Broadcom Inc. $AVGO Position Cut by Segment Wealth Management LLC

Segment Wealth Management LLC trimmed its stake in Broadcom Inc. (NASDAQ:AVGO) by 2.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 184,981 shares of the semiconductor manufacturer’s stock after selling 4,291 shares during the period. Broadcom makes up about 3.7% of Segment Wealth Management LLC’s portfolio, making the stock its 3rd biggest position. Segment Wealth Management LLC’s holdings in Broadcom were worth $61,027,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of AVGO. Vanguard Group Inc. boosted its position in shares of Broadcom by 1.3% during the second quarter. Vanguard Group Inc. now owns 483,442,939 shares of the semiconductor manufacturer’s stock valued at $133,261,046,000 after buying an additional 6,222,802 shares during the period. State Street Corp grew its stake in Broadcom by 0.5% in the second quarter. State Street Corp now owns 185,276,987 shares of the semiconductor manufacturer’s stock worth $51,071,601,000 after purchasing an additional 873,963 shares in the last quarter. Geode Capital Management LLC increased its holdings in Broadcom by 2.1% during the 2nd quarter. Geode Capital Management LLC now owns 108,610,718 shares of the semiconductor manufacturer’s stock worth $29,827,649,000 after purchasing an additional 2,226,585 shares during the period. Norges Bank bought a new stake in Broadcom during the 2nd quarter valued at $18,579,549,000. Finally, Invesco Ltd. raised its position in Broadcom by 8.4% during the 2nd quarter. Invesco Ltd. now owns 38,449,630 shares of the semiconductor manufacturer’s stock valued at $10,598,641,000 after purchasing an additional 2,978,768 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 0.4%

NASDAQ:AVGO opened at $347.62 on Friday. The company’s 50-day simple moving average is $362.90 and its 200-day simple moving average is $327.32. 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. The stock has a market capitalization of $1.65 trillion, a P/E ratio of 73.03, a P/E/G ratio of 1.18 and a beta of 1.21.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The company had revenue of $18.02 billion during the quarter, compared to analysts’ expectations 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. On average, equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd were given a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend was Monday, December 22nd. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s payout ratio is 54.62%.

Insider Activity

In related news, CFO Kirsten M. Spears sold 3,714 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer directly owned 307,237 shares of the company’s stock, valued at $100,709,216.23. This represents a 1.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Charlie B. Kawwas sold 1,928 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $327.80, for a total value of $631,998.40. Following the completion of the sale, the insider directly owned 23,582 shares of the company’s stock, valued at approximately $7,730,179.60. This represents a 7.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 650,701 shares of company stock worth $239,190,157 over the last quarter. Company insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on AVGO. Susquehanna reissued a “positive” rating and set a $450.00 price target (up previously from $400.00) on shares of Broadcom in a research report on Thursday, December 4th. Argus increased their target price on shares of Broadcom from $285.00 to $375.00 and gave the stock a “buy” rating in a report on Monday, September 8th. Oppenheimer boosted their price target on shares of Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a report on Friday, December 12th. UBS Group set a $475.00 price target on shares of Broadcom and gave the stock a “buy” rating in a research report on Monday, December 15th. Finally, Sanford C. Bernstein reiterated an “outperform” rating and set a $475.00 price objective (up from $400.00) on shares of Broadcom in a research note on Friday, December 12th. Three equities research 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. According to data from MarketBeat, Broadcom presently has a consensus rating of “Buy” and an average target price of $436.33.

Broadcom 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.