Eagle Bay Advisors LLC Lowers Stake in Broadcom Inc. (NASDAQ:AVGO)

Eagle Bay Advisors LLC cut its stake in Broadcom Inc. (NASDAQ:AVGO) by 11.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 2,293 shares of the semiconductor manufacturer’s stock after selling 288 shares during the quarter. Eagle Bay Advisors LLC’s holdings in Broadcom were worth $532,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. NCP Inc. lifted its stake in Broadcom by 615.4% in the 2nd quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock valued at $747,000 after buying an additional 400 shares in the last quarter. William Blair Investment Management LLC purchased a new position in Broadcom in the 2nd quarter worth approximately $27,647,000. Inspire Advisors LLC purchased a new position in Broadcom in the 2nd quarter worth approximately $211,000. Diversify Wealth Management LLC purchased a new position in Broadcom in the 2nd quarter worth approximately $39,213,000. Finally, WINTON GROUP Ltd lifted its stake in Broadcom by 5,483.6% in the 2nd quarter. WINTON GROUP Ltd now owns 11,949 shares of the semiconductor manufacturer’s stock worth $19,184,000 after purchasing an additional 11,735 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Performance

AVGO traded up $0.56 on Monday, reaching $224.87. The company had a trading volume of 10,313,853 shares, compared to its average volume of 24,108,297. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $1.05 trillion, a PE ratio of 195.37, a P/E/G ratio of 2.15 and a beta of 1.03. Broadcom Inc. has a 1 year low of $109.02 and a 1 year high of $251.88. The stock has a 50-day moving average price of $196.90 and a 200-day moving average price of $175.71.

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

Broadcom Increases Dividend

The company also recently declared 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 1.05%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. Broadcom’s payout ratio is 191.87%.

Insider Transactions at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 20,168 shares of the company’s stock in a transaction dated Tuesday, December 24th. The shares were 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 in the company, valued at approximately $76,809,191.40. This represents a 5.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Harry L. You sold 6,540 shares of the company’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the transaction, the director now owns 30,450 shares in the company, valued at $7,308,000. The trade was a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 191,278 shares of company stock worth $44,964,800 over the last ninety days. 2.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

AVGO has been the topic of a number of research reports. Susquehanna raised their target price on shares of Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a research note on Friday, December 13th. TD Cowen raised their price target on shares of Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Robert W. Baird lifted their target price on shares of Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Finally, Citigroup lifted their target price on shares of Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average price target of $223.54.

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.