DAVENPORT & Co LLC Lowers Stock Position in Broadcom Inc. $AVGO

DAVENPORT & Co LLC trimmed its stake in Broadcom Inc. (NASDAQ:AVGO) by 1.2% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 629,103 shares of the semiconductor manufacturer’s stock after selling 7,388 shares during the period. Broadcom comprises 1.1% of DAVENPORT & Co LLC’s investment portfolio, making the stock its 14th biggest holding. DAVENPORT & Co LLC’s holdings in Broadcom were worth $207,266,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in the stock. Norges Bank acquired a new stake in shares of Broadcom in the second quarter valued at $18,579,549,000. Vanguard Group Inc. lifted its stake in Broadcom by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock worth $133,261,046,000 after acquiring an additional 6,222,802 shares in the last quarter. Edgewood Management LLC purchased a new position in Broadcom during the 2nd quarter valued at about $1,571,438,000. Alliancebernstein L.P. boosted its holdings in Broadcom by 16.0% during the 1st quarter. Alliancebernstein L.P. now owns 29,513,814 shares of the semiconductor manufacturer’s stock valued at $4,941,498,000 after acquiring an additional 4,077,910 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in Broadcom by 115.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 6,017,340 shares of the semiconductor manufacturer’s stock valued at $1,658,680,000 after acquiring an additional 3,224,739 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Truist Financial increased their price target on shares of Broadcom from $500.00 to $510.00 and gave the stock a “buy” rating in a research report on Friday, December 19th. Cowen reiterated a “buy” rating on shares of Broadcom in a report on Friday, December 12th. Rosenblatt Securities boosted their price target on shares of Broadcom from $400.00 to $440.00 and gave the stock a “buy” rating in a research note on Tuesday, December 9th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Broadcom in a research report on Monday, December 15th. Finally, Oppenheimer lifted their target price on Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Broadcom presently has a consensus rating of “Buy” and a consensus target price of $436.33.

Insider Activity

In other news, insider Mark David Brazeal sold 38,281 shares of the business’s stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $327.65, for a total transaction of $12,542,769.65. Following the completion of the sale, the insider owned 266,494 shares in the company, valued at approximately $87,316,759.10. The trade was a 12.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 1,928 shares of the company’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $327.80, for a total transaction of $631,998.40. Following the completion of the transaction, the insider owned 23,582 shares of the company’s stock, valued at approximately $7,730,179.60. The trade was a 7.56% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 524,780 shares of company stock valued at $195,499,150 over the last 90 days. Insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of AVGO opened at $352.13 on Friday. The firm has a market capitalization of $1.67 trillion, a price-to-earnings ratio of 73.98, a PEG ratio of 1.20 and a beta of 1.19. The firm’s fifty day simple moving average is $362.74 and its 200-day simple moving average is $323.95. Broadcom Inc. has a twelve month low of $138.10 and a twelve month high of $414.61. The company has a current ratio of 1.71, a quick ratio of 1.58 and a debt-to-equity ratio of 0.76.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 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 firm had revenue of $18.02 billion for the quarter, compared to analyst estimates of $17.46 billion. During the same quarter in the prior year, the company posted $1.42 earnings per share. Broadcom’s revenue for the quarter was up 28.2% compared to the same quarter last year. Equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd will be given a dividend of $0.65 per share. This is a boost from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Monday, December 22nd. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. Broadcom’s dividend payout ratio is 54.62%.

Broadcom Company 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.