Broadcom Inc. $AVGO Shares Sold by Destiny Wealth Partners LLC

Destiny Wealth Partners LLC cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 8.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 34,966 shares of the semiconductor manufacturer’s stock after selling 3,376 shares during the period. Broadcom makes up about 1.4% of Destiny Wealth Partners LLC’s portfolio, making the stock its 24th largest holding. Destiny Wealth Partners LLC’s holdings in Broadcom were worth $11,536,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of AVGO. Sawyer & Company Inc increased its position in shares of Broadcom by 62.1% in the second quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock valued at $26,000 after buying an additional 36 shares in the last quarter. Longfellow Investment Management Co. LLC acquired a new stake in Broadcom in the 2nd quarter valued at $27,000. Legend Financial Advisors Inc. purchased a new stake in Broadcom in the 2nd quarter worth $28,000. Teachers Insurance & Annuity Association of America purchased a new stake in Broadcom in the 2nd quarter worth $28,000. Finally, LGT Financial Advisors LLC acquired a new position in Broadcom during the second quarter worth $31,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on AVGO shares. Piper Sandler reiterated an “overweight” rating and issued a $430.00 target price (up previously from $375.00) on shares of Broadcom in a research report on Friday, December 12th. Mizuho lifted their price objective on Broadcom from $435.00 to $450.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Citigroup reiterated a “buy” rating and set a $480.00 price objective (up from $415.00) on shares of Broadcom in a research note on Friday, December 12th. Cowen restated a “buy” rating on shares of Broadcom in a research report on Friday, December 12th. Finally, Raymond James Financial set a $420.00 price target on Broadcom and gave the stock an “outperform” rating in a research report on Thursday, November 20th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $435.96.

Broadcom Stock Performance

Shares of Broadcom stock opened at $326.02 on Thursday. The business’s 50 day moving average price is $362.96 and its 200 day moving average price is $319.95. The company has a market cap of $1.54 trillion, a price-to-earnings ratio of 68.49, a PEG ratio of 1.15 and a beta of 1.19. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71. Broadcom Inc. has a one year low of $138.10 and a one year high of $414.61.

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

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd will be paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. This is a boost from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Monday, December 22nd. Broadcom’s payout ratio is presently 49.58%.

Insider Buying and Selling at Broadcom

In related news, Director Justine Page sold 800 shares of the stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $361.89, for a total value of $289,512.00. Following the completion of the transaction, the director directly owned 20,582 shares in the company, valued at approximately $7,448,419.98. This represents a 3.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 100,000 shares of Broadcom stock in a transaction on Tuesday, September 23rd. The shares were sold at an average price of $339.58, for a total value of $33,958,000.00. Following the completion of the sale, the chief executive officer owned 725,638 shares in the company, valued at $246,412,152.04. This represents a 12.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 791,513 shares of company stock worth $287,708,906 in the last ninety days. 2.00% of the stock is owned by insiders.

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.