Highland Capital Management LLC Has $27.79 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Highland Capital Management LLC lowered its stake in Broadcom Inc. (NASDAQ:AVGO) by 4.7% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 24,898 shares of the semiconductor manufacturer’s stock after selling 1,216 shares during the period. Broadcom accounts for approximately 1.7% of Highland Capital Management LLC’s holdings, making the stock its 7th biggest holding. Highland Capital Management LLC’s holdings in Broadcom were worth $27,792,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. BlackRock Inc. grew its position in shares of Broadcom by 6.2% during the 2nd quarter. BlackRock Inc. now owns 31,681,688 shares of the semiconductor manufacturer’s stock valued at $27,481,646,000 after buying an additional 1,836,795 shares during the last quarter. State Street Corp boosted its stake in Broadcom by 1.9% during the 2nd quarter. State Street Corp now owns 16,941,449 shares of the semiconductor manufacturer’s stock valued at $14,695,521,000 after purchasing an additional 309,326 shares during the period. Morgan Stanley boosted its stake in Broadcom by 12.5% during the 4th quarter. Morgan Stanley now owns 5,878,874 shares of the semiconductor manufacturer’s stock valued at $3,287,056,000 after purchasing an additional 651,014 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Broadcom by 11.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,682,635 shares of the semiconductor manufacturer’s stock valued at $2,948,563,000 after purchasing an additional 488,405 shares during the period. Finally, Northern Trust Corp boosted its stake in Broadcom by 2.1% during the 3rd quarter. Northern Trust Corp now owns 4,655,402 shares of the semiconductor manufacturer’s stock valued at $3,866,684,000 after purchasing an additional 93,615 shares during the period. Institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on AVGO. TD Cowen raised shares of Broadcom from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $1,400.00 to $1,500.00 in a research note on Thursday, March 21st. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $1,325.00 price target on shares of Broadcom in a research note on Friday, January 19th. Summit Insights raised shares of Broadcom from a “hold” rating to a “buy” rating in a research note on Friday, December 8th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $1,500.00 price target on shares of Broadcom in a research note on Thursday, March 21st. Finally, Truist Financial upped their price target on shares of Broadcom from $995.00 to $1,015.00 and gave the stock a “buy” rating in a research note on Friday, December 8th. Three research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,230.18.

Broadcom Price Performance

Shares of Broadcom stock opened at $1,318.73 on Thursday. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24. Broadcom Inc. has a fifty-two week low of $601.29 and a fifty-two week high of $1,438.17. The firm has a fifty day moving average price of $1,267.55 and a two-hundred day moving average price of $1,061.46. The company has a market cap of $611.13 billion, a PE ratio of 48.88, a price-to-earnings-growth ratio of 2.85 and a beta of 1.26.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. During the same quarter in the prior year, the company posted $9.83 EPS. The business’s revenue was up 34.2% on a year-over-year basis. Analysts expect that Broadcom Inc. will post 36.8 EPS for the current year.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Thursday, March 21st will be given a dividend of $5.25 per share. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date of this dividend is Wednesday, March 20th. Broadcom’s dividend payout ratio (DPR) is currently 77.84%.

Insider Buying and Selling

In related news, CFO Kirsten M. Spears sold 2,500 shares of the stock in a transaction dated Friday, January 5th. The shares were sold at an average price of $1,043.14, for a total transaction of $2,607,850.00. Following the completion of the sale, the chief financial officer now owns 26,880 shares in the company, valued at approximately $28,039,603.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Broadcom news, Director Kenneth Hao sold 9,160 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the sale, the director now owns 45 shares of the company’s stock, valued at approximately $62,465.85. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Kirsten M. Spears sold 2,500 shares of the stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $1,043.14, for a total transaction of $2,607,850.00. Following the sale, the chief financial officer now directly owns 26,880 shares in the company, valued at approximately $28,039,603.20. The disclosure for this sale can be found here. Insiders sold 19,810 shares of company stock worth $26,107,692 in the last quarter. 2.00% of the stock is owned by corporate insiders.

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.