Fragasso Financial Advisors Inc Cuts Stake in Broadcom Inc. (NASDAQ:AVGO)

Fragasso Financial Advisors Inc lessened its stake in Broadcom Inc. (NASDAQ:AVGO) by 7.1% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 35,825 shares of the semiconductor manufacturer’s stock after selling 2,730 shares during the quarter. Broadcom makes up about 0.6% of Fragasso Financial Advisors Inc’s investment portfolio, making the stock its 22nd largest position. Fragasso Financial Advisors Inc’s holdings in Broadcom were worth $8,306,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AVGO. NCP Inc. grew its holdings in shares of Broadcom by 615.4% in the second quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock valued at $747,000 after purchasing an additional 400 shares in the last quarter. William Blair Investment Management LLC purchased a new stake in shares of Broadcom during the 2nd quarter valued at about $27,647,000. Inspire Advisors LLC bought a new position in shares of Broadcom in the 2nd quarter valued at about $211,000. Diversify Wealth Management LLC purchased a new position in Broadcom in the second quarter worth about $39,213,000. Finally, WINTON GROUP Ltd increased its stake in Broadcom by 5,483.6% during the second quarter. WINTON GROUP Ltd now owns 11,949 shares of the semiconductor manufacturer’s stock worth $19,184,000 after acquiring an additional 11,735 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 0.9 %

Shares of NASDAQ:AVGO traded up $2.04 on Monday, reaching $226.35. The company had a trading volume of 12,526,948 shares, compared to its average volume of 24,441,633. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. The firm has a market capitalization of $1.06 trillion, a PE ratio of 196.66, a PEG ratio of 2.15 and a beta of 1.03. Broadcom Inc. has a 52-week low of $109.02 and a 52-week high of $251.88. The firm’s 50 day simple moving average is $196.90 and its 200-day simple moving average is $175.71.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. During the same period in the previous year, the company posted $0.98 earnings per share. The firm’s revenue was up 51.2% on a year-over-year basis. As a group, analysts expect that Broadcom Inc. will post 3.79 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, December 23rd. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.04%. Broadcom’s dividend payout ratio is presently 191.87%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Bank of America raised their price objective on Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Barclays lifted their price objective on shares of Broadcom from $200.00 to $205.00 and gave the stock an “overweight” rating in a research note on Monday, December 16th. Cantor Fitzgerald increased their target price on shares of Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Finally, Piper Sandler increased their price objective on shares of Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus price target of $223.54.

Insider Activity

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

Broadcom 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.