1834 Investment Advisors Co. Cuts Position in Broadcom Inc. (NASDAQ:AVGO)

1834 Investment Advisors Co. reduced its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.1% in the fourth quarter, Holdings Channel reports. The fund owned 36,076 shares of the semiconductor manufacturer’s stock after selling 768 shares during the quarter. Broadcom makes up about 1.1% of 1834 Investment Advisors Co.’s portfolio, making the stock its 24th biggest position. 1834 Investment Advisors Co.’s holdings in Broadcom were worth $8,364,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of AVGO. Novare Capital Management LLC lifted its stake in shares of Broadcom by 0.3% in the 4th quarter. Novare Capital Management LLC now owns 160,000 shares of the semiconductor manufacturer’s stock valued at $37,094,000 after purchasing an additional 512 shares during the last quarter. MKT Advisors LLC raised its holdings in Broadcom by 23.2% during the 4th quarter. MKT Advisors LLC now owns 6,654 shares of the semiconductor manufacturer’s stock valued at $1,580,000 after buying an additional 1,251 shares during the period. M3 Advisory Group LLC lifted its position in Broadcom by 0.8% in the fourth quarter. M3 Advisory Group LLC now owns 6,900 shares of the semiconductor manufacturer’s stock worth $1,600,000 after buying an additional 57 shares during the last quarter. Guerra Pan Advisors LLC boosted its stake in Broadcom by 0.9% during the fourth quarter. Guerra Pan Advisors LLC now owns 24,585 shares of the semiconductor manufacturer’s stock worth $5,700,000 after buying an additional 225 shares during the period. Finally, Clarendon Private LLC bought a new position in Broadcom during the fourth quarter valued at $2,777,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Price Performance

NASDAQ AVGO opened at $207.55 on Wednesday. The firm’s fifty day simple moving average is $209.53 and its two-hundred day simple moving average is $180.81. The firm has a market capitalization of $972.85 billion, a P/E ratio of 169.29, a P/E/G ratio of 2.52 and a beta of 1.03. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 12-month low of $117.43 and a 12-month high of $251.88.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. During the same period in the prior year, the company posted $0.98 EPS. The firm’s quarterly revenue was up 51.2% compared to the same quarter last year. Analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were given a $0.59 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s dividend payout ratio (DPR) is presently 192.50%.

Insider Buying and Selling

In other news, Director Eddy W. Hartenstein sold 4,000 shares of Broadcom stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the completion of the sale, the director now directly owns 46,400 shares in the company, valued at approximately $10,655,296. The trade was a 7.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Harry L. You sold 6,540 shares of the company’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total value of $1,569,600.00. Following the completion of the transaction, the director now directly owns 30,450 shares in the company, valued at approximately $7,308,000. The trade was a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock worth $44,964,800 in the last three months. Corporate insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on AVGO shares. JPMorgan Chase & Co. lifted their price target on shares of Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Jefferies Financial Group boosted their target price on Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Bank of America increased their price target on Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Benchmark reaffirmed a “buy” rating and issued a $255.00 price objective (up previously from $210.00) on shares of Broadcom in a research report on Friday, December 13th. Finally, Citigroup increased their target price on Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $225.04.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.