Romano Brothers AND Company Reduces Stock Position in Broadcom Inc. $AVGO

Romano Brothers AND Company lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 15.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 73,921 shares of the semiconductor manufacturer’s stock after selling 13,043 shares during the period. Broadcom comprises approximately 2.9% of Romano Brothers AND Company’s holdings, making the stock its 4th largest holding. Romano Brothers AND Company’s holdings in Broadcom were worth $25,584,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Capital Counsel LLC NY bought a new position in Broadcom in the second quarter worth approximately $221,000. Providence First Trust Co lifted its holdings in Broadcom by 1,099.3% during the third quarter. Providence First Trust Co now owns 8,923 shares of the semiconductor manufacturer’s stock worth $2,944,000 after buying an additional 8,179 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its position in Broadcom by 3.4% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 323,587 shares of the semiconductor manufacturer’s stock valued at $109,492,000 after acquiring an additional 10,786 shares in the last quarter. Lmcg Investments LLC boosted its position in Broadcom by 9.4% during the 3rd quarter. Lmcg Investments LLC now owns 38,961 shares of the semiconductor manufacturer’s stock valued at $12,854,000 after acquiring an additional 3,357 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of Broadcom by 13.3% in the 2nd quarter. AQR Capital Management LLC now owns 3,877,709 shares of the semiconductor manufacturer’s stock valued at $1,063,501,000 after acquiring an additional 455,851 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

AVGO has been the subject of a number of analyst reports. UBS Group set a $475.00 price objective on Broadcom and gave the stock a “buy” rating in a research note on Monday, December 15th. KeyCorp reiterated an “overweight” rating and issued a $500.00 target price (up from $460.00) on shares of Broadcom in a research note on Friday, December 12th. Barclays reiterated an “overweight” rating and issued a $500.00 target price (up from $450.00) on shares of Broadcom in a report on Friday, December 12th. Wells Fargo & Company upgraded shares of Broadcom from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $410.00 to $430.00 in a report on Thursday, January 15th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Broadcom in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $435.30.

Broadcom Stock Down 2.4%

Shares of AVGO stock opened at $293.41 on Tuesday. The stock’s fifty day moving average price is $325.83 and its 200 day moving average price is $344.28. Broadcom Inc. has a 1-year low of $138.10 and a 1-year high of $414.61. The company has a market cap of $1.39 trillion, a price-to-earnings ratio of 57.31, a price-to-earnings-growth ratio of 0.64 and a beta of 1.22. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.90 and a quick ratio of 1.73.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $2.03 by $0.02. The company had revenue of $19.31 billion during the quarter, compared to analysts’ expectations of $19.10 billion. Broadcom had a return on equity of 38.61% and a net margin of 36.57%.The firm’s revenue was up 29.5% compared to the same quarter last year. During the same period last year, the business posted $1.60 earnings per share. On average, research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 23rd will be given a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Monday, March 23rd. Broadcom’s dividend payout ratio (DPR) is presently 50.78%.

Insider Transactions at Broadcom

In other Broadcom news, insider S. Ram Velaga sold 38,841 shares of the company’s stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $321.60, for a total transaction of $12,491,265.60. Following the transaction, the insider owned 96,147 shares in the company, valued at approximately $30,920,875.20. This represents a 28.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 50,488 shares of the firm’s stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $321.60, for a total transaction of $16,236,940.80. Following the completion of the transaction, the insider directly owned 278,141 shares of the company’s stock, valued at approximately $89,450,145.60. This represents a 15.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 403,049 shares of company stock worth $133,459,315 over the last ninety days. 1.90% of the stock is currently owned by insiders.

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.