Horizon Investment Services LLC Cuts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Horizon Investment Services LLC lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,938 shares of the semiconductor manufacturer’s stock after selling 187 shares during the quarter. Broadcom accounts for approximately 3.6% of Horizon Investment Services LLC’s portfolio, making the stock its 6th largest position. Horizon Investment Services LLC’s holdings in Broadcom were worth $8,564,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Howard Capital Management Group LLC raised its stake in shares of Broadcom by 2,219.8% in the third quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock worth $524,000 after purchasing an additional 2,908 shares during the last quarter. Principal Financial Group Inc. raised its position in Broadcom by 1,019.4% in the 3rd quarter. Principal Financial Group Inc. now owns 7,182,409 shares of the semiconductor manufacturer’s stock valued at $1,238,966,000 after buying an additional 6,540,800 shares during the last quarter. Quest Partners LLC lifted its stake in Broadcom by 3,295.8% during the 3rd quarter. Quest Partners LLC now owns 815 shares of the semiconductor manufacturer’s stock valued at $141,000 after acquiring an additional 791 shares in the last quarter. Insight Wealth Partners LLC boosted its holdings in Broadcom by 898.5% during the 3rd quarter. Insight Wealth Partners LLC now owns 7,259 shares of the semiconductor manufacturer’s stock worth $1,252,000 after acquiring an additional 6,532 shares during the last quarter. Finally, Freedom Investment Management Inc. bought a new stake in shares of Broadcom in the 3rd quarter worth $1,577,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 30,000 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This trade represents a 5.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Eddy W. Hartenstein sold 4,000 shares of the company’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total transaction of $918,560.00. Following the completion of the transaction, the director now owns 46,400 shares of the company’s stock, valued at $10,655,296. This trade represents a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 785,976 shares of company stock valued at $147,912,102 in the last 90 days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Down 1.7 %

AVGO opened at $169.12 on Friday. 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 Inc. has a one year low of $119.76 and a one year high of $251.88. The firm has a market capitalization of $795.19 billion, a P/E ratio of 137.95, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. The company has a fifty day moving average price of $209.48 and a 200-day moving average price of $195.91.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 20th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $2.36 dividend on an annualized basis and a yield of 1.40%. Broadcom’s dividend payout ratio is currently 113.46%.

Analysts Set New Price Targets

AVGO has been the topic of several analyst reports. William Blair restated an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Jefferies Financial Group upped their target price on Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a report on Friday, December 13th. Citigroup increased their price target on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Barclays upped their price objective on Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $231.48.

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.