Wesbanco Bank Inc. Sells 22,087 Shares of Broadcom Inc. (NASDAQ:AVGO)

Wesbanco Bank Inc. lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 5.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 393,628 shares of the semiconductor manufacturer’s stock after selling 22,087 shares during the quarter. Broadcom accounts for 3.1% of Wesbanco Bank Inc.’s investment portfolio, making the stock its 4th largest holding. Wesbanco Bank Inc.’s holdings in Broadcom were worth $91,259,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Castleview Partners LLC boosted its position in shares of Broadcom by 1,030.8% during the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 134 shares in the last quarter. Pin Oak Investment Advisors Inc. lifted its stake in shares of Broadcom by 900.0% in the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 135 shares during the period. JDM Financial Group LLC boosted its holdings in Broadcom by 1,323.1% during the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after buying an additional 172 shares in the last quarter. Retirement Wealth Solutions LLC acquired a new position in Broadcom during the fourth quarter worth about $37,000. Finally, Tsfg LLC increased its holdings in Broadcom by 1,073.7% in the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock valued at $38,000 after buying an additional 204 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Up 1.8 %

Broadcom stock opened at $244.70 on Friday. The firm has a market capitalization of $1.15 trillion, a P/E ratio of 199.59, a P/E/G ratio of 2.52 and a beta of 1.03. The company has a 50-day simple moving average of $207.20 and a 200-day simple moving average of $180.10. Broadcom Inc. has a one year low of $117.43 and a one year high of $251.88. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom (NASDAQ:AVGO) last posted its earnings results 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 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%. Broadcom’s quarterly revenue was up 51.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.98 EPS. As a group, equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently declared 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 boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. This represents a $2.36 annualized dividend and a dividend yield of 0.96%. Broadcom’s dividend payout ratio is presently 192.50%.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Truist Financial lifted their price objective on Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Susquehanna increased their price objective on Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a research note on Friday, December 13th. Cantor Fitzgerald lifted their price objective on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Rosenblatt Securities reiterated a “buy” rating and set a $240.00 price target on shares of Broadcom in a report on Wednesday, December 11th. Finally, Morgan Stanley upped their price objective on shares of Broadcom from $233.00 to $265.00 and gave the company an “overweight” rating in a research note on Friday, December 20th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $225.83.

Insider Transactions at Broadcom

In related news, Director Eddy W. Hartenstein sold 4,000 shares of the stock in a transaction dated 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 in the company, valued at $10,655,296. This represents a 7.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 40,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the transaction, the insider now directly owns 696,730 shares in the company, valued at approximately $161,627,425.40. The trade was a 5.43 % 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. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Company 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.