Innova Wealth Partners Lowers Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Innova Wealth Partners trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 90.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,185 shares of the semiconductor manufacturer’s stock after selling 11,260 shares during the period. Innova Wealth Partners’ holdings in Broadcom were worth $275,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of AVGO. NCP Inc. lifted its holdings in Broadcom by 615.4% in the second quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock valued at $747,000 after acquiring an additional 400 shares during the period. LGT Fund Management Co Ltd. grew its stake in shares of Broadcom by 172.1% during the 2nd quarter. LGT Fund Management Co Ltd. now owns 8,313 shares of the semiconductor manufacturer’s stock worth $13,347,000 after purchasing an additional 5,258 shares during the period. Global X Japan Co. Ltd. increased its holdings in shares of Broadcom by 23.5% in the 2nd quarter. Global X Japan Co. Ltd. now owns 26,731 shares of the semiconductor manufacturer’s stock valued at $42,917,000 after purchasing an additional 5,093 shares in the last quarter. Royal London Asset Management Ltd. lifted its stake in shares of Broadcom by 3.7% in the second quarter. Royal London Asset Management Ltd. now owns 395,603 shares of the semiconductor manufacturer’s stock valued at $635,152,000 after purchasing an additional 14,167 shares during the period. Finally, Bright Futures Wealth Management LLC. boosted its holdings in Broadcom by 991.2% during the second quarter. Bright Futures Wealth Management LLC. now owns 16,739 shares of the semiconductor manufacturer’s stock worth $26,875,000 after buying an additional 15,205 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Broadcom

In related news, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the completion of the sale, the insider now directly owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. This trade represents a 2.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 20,168 shares of the business’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 completion of the transaction, the insider now owns 321,660 shares in the company, valued at $76,809,191.40. This represents a 5.90 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 155,228 shares of company stock worth $35,643,408. 2.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on AVGO. Hsbc Global Res raised shares of Broadcom to a “hold” rating in a report on Tuesday, December 3rd. TD Cowen raised their price objective on Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research note 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. Mizuho upped their target price on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Finally, Bank of America raised their price target on Broadcom from $215.00 to $250.00 and gave the company a “buy” 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 issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $221.88.

Broadcom Trading Down 3.3 %

NASDAQ AVGO opened at $228.64 on Wednesday. The company has a 50-day moving average of $193.55 and a 200-day moving average of $174.58. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a 12 month low of $105.20 and a 12 month high of $251.88. The company has a market cap of $1.07 trillion, a P/E ratio of 198.64, a P/E/G ratio of 2.15 and a beta of 1.03.

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

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were paid a $0.59 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a dividend yield of 1.03%. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s payout ratio is currently 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.