Modera Wealth Management LLC Lowers Stock Position in Broadcom Inc. $AVGO

Modera Wealth Management LLC lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 6.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 368,823 shares of the semiconductor manufacturer’s stock after selling 25,403 shares during the period. Broadcom accounts for approximately 1.4% of Modera Wealth Management LLC’s holdings, making the stock its 16th biggest position. Modera Wealth Management LLC’s holdings in Broadcom were worth $121,678,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Longfellow Investment Management Co. LLC purchased a new stake in Broadcom in the second quarter worth about $27,000. Teachers Insurance & Annuity Association of America purchased a new position in shares of Broadcom during the second quarter valued at approximately $28,000. LGT Financial Advisors LLC bought a new stake in shares of Broadcom in the 2nd quarter worth approximately $31,000. New England Capital Financial Advisors LLC bought a new position in Broadcom during the 2nd quarter valued at approximately $31,000. Finally, JCIC Asset Management Inc. purchased a new position in Broadcom during the third quarter valued at $31,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Trading Down 0.8%

NASDAQ:AVGO opened at $330.73 on Friday. The company has a market cap of $1.57 trillion, a PE ratio of 69.48, a price-to-earnings-growth ratio of 1.10 and a beta of 1.21. The company has a current ratio of 1.71, a quick ratio of 1.58 and a debt-to-equity ratio of 0.76. The company has a 50 day simple moving average of $355.94 and a two-hundred day simple moving average of $336.85. Broadcom Inc. has a 12 month low of $138.10 and a 12 month high of $414.61.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The firm had revenue of $18.02 billion for the quarter, compared to the consensus estimate of $17.46 billion. During the same period last year, the business posted $1.42 EPS. The company’s revenue for the quarter was up 28.2% on a year-over-year basis. Research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd were paid a dividend of $0.65 per share. The ex-dividend date was Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. This is an increase from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio is presently 54.62%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on AVGO shares. JPMorgan Chase & Co. increased their target price on Broadcom from $400.00 to $475.00 and gave the stock an “overweight” rating in a research note on Friday, December 12th. TD Cowen reissued a “buy” rating on shares of Broadcom in a research report on Friday, December 12th. Evercore ISI raised their price objective on shares of Broadcom from $342.00 to $403.00 and gave the company an “outperform” rating in a research note on Wednesday, October 15th. Weiss Ratings reiterated a “buy (b)” rating on shares of Broadcom in a research note on Monday, December 29th. Finally, KeyCorp reiterated an “overweight” rating and set a $500.00 price target (up previously from $460.00) on shares of Broadcom in a report on Friday, December 12th. Two analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of “Buy” and an average target price of $438.61.

Insider Activity

In other Broadcom news, Director Harry L. You bought 1,000 shares of the business’s stock in a transaction that occurred on Thursday, December 18th. The stock was bought at an average cost of $325.13 per share, for a total transaction of $325,130.00. Following the completion of the transaction, the director owned 36,602 shares of the company’s stock, valued at $11,900,408.26. This represents a 2.81% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 70,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $347.30, for a total transaction of $24,311,000.00. Following the sale, the chief executive officer directly owned 132,836 shares of the company’s stock, valued at approximately $46,133,942.80. This represents a 34.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 779,901 shares of company stock worth $284,069,237. Company insiders own 2.00% of the company’s stock.

Broadcom Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.