Insight Wealth Strategies LLC Cuts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Insight Wealth Strategies LLC cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 14.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,427 shares of the semiconductor manufacturer’s stock after selling 4,248 shares during the period. Insight Wealth Strategies LLC’s holdings in Broadcom were worth $5,895,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. NCP Inc. grew its position in Broadcom by 615.4% in the 2nd quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock worth $747,000 after purchasing an additional 400 shares in the last quarter. Strategic Financial Concepts LLC boosted its stake in shares of Broadcom by 80,715.3% in the 2nd quarter. Strategic Financial Concepts LLC now owns 206,079 shares of the semiconductor manufacturer’s stock worth $3,309,000 after buying an additional 205,824 shares during the last quarter. MainStreet Investment Advisors LLC bought a new position in shares of Broadcom in the second quarter valued at approximately $7,042,000. Otter Creek Advisors LLC increased its position in shares of Broadcom by 16.2% during the second quarter. Otter Creek Advisors LLC now owns 4,080 shares of the semiconductor manufacturer’s stock valued at $6,551,000 after acquiring an additional 570 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in Broadcom by 168.8% during the second quarter. Acadian Asset Management LLC now owns 33,044 shares of the semiconductor manufacturer’s stock worth $53,046,000 after acquiring an additional 20,753 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Trading Up 0.8 %

NASDAQ:AVGO traded up $1.90 during trading hours on Monday, reaching $234.45. The company’s stock had a trading volume of 21,153,471 shares, compared to its average volume of 25,768,035. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The firm has a market capitalization of $1.10 trillion, a price-to-earnings ratio of 203.69, a PEG ratio of 2.15 and a beta of 1.03. The firm has a 50-day simple moving average of $191.27 and a 200-day simple moving average of $173.87. Broadcom Inc. has a 1 year low of $105.20 and a 1 year high of $251.88.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping the consensus estimate of $1.39 by $0.03. The firm had revenue of $14.05 billion for the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s quarterly revenue was up 51.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.98 earnings per share. Research analysts expect that Broadcom Inc. will post 3.79 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were paid a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date of this dividend was Monday, December 23rd. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is 191.87%.

Insider Transactions at Broadcom

In related news, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the sale, the insider now directly owns 737,330 shares of the company’s stock, valued at $133,781,155.20. This trade represents a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Diane M. Bryant sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $226.68, for a total value of $3,400,200.00. Following the transaction, the director now directly owns 6,460 shares of the company’s stock, valued at $1,464,352.80. The trade was a 69.90 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 134,128 shares of company stock worth $29,820,640. Insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on AVGO shares. Benchmark reaffirmed a “buy” rating and set a $255.00 target price (up from $210.00) on shares of Broadcom in a research report on Friday, December 13th. JPMorgan Chase & Co. raised their price objective on shares of Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Susquehanna boosted their target price on shares of Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a research note on Friday, December 13th. Truist Financial raised their price target on shares of Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Finally, TD Cowen increased their price objective on Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a report on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus price target of $221.88.

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.