of $185.75.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.03. The company had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm’s revenue for the quarter was up 51.2% on a year-over-year basis. During the same period last year, the firm earned $0.98 EPS. As a group, equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.00%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s dividend payout ratio is presently 192.50%.

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.