Naples Global Advisors LLC Has $30.47 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Naples Global Advisors LLC cut its position in Broadcom Inc. (NASDAQ:AVGO) by 3.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 131,444 shares of the semiconductor manufacturer’s stock after selling 4,249 shares during the quarter. Broadcom comprises about 2.9% of Naples Global Advisors LLC’s holdings, making the stock its 2nd largest position. Naples Global Advisors LLC’s holdings in Broadcom were worth $30,474,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in AVGO. Van ECK Associates Corp increased its holdings in Broadcom by 4.0% in the 4th quarter. Van ECK Associates Corp now owns 13,211,165 shares of the semiconductor manufacturer’s stock worth $3,062,876,000 after acquiring an additional 509,665 shares during the last quarter. Values First Advisors Inc. purchased a new position in shares of Broadcom in the fourth quarter worth about $473,000. Avion Wealth raised its position in shares of Broadcom by 9.4% in the fourth quarter. Avion Wealth now owns 1,484 shares of the semiconductor manufacturer’s stock valued at $344,000 after purchasing an additional 128 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of Broadcom by 50.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,372,824 shares of the semiconductor manufacturer’s stock valued at $550,438,000 after buying an additional 795,598 shares in the last quarter. Finally, Davidson Capital Management Inc. boosted its holdings in Broadcom by 3.6% in the 4th quarter. Davidson Capital Management Inc. now owns 20,223 shares of the semiconductor manufacturer’s stock worth $4,689,000 after buying an additional 711 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on AVGO shares. TD Cowen boosted their target price on shares of Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a report on Friday, December 13th. Mizuho increased their price objective on Broadcom from $245.00 to $260.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Evercore ISI lifted their target price on Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Bank of America increased their price target on shares of Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a research note 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 stock presently has an average rating of “Moderate Buy” and an average target price of $225.04.

Insider Transactions at Broadcom

In other news, insider Charlie B. Kawwas sold 40,000 shares of the 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 completion of the sale, the insider now directly owns 696,730 shares in the company, valued at approximately $161,627,425.40. This represents a 5.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Diane M. Bryant sold 15,000 shares of the business’s stock in a transaction dated 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 owns 6,460 shares in the company, valued at approximately $1,464,352.80. This represents a 69.90 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 191,278 shares of company stock worth $44,964,800. Insiders own 2.00% of the company’s stock.

Broadcom Price Performance

AVGO stock opened at $233.04 on Friday. The firm has a market cap of $1.09 trillion, a P/E ratio of 190.08, a P/E/G ratio of 2.42 and a beta of 1.02. The firm’s fifty day moving average is $226.16 and its 200 day moving average is $187.02. Broadcom Inc. has a 52 week low of $119.76 and a 52 week 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 announced its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. The firm had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company’s revenue for the quarter was up 51.2% compared to the same quarter last year. During the same period last year, the firm earned $0.98 earnings per share. Research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current 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 192.50%.

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.