Allworth Financial LP Grows Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Allworth Financial LP lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.8% in the 4th quarter, Holdings Channel reports. The fund owned 318,098 shares of the semiconductor manufacturer’s stock after buying an additional 2,531 shares during the quarter. Allworth Financial LP’s holdings in Broadcom were worth $76,633,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Castleview Partners LLC increased its stake in shares of Broadcom by 1,030.8% in the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 134 shares in the last quarter. Pin Oak Investment Advisors Inc. raised its holdings in Broadcom by 900.0% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 135 shares during the period. JDM Financial Group LLC lifted its position in shares of Broadcom by 1,323.1% during the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after acquiring an additional 172 shares in the last quarter. Retirement Wealth Solutions LLC bought a new position in shares of Broadcom in the fourth quarter worth $37,000. Finally, R Squared Ltd purchased a new position in shares of Broadcom in the fourth quarter valued at $39,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Down 1.9 %

Shares of NASDAQ AVGO opened at $228.53 on Wednesday. The company has a market cap of $1.07 trillion, a price-to-earnings ratio of 186.40, a PEG ratio of 2.42 and a beta of 1.02. 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 firm’s fifty day moving average is $227.24 and its 200 day moving average is $188.12. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share 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 during the quarter, compared to analyst estimates of $14.07 billion. During the same period in the prior year, the business posted $0.98 earnings per share. Broadcom’s revenue for the quarter was up 51.2% on a year-over-year basis. On average, equities research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend was Monday, December 23rd. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 192.50%.

Insider Buying and Selling

In other news, insider Charlie B. Kawwas sold 40,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $231.98, for a total value of $9,279,200.00. Following the completion of the sale, the insider now directly owns 696,730 shares of the company’s stock, valued at approximately $161,627,425.40. This trade represents a 5.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Harry L. You sold 6,540 shares of the business’s stock in a transaction dated 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 owns 30,450 shares in the company, valued at $7,308,000. This represents a 17.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock valued at $44,964,800 over the last quarter. 2.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on AVGO. UBS Group increased their price objective on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Robert W. Baird raised their price objective on shares of Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Jefferies Financial Group upped their target price on shares of Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Evercore ISI raised their price target on shares of Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Finally, Piper Sandler upped their price target on shares of Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $225.04.

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.