Sycomore Asset Management Reduces Stake in Broadcom Inc. (NASDAQ:AVGO)

Sycomore Asset Management decreased its position in Broadcom Inc. (NASDAQ:AVGO) by 3.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 104,183 shares of the semiconductor manufacturer’s stock after selling 3,799 shares during the quarter. Broadcom makes up approximately 3.0% of Sycomore Asset Management’s portfolio, making the stock its 6th largest position. Sycomore Asset Management’s holdings in Broadcom were worth $24,154,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in AVGO. Soltis Investment Advisors LLC boosted its stake in shares of Broadcom by 9.6% in the 4th quarter. Soltis Investment Advisors LLC now owns 42,567 shares of the semiconductor manufacturer’s stock worth $9,869,000 after buying an additional 3,718 shares during the last quarter. Cornerstone Planning Group LLC lifted its holdings in Broadcom by 15.5% during the fourth quarter. Cornerstone Planning Group LLC now owns 1,193 shares of the semiconductor manufacturer’s stock worth $277,000 after acquiring an additional 160 shares during the period. Silicon Valley Capital Partners boosted its position in Broadcom by 4.8% in the fourth quarter. Silicon Valley Capital Partners now owns 65,333 shares of the semiconductor manufacturer’s stock worth $15,147,000 after purchasing an additional 2,982 shares during the last quarter. Opal Wealth Advisors LLC grew its stake in Broadcom by 6.8% in the 4th quarter. Opal Wealth Advisors LLC now owns 2,364 shares of the semiconductor manufacturer’s stock valued at $548,000 after purchasing an additional 151 shares during the period. Finally, Elevation Wealth Partners LLC increased its position in shares of Broadcom by 5.3% during the 4th quarter. Elevation Wealth Partners LLC now owns 1,095 shares of the semiconductor manufacturer’s stock valued at $254,000 after purchasing an additional 55 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on AVGO. Rosenblatt Securities restated a “buy” rating and set a $240.00 price target on shares of Broadcom in a research report on Wednesday, December 11th. Mizuho boosted their target price on shares of Broadcom from $245.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. 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 research note on Friday, December 13th. Truist Financial upped their price objective on Broadcom from $205.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Finally, Bank of America increased their price objective on Broadcom from $215.00 to $250.00 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 company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $225.04.

Insider Buying and Selling at Broadcom

In other news, Director Harry L. You sold 6,540 shares of Broadcom stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the completion of the sale, the director now directly owns 30,450 shares of the company’s stock, valued at approximately $7,308,000. The trade was a 17.68 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Kirsten M. Spears sold 12,570 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $229.62, for a total transaction of $2,886,323.40. Following the completion of the transaction, the chief financial officer now owns 325,443 shares of the company’s stock, valued at $74,728,221.66. This trade represents a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 191,278 shares of company stock worth $44,964,800 over the last three months. 2.00% of the stock is owned by insiders.

Broadcom Stock Up 0.6 %

Shares of NASDAQ:AVGO opened at $236.35 on Thursday. The company has a market cap of $1.11 trillion, a price-to-earnings ratio of 192.78, a PEG ratio of 2.42 and a beta of 1.02. Broadcom Inc. has a one year low of $119.76 and a one year high of $251.88. The firm has a fifty day moving average price of $222.47 and a two-hundred day moving average price of $185.75. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom (NASDAQ:AVGO) last posted 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 analyst estimates of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm’s quarterly revenue was up 51.2% on a year-over-year basis. During the same quarter last year, the company earned $0.98 earnings per share. Analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were paid a $0.59 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s dividend payout ratio (DPR) is currently 192.50%.

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.