Broadcom Inc. $AVGO Shares Sold by Cooper Financial Group

Cooper Financial Group decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.8% during the third quarter, HoldingsChannel reports. The institutional investor owned 54,814 shares of the semiconductor manufacturer’s stock after selling 1,557 shares during the period. Broadcom accounts for about 2.0% of Cooper Financial Group’s holdings, making the stock its 11th biggest holding. Cooper Financial Group’s holdings in Broadcom were worth $18,084,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AVGO. Sawyer & Company Inc grew 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 purchasing an additional 36 shares during the period. Longfellow Investment Management Co. LLC purchased a new position in Broadcom in the 2nd quarter valued at about $27,000. Legend Financial Advisors Inc. acquired a new stake in Broadcom in the 2nd quarter worth about $28,000. Teachers Insurance & Annuity Association of America purchased a new stake in Broadcom during the 2nd quarter worth approximately $28,000. Finally, LGT Financial Advisors LLC purchased a new stake in Broadcom during the 2nd quarter worth approximately $31,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on AVGO. Barclays reaffirmed an “overweight” rating and issued a $500.00 price target (up from $450.00) on shares of Broadcom in a research note on Friday, December 12th. KeyCorp reaffirmed an “overweight” rating and set a $500.00 target price (up previously from $460.00) on shares of Broadcom in a research note on Friday, December 12th. Piper Sandler reaffirmed an “overweight” rating and set a $430.00 target price (up previously from $375.00) on shares of Broadcom in a report on Friday, December 12th. Cowen reissued a “buy” rating on shares of Broadcom in a research note on Friday, December 12th. Finally, Morgan Stanley boosted their price target on shares of Broadcom from $443.00 to $462.00 and gave the stock an “overweight” rating in a research report on Friday, December 12th. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $435.96.

Broadcom Stock Performance

NASDAQ:AVGO opened at $329.88 on Friday. Broadcom Inc. has a fifty-two week low of $138.10 and a fifty-two week high of $414.61. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71. The company has a 50 day moving average price of $362.66 and a 200 day moving average price of $320.02. The stock has a market capitalization of $1.56 trillion, a P/E ratio of 69.30, a PEG ratio of 1.09 and a beta of 1.19.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 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 company had revenue of $18.02 billion for the quarter, compared to analysts’ expectations of $17.46 billion. During the same period in the prior year, the firm earned $1.42 earnings per share. The firm’s revenue was up 28.2% compared to the same quarter last year. Equities research analysts forecast 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 given a $0.65 dividend. The ex-dividend date of this dividend is Monday, December 22nd. This represents a $2.60 annualized dividend and a yield of 0.8%. This is an increase from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio is presently 49.58%.

Insider Activity at Broadcom

In other Broadcom news, CFO Kirsten M. Spears sold 3,714 shares of the business’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $327.79, for a total transaction of $1,217,412.06. Following the sale, the chief financial officer directly owned 307,237 shares in the company, valued at $100,709,216.23. This represents a 1.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 24,527 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $340.91, for a total transaction of $8,361,499.57. Following the completion of the transaction, the insider directly owned 304,775 shares of the company’s stock, valued at approximately $103,900,845.25. The trade was a 7.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 825,296 shares of company stock valued at $299,151,975. 2.00% of the stock is owned by company insiders.

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.