Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Parker Financial LLC

Parker Financial LLC reduced its holdings in Broadcom Inc. (NASDAQ:AVGO) by 4.7% in the 4th quarter, Holdings Channel reports. The institutional investor owned 1,806 shares of the semiconductor manufacturer’s stock after selling 90 shares during the quarter. Broadcom accounts for about 0.2% of Parker Financial LLC’s investment portfolio, making the stock its 29th biggest holding. Parker Financial LLC’s holdings in Broadcom were worth $419,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Pin Oak Investment Advisors Inc. lifted its holdings in shares of Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 135 shares during the period. Retirement Wealth Solutions LLC acquired a new position in Broadcom during the fourth quarter worth $37,000. R Squared Ltd acquired a new position in Broadcom during the fourth quarter worth $39,000. JDM Financial Group LLC raised its holdings in 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 purchasing an additional 172 shares during the last quarter. Finally, Asset Planning Inc acquired a new position in Broadcom during the fourth quarter worth $46,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AVGO. Citigroup lifted their price objective on Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. UBS Group lifted 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. Piper Sandler lifted their price objective on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Truist Financial lifted their price objective on Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Finally, Robert W. Baird raised their price target on Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $225.04.

Insider Activity at Broadcom

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, insider Mark David Brazeal sold 20,168 shares of the business’s stock in a transaction dated 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 transaction, the insider now owns 321,660 shares in the company, valued at approximately $76,809,191.40. This represents a 5.90 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 191,278 shares of company stock worth $44,964,800. 2.00% of the stock is owned by insiders.

Broadcom Price Performance

Shares of Broadcom stock opened at $218.61 on Friday. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88. The stock has a market capitalization of $1.02 trillion, a P/E ratio of 178.32, a PEG ratio of 2.39 and a beta of 1.02. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The business’s fifty day moving average price is $230.09 and its 200 day moving average price is $189.79.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $14.07 billion. During the same quarter last year, the firm earned $0.98 earnings per share. The firm’s revenue for the quarter was up 51.2% compared to the same quarter last year. As a group, research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The company 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. The ex-dividend date was Monday, December 23rd. This represents a $2.36 dividend on an annualized basis and a yield of 1.08%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is presently 191.87%.

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.