Motco Trims Position in Broadcom Inc. $AVGO

Motco trimmed its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 123,924 shares of the semiconductor manufacturer’s stock after selling 1,926 shares during the quarter. Broadcom makes up 3.9% of Motco’s investment portfolio, making the stock its largest position. Motco’s holdings in Broadcom were worth $42,890,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of AVGO. Providence First Trust Co increased its position in Broadcom by 1,099.3% during the 3rd quarter. Providence First Trust Co now owns 8,923 shares of the semiconductor manufacturer’s stock valued at $2,944,000 after purchasing an additional 8,179 shares during the period. Whittier Trust Co. of Nevada Inc. grew its holdings in Broadcom by 3.4% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 323,587 shares of the semiconductor manufacturer’s stock worth $109,492,000 after purchasing an additional 10,786 shares during the period. Brown Brothers Harriman & Co. grew its stake in shares of Broadcom by 10.7% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 77,411 shares of the semiconductor manufacturer’s stock worth $25,539,000 after buying an additional 7,499 shares during the last quarter. Dana Investment Advisors Inc. increased its holdings in shares of Broadcom by 2.6% during the third quarter. Dana Investment Advisors Inc. now owns 173,759 shares of the semiconductor manufacturer’s stock valued at $57,325,000 after acquiring an additional 4,442 shares in the last quarter. Finally, Guinness Atkinson Asset Management Inc increased its stake in Broadcom by 248.2% during the 3rd quarter. Guinness Atkinson Asset Management Inc now owns 26,238 shares of the semiconductor manufacturer’s stock valued at $8,603,000 after purchasing an additional 18,703 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on AVGO shares. Mizuho reaffirmed an “outperform” rating and set a $480.00 price target on shares of Broadcom in a report on Thursday, April 16th. UBS Group reiterated a “buy” rating and set a $490.00 target price (up from $475.00) on shares of Broadcom in a research report on Monday, May 18th. Royal Bank Of Canada decreased their price objective on shares of Broadcom from $370.00 to $340.00 and set a “sector perform” rating on the stock in a research report on Monday, March 2nd. Morgan Stanley upped their target price on shares of Broadcom from $462.00 to $470.00 and gave the stock an “overweight” rating in a research report on Friday, March 6th. Finally, Truist Financial increased their target price on Broadcom from $510.00 to $545.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $448.10.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 50,488 shares of the company’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total transaction of $16,236,940.80. Following the completion of the sale, the insider owned 278,141 shares in the company, valued at $89,450,145.60. This represents a 15.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 39,116 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $321.61, for a total value of $12,580,096.76. Following the sale, the insider directly owned 74,626 shares in the company, valued at approximately $24,000,467.86. The trade was a 34.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 324,282 shares of company stock worth $106,425,249. 1.90% of the stock is currently owned by corporate insiders.

Broadcom Stock Performance

NASDAQ AVGO opened at $414.14 on Tuesday. The stock has a market cap of $1.96 trillion, a PE ratio of 80.89, a PEG ratio of 0.86 and a beta of 1.43. The company’s 50-day moving average price is $374.86 and its 200-day moving average price is $356.49. Broadcom Inc. has a 12 month low of $226.18 and a 12 month high of $442.36. The company has a current ratio of 1.90, a quick ratio of 1.73 and a debt-to-equity ratio of 0.80.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.02. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The firm had revenue of $19.31 billion during the quarter, compared to the consensus estimate of $19.10 billion. During the same quarter in the previous year, the firm posted $1.60 earnings per share. The company’s revenue was up 29.5% on a year-over-year basis. Equities research analysts forecast that Broadcom Inc. will post 9.91 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 23rd were issued a $0.65 dividend. The ex-dividend date was Monday, March 23rd. This represents a $2.60 annualized dividend and a dividend yield of 0.6%. Broadcom’s payout ratio is currently 50.78%.

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.