Triangle Securities Wealth Management Sells 2,993 Shares of Broadcom Inc. $AVGO

Triangle Securities Wealth Management decreased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 14.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,196 shares of the semiconductor manufacturer’s stock after selling 2,993 shares during the quarter. Broadcom accounts for about 1.3% of Triangle Securities Wealth Management’s portfolio, making the stock its 20th largest holding. Triangle Securities Wealth Management’s holdings in Broadcom were worth $5,673,000 at the end of the most recent quarter.

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

Broadcom Stock Performance

NASDAQ AVGO opened at $352.13 on Friday. The firm’s fifty day moving average price is $362.74 and its two-hundred day moving average price is $324.51. The stock has a market cap of $1.67 trillion, a PE ratio of 73.98, a PEG ratio of 1.21 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 fifty-two week low of $138.10 and a fifty-two week 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 the consensus estimate of $1.87 by $0.08. The company had revenue of $18.02 billion for the quarter, compared to the consensus estimate of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.Broadcom’s revenue for the quarter was up 28.2% on a year-over-year basis. During the same quarter last year, the business posted $1.42 EPS. On average, equities analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd will be issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 0.7%. This is an increase from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date is Monday, December 22nd. Broadcom’s dividend payout ratio (DPR) is presently 54.62%.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 38,281 shares of the company’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $327.65, for a total value of $12,542,769.65. Following the completion of the transaction, the insider owned 266,494 shares of the company’s stock, valued at $87,316,759.10. This represents a 12.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Kirsten M. Spears sold 3,714 shares of Broadcom stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $327.79, for a total transaction of $1,217,412.06. Following the sale, the chief financial officer owned 307,237 shares in the company, valued at approximately $100,709,216.23. This represents a 1.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 524,780 shares of company stock valued at $195,499,150. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on AVGO shares. Piper Sandler reaffirmed an “overweight” rating and set a $430.00 price objective (up previously from $375.00) on shares of Broadcom in a research report on Friday, December 12th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Broadcom in a report on Monday, December 15th. Citigroup reiterated a “buy” rating and set a $480.00 price target (up previously from $415.00) on shares of Broadcom in a research report on Friday, December 12th. Barclays restated an “overweight” rating and set a $500.00 price objective (up from $450.00) on shares of Broadcom in a research report on Friday, December 12th. Finally, Rosenblatt Securities raised their target price on Broadcom from $400.00 to $440.00 and gave the company a “buy” rating in a report on Tuesday, December 9th. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $436.33.

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.