Symmetry Partners LLC Acquires 2,104 Shares of Broadcom Inc. $AVGO

Symmetry Partners LLC boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 76.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,874 shares of the semiconductor manufacturer’s stock after acquiring an additional 2,104 shares during the quarter. Symmetry Partners LLC’s holdings in Broadcom were worth $1,608,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its holdings in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock valued at $6,882,000 after purchasing an additional 5,322 shares during the period. Revolve Wealth Partners LLC grew its position in shares of Broadcom by 10.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock valued at $1,854,000 after buying an additional 756 shares during the last quarter. United Bank grew its position in shares of Broadcom by 76.5% in the 1st quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer’s stock valued at $392,000 after buying an additional 1,014 shares during the last quarter. AlphaQuest LLC increased its stake in shares of Broadcom by 633.3% in the first quarter. AlphaQuest LLC now owns 704 shares of the semiconductor manufacturer’s stock valued at $118,000 after buying an additional 608 shares during the period. Finally, Activest Wealth Management raised its position in shares of Broadcom by 86.5% during the first quarter. Activest Wealth Management now owns 1,932 shares of the semiconductor manufacturer’s stock worth $323,000 after acquiring an additional 896 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Performance

Shares of AVGO stock opened at $352.13 on Friday. The firm has a market capitalization of $1.67 trillion, a PE ratio of 73.98, a price-to-earnings-growth ratio of 1.21 and a beta of 1.19. The firm has a fifty day simple moving average of $362.74 and a two-hundred day simple moving average of $324.51. 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 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 data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $1.87 by $0.08. The firm had revenue of $18.02 billion for the quarter, compared to analyst estimates of $17.46 billion. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The business’s quarterly revenue was up 28.2% compared to the same quarter last year. During the same period last year, the firm earned $1.42 earnings per share. Analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared 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 is an increase from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date is Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a yield of 0.7%. Broadcom’s dividend payout ratio (DPR) is presently 54.62%.

Analysts Set New Price Targets

Several brokerages recently commented on AVGO. Wall Street Zen upgraded Broadcom from a “hold” rating to a “buy” rating in a report on Saturday, December 13th. Truist Financial boosted 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. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $475.00 price objective (up from $400.00) on shares of Broadcom in a research note on Friday, December 12th. Cowen reiterated a “buy” rating on shares of Broadcom in a research report on Friday, December 12th. Finally, Deutsche Bank Aktiengesellschaft set a $430.00 target price on shares of Broadcom and gave the company a “buy” rating in a 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 issued a Hold rating to the company. Based on data from MarketBeat, Broadcom currently has a consensus rating of “Buy” and a consensus target price of $436.33.

Insider Buying and Selling at Broadcom

In related news, CEO Hock E. Tan sold 130,000 shares of Broadcom stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $326.02, for a total transaction of $42,382,600.00. Following the transaction, the chief executive officer owned 595,638 shares of the company’s stock, valued at $194,189,900.76. The trade was a 17.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Kirsten M. Spears sold 3,714 shares of the company’s stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $327.79, for a total value of $1,217,412.06. Following the sale, the chief financial officer owned 307,237 shares of the company’s stock, valued at $100,709,216.23. This trade represents a 1.19% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 524,780 shares of company stock worth $195,499,150. 2.00% of the stock is currently owned by corporate insiders.

About Broadcom

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.