6,570 Shares in Broadcom Inc. (NASDAQ:AVGO) Bought by Centerpoint Advisory Group

Centerpoint Advisory Group bought a new stake in Broadcom Inc. (NASDAQ:AVGO) in the fourth quarter, Holdings Channel reports. The institutional investor bought 6,570 shares of the semiconductor manufacturer’s stock, valued at approximately $1,523,000. Broadcom makes up about 1.5% of Centerpoint Advisory Group’s portfolio, making the stock its 21st biggest holding.

Several other hedge funds have also made changes to their positions in AVGO. AMF Tjanstepension AB lifted its position in Broadcom by 856.9% during the 3rd quarter. AMF Tjanstepension AB now owns 1,014,616 shares of the semiconductor manufacturer’s stock worth $175,101,000 after acquiring an additional 908,585 shares during the period. Alpha Financial Partners LLC acquired a new stake in shares of Broadcom during the third quarter worth $404,000. Wealth Group Ltd. lifted its holdings in shares of Broadcom by 900.0% during the third quarter. Wealth Group Ltd. now owns 1,760 shares of the semiconductor manufacturer’s stock worth $304,000 after purchasing an additional 1,584 shares during the period. Swedbank AB grew its position in Broadcom by 858.7% in the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock valued at $3,168,798,000 after buying an additional 16,453,718 shares during the last quarter. Finally, Howard Capital Management Group LLC increased its stake in Broadcom by 2,219.8% in the 3rd quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock valued at $524,000 after buying an additional 2,908 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Down 1.9 %

AVGO opened at $228.53 on Wednesday. The firm has a market cap of $1.07 trillion, a P/E ratio of 186.40, a PEG ratio of 2.42 and a beta of 1.02. The business’s fifty day simple moving average is $227.24 and its 200 day simple moving average is $188.12. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

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

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors 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 1.03%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. Broadcom’s payout ratio is presently 192.50%.

Insider Buying and Selling

In related news, Director Diane M. Bryant sold 15,000 shares of Broadcom stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $226.68, for a total value of $3,400,200.00. Following the transaction, the director now owns 6,460 shares in the company, valued at approximately $1,464,352.80. This trade represents a 69.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Harry L. You sold 6,540 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the sale, the director now owns 30,450 shares of the company’s stock, valued at approximately $7,308,000. This represents a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 191,278 shares of company stock valued at $44,964,800. Insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on AVGO. Benchmark reaffirmed a “buy” rating and issued a $255.00 target price (up previously from $210.00) on shares of Broadcom in a report on Friday, December 13th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $240.00 price objective on shares of Broadcom in a report on Wednesday, December 11th. JPMorgan Chase & Co. increased their target price on Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Piper Sandler lifted their price target on Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Finally, Citigroup increased their price objective on Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $225.04.

Broadcom Company 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.