Quantum Private Wealth LLC Cuts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Quantum Private Wealth LLC cut its stake in Broadcom Inc. (NASDAQ:AVGO) by 10.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,152 shares of the semiconductor manufacturer’s stock after selling 459 shares during the quarter. Broadcom comprises about 1.9% of Quantum Private Wealth LLC’s holdings, making the stock its 7th biggest holding. Quantum Private Wealth LLC’s holdings in Broadcom were worth $4,635,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of AVGO. Cantor Fitzgerald Investment Advisor L.P raised its holdings in Broadcom by 94.4% in the first quarter. Cantor Fitzgerald Investment Advisor L.P now owns 75,090 shares of the semiconductor manufacturer’s stock worth $47,283,000 after purchasing an additional 36,458 shares in the last quarter. Fairfield Bush & CO. increased its stake in shares of Broadcom by 2.6% in the 1st quarter. Fairfield Bush & CO. now owns 4,945 shares of the semiconductor manufacturer’s stock worth $3,114,000 after acquiring an additional 123 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Broadcom by 20.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 509,603 shares of the semiconductor manufacturer’s stock valued at $320,887,000 after acquiring an additional 87,945 shares during the period. Loomis Sayles & Co. L P boosted its stake in Broadcom by 1.1% during the first quarter. Loomis Sayles & Co. L P now owns 40,357 shares of the semiconductor manufacturer’s stock worth $25,412,000 after acquiring an additional 420 shares in the last quarter. Finally, Ergoteles LLC purchased a new stake in Broadcom in the first quarter worth about $1,095,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on AVGO. Susquehanna boosted their price target on Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a research report on Wednesday, February 28th. TD Cowen upgraded Broadcom from a “market perform” rating to an “outperform” rating and raised their price target for the company from $1,400.00 to $1,500.00 in a report on Thursday, March 21st. Benchmark reaffirmed a “buy” rating and issued a $1,720.00 price target on shares of Broadcom in a research report on Thursday, March 21st. Cantor Fitzgerald increased their price objective on shares of Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a research report on Monday, March 4th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $1,325.00 target price on shares of Broadcom in a report on Friday, January 19th. Three investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and an average price target of $1,281.09.

Insider Buying and Selling

In related news, Director Eddy W. Hartenstein sold 3,150 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the transaction, the director now directly owns 4,643 shares of the company’s stock, valued at approximately $5,991,048.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Eddy W. Hartenstein sold 3,150 shares of the firm’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the transaction, the director now directly owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 2,000 shares of the business’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the completion of the sale, the chief executive officer now owns 168,096 shares in the company, valued at approximately $220,583,976. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,920 shares of company stock valued at $40,306,667. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO stock traded down $15.04 during mid-day trading on Wednesday, reaching $1,314.02. 494,933 shares of the company’s stock traded hands, compared to its average volume of 2,926,803. Broadcom Inc. has a 12 month low of $601.29 and a 12 month high of $1,438.17. The firm has a 50 day moving average price of $1,306.49 and a two-hundred day moving average price of $1,114.01. The firm has a market capitalization of $608.94 billion, a PE ratio of 48.99, a price-to-earnings-growth ratio of 2.67 and a beta of 1.25. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The business had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. During the same quarter in the prior year, the business posted $9.83 earnings per share. The business’s quarterly revenue was up 34.2% on a year-over-year basis. On average, research analysts forecast that Broadcom Inc. will post 35.95 EPS for the current year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were given a $5.25 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.60%. Broadcom’s payout ratio is currently 77.84%.

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.