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Destiny Wealth Partners LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 1,211.3% during the 4th quarter, Holdings Channel reports. The institutional investor owned 27,013 shares of the semiconductor manufacturer’s stock after acquiring an additional 24,953 shares during the quarter. Destiny Wealth Partners LLC’s holdings in Broadcom were worth $6,263,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Chicago Partners Investment Group LLC raised its position in Broadcom by 9.8% in the 4th quarter. Chicago Partners Investment Group LLC now owns 15,641 shares of the semiconductor manufacturer’s stock worth $3,587,000 after purchasing an additional 1,396 shares during the period. New Millennium Group LLC raised its position in Broadcom by 6.9% in the 4th quarter. New Millennium Group LLC now owns 39,338 shares of the semiconductor manufacturer’s stock worth $9,120,000 after purchasing an additional 2,525 shares during the period. Waldron Private Wealth LLC raised its position in Broadcom by 104.1% in the 4th quarter. Waldron Private Wealth LLC now owns 48,224 shares of the semiconductor manufacturer’s stock worth $11,180,000 after purchasing an additional 24,601 shares during the period. Everett Harris & Co. CA grew its stake in Broadcom by 26.2% in the 4th quarter. Everett Harris & Co. CA now owns 2,831 shares of the semiconductor manufacturer’s stock worth $656,000 after acquiring an additional 588 shares in the last quarter. Finally, Total Clarity Wealth Management Inc. grew its stake in Broadcom by 3.1% in the 4th quarter. Total Clarity Wealth Management Inc. now owns 1,771 shares of the semiconductor manufacturer’s stock worth $411,000 after acquiring an additional 53 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.
Broadcom Price Performance
Shares of AVGO opened at $217.73 on Tuesday. The company has a market cap of $1.02 trillion, a price-to-earnings ratio of 177.60, a price-to-earnings-growth ratio of 2.31 and a beta of 1.03. Broadcom Inc. has a twelve month low of $119.76 and a twelve month 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. The company has a 50 day moving average of $213.41 and a two-hundred day moving average of $182.20.
Broadcom (NASDAQ:AVGO – Get Free Report) last posted 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. The business had revenue of $14.05 billion during the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business’s quarterly revenue was up 51.2% on a year-over-year basis. During the same quarter last year, the company posted $0.98 earnings per share. As a group, analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.
Broadcom Increases Dividend
The business 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. The ex-dividend date was Monday, December 23rd. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.08%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 191.87%.
Insiders Place Their Bets
In other Broadcom news, Director Eddy W. Hartenstein sold 4,000 shares of the firm’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total value of $918,560.00. Following the completion of the transaction, the director now owns 46,400 shares of the company’s stock, valued at approximately $10,655,296. This trade represents a 7.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 20,168 shares of the firm’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $238.79, for a total transaction of $4,815,916.72. Following the transaction, the insider now directly owns 321,660 shares of the company’s stock, valued at approximately $76,809,191.40. This trade represents a 5.90 % decrease in their position. 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.
Analysts Set New Price Targets
A number of brokerages have commented on AVGO. Hsbc Global Res upgraded shares of Broadcom to a “hold” rating in a research note on Tuesday, December 3rd. Citigroup upped their target price on shares of Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Robert W. Baird upped their target price on shares of Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Morgan Stanley dropped their target price on shares of Broadcom from $265.00 to $246.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Finally, UBS Group upped their target price on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $225.04.
View Our Latest Stock Report on Broadcom
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.
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