Smart Portfolios LLC Has $2.25 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Smart Portfolios LLC cut its stake in Broadcom Inc. (NASDAQ:AVGO) by 5.7% in the fourth quarter, HoldingsChannel reports. The fund owned 9,712 shares of the semiconductor manufacturer’s stock after selling 588 shares during the period. Broadcom accounts for 2.4% of Smart Portfolios LLC’s holdings, making the stock its 7th largest position. Smart Portfolios LLC’s holdings in Broadcom were worth $2,252,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of AVGO. State Street Corp grew its holdings in Broadcom by 948.5% during the third quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock valued at $31,814,902,000 after purchasing an additional 166,844,263 shares during the period. Geode Capital Management LLC lifted its position in shares of Broadcom by 976.6% in the third quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock worth $17,055,760,000 after purchasing an additional 89,975,941 shares in the last quarter. FMR LLC lifted its position in shares of Broadcom by 1,121.3% in the third quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock worth $15,594,088,000 after purchasing an additional 82,998,328 shares in the last quarter. Jennison Associates LLC lifted its position in shares of Broadcom by 842.4% in the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock worth $6,209,758,000 after purchasing an additional 32,178,542 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Broadcom by 975.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock worth $5,833,894,000 after acquiring an additional 30,674,902 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Insider Buying and Selling at Broadcom

In related news, CEO Hock E. Tan sold 45,000 shares of Broadcom stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $239.96, for a total value of $10,798,200.00. Following the completion of the sale, the chief executive officer now directly owns 842,836 shares in the company, valued at approximately $202,246,926.56. This trade represents a 5.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Diane M. Bryant sold 15,000 shares of Broadcom stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $226.68, for a total value of $3,400,200.00. Following the completion of the sale, the director now owns 6,460 shares of the company’s stock, valued at $1,464,352.80. The trade was a 69.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 191,278 shares of company stock valued at $44,964,800. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Up 3.1 %

Shares of NASDAQ AVGO opened at $190.09 on Wednesday. The business has a 50-day moving average of $220.42 and a 200-day moving average of $193.44. The firm has a market capitalization of $893.79 billion, a price-to-earnings ratio of 155.05, a PEG ratio of 2.29 and a beta of 1.01. Broadcom Inc. has a 12 month low of $119.76 and a 12 month high of $251.88. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. During the same quarter in the previous year, the company posted $0.98 EPS. Broadcom’s quarterly revenue was up 51.2% compared to the same quarter last year. Sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.24%. The ex-dividend date of this dividend is Thursday, March 20th. Broadcom’s payout ratio is 113.46%.

Wall Street Analysts Forecast Growth

AVGO has been the topic of several analyst reports. Morgan Stanley upped their price target on shares of Broadcom from $246.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, March 7th. William Blair reissued an “outperform” rating on shares of Broadcom in a report on Friday, March 7th. Barclays raised their price objective on shares of Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Evercore ISI raised their price objective on shares of Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.