Peddock Capital Advisors LLC Cuts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Peddock Capital Advisors LLC trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 10.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,115 shares of the semiconductor manufacturer’s stock after selling 126 shares during the period. Peddock Capital Advisors LLC’s holdings in Broadcom were worth $1,245,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Pathway Financial Advisors LLC increased its stake in shares of Broadcom by 11.1% in the fourth quarter. Pathway Financial Advisors LLC now owns 933 shares of the semiconductor manufacturer’s stock worth $1,041,000 after buying an additional 93 shares during the period. Todd Asset Management LLC grew its position in shares of Broadcom by 26.3% in the 4th quarter. Todd Asset Management LLC now owns 79,765 shares of the semiconductor manufacturer’s stock worth $89,038,000 after buying an additional 16,608 shares during the last quarter. Benjamin Edwards Inc. raised its holdings in shares of Broadcom by 3.0% during the fourth quarter. Benjamin Edwards Inc. now owns 3,141 shares of the semiconductor manufacturer’s stock valued at $3,506,000 after acquiring an additional 91 shares in the last quarter. Stegent Equity Advisors Inc. bought a new position in Broadcom in the 4th quarter worth $271,000. Finally, Intrust Bank NA lifted its position in shares of Broadcom by 1.7% in the 4th quarter. Intrust Bank NA now owns 6,070 shares of the semiconductor manufacturer’s stock worth $6,776,000 after purchasing an additional 99 shares during the period. Institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

AVGO has been the subject of several research analyst reports. JPMorgan Chase & Co. restated an “overweight” rating and issued a $1,700.00 price objective on shares of Broadcom in a report on Thursday, March 21st. The Goldman Sachs Group reissued a “buy” rating and set a $1,325.00 price objective on shares of Broadcom in a research report on Friday, January 19th. TD Cowen upgraded shares of Broadcom from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $1,400.00 to $1,500.00 in a report on Thursday, March 21st. Benchmark reiterated a “buy” rating and issued a $1,720.00 price target on shares of Broadcom in a research note on Thursday, March 21st. Finally, Susquehanna boosted their price objective on shares of Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a research note on Wednesday, February 28th. Three analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,285.41.

Broadcom Stock Performance

AVGO stock traded up $16.06 during trading on Wednesday, reaching $1,319.17. The stock had a trading volume of 832,296 shares, compared to its average volume of 2,848,804. The firm has a market cap of $611.33 billion, a PE ratio of 49.54, a PEG ratio of 2.60 and a beta of 1.25. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05. The stock’s 50 day moving average is $1,308.82 and its two-hundred day moving average is $1,157.75. Broadcom Inc. has a 52 week low of $615.86 and a 52 week high of $1,438.17.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company had revenue of $11.96 billion for the quarter, compared to the consensus estimate of $11.79 billion. During the same quarter last year, the firm posted $9.83 earnings per share. The firm’s revenue was up 34.2% compared to the same quarter last year. As a group, equities analysts anticipate that Broadcom Inc. will post 35.96 earnings per share for the current year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were issued 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 yield of 1.59%. Broadcom’s dividend payout ratio is currently 77.84%.

Insider Activity at Broadcom

In other Broadcom news, Director Kenneth Hao sold 9,160 shares of Broadcom stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the transaction, the director now owns 45 shares of the company’s stock, valued at $62,465.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Hock E. Tan sold 2,000 shares of the company’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the completion of the transaction, the chief executive officer now owns 168,096 shares in the company, valued at $220,583,976. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kenneth Hao sold 9,160 shares of the firm’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the transaction, the director now directly owns 45 shares of the company’s stock, valued at $62,465.85. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,920 shares of company stock worth $40,306,667. Corporate insiders own 2.00% of the company’s stock.

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.