Money Concepts Capital Corp Cuts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Money Concepts Capital Corp reduced its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 17.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,098 shares of the semiconductor manufacturer’s stock after selling 2,831 shares during the quarter. Money Concepts Capital Corp’s holdings in Broadcom were worth $3,037,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of AVGO. Massachusetts Wealth Management purchased a new position in Broadcom during the fourth quarter worth approximately $253,000. Jericho Financial LLP acquired a new position in shares of Broadcom during the 4th quarter worth approximately $7,647,000. Berkshire Money Management Inc. purchased a new position in shares of Broadcom during the 4th quarter valued at approximately $419,000. Lockheed Martin Investment Management Co. grew its stake in Broadcom by 53.3% in the 4th quarter. Lockheed Martin Investment Management Co. now owns 173,340 shares of the semiconductor manufacturer’s stock valued at $40,187,000 after acquiring an additional 60,284 shares during the period. Finally, Y.D. More Investments Ltd increased its holdings in Broadcom by 68.8% in the 4th quarter. Y.D. More Investments Ltd now owns 13,064 shares of the semiconductor manufacturer’s stock worth $3,033,000 after acquiring an additional 5,325 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Broadcom news, Director Eddy W. Hartenstein sold 4,000 shares of Broadcom stock in a transaction dated 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 directly owns 46,400 shares of the company’s stock, valued at $10,655,296. The trade was a 7.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Check Kian Low sold 48,000 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the sale, the director now directly owns 113,050 shares in the company, valued at $26,606,317.50. This represents a 29.80 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 191,278 shares of company stock valued at $44,964,800. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Down 2.8 %

Shares of NASDAQ:AVGO opened at $224.87 on Friday. The company has a market capitalization of $1.05 trillion, a price-to-earnings ratio of 183.42, a PEG ratio of 2.31 and a beta of 1.02. Broadcom Inc. has a 12-month low of $119.76 and a 12-month high of $251.88. The business has a 50-day moving average price of $218.50 and a 200 day moving average price of $183.74. 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 (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business had revenue of $14.05 billion during the quarter, compared to analysts’ expectations of $14.07 billion. During the same period last year, the business earned $0.98 earnings per share. The business’s revenue for the quarter was up 51.2% on a year-over-year basis. Sell-side analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The company 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. 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 1.05%. The ex-dividend date was Monday, December 23rd. Broadcom’s dividend payout ratio (DPR) is currently 191.87%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Barclays increased their price objective on shares of Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $240.00 price target on shares of Broadcom in a research note on Wednesday, December 11th. Jefferies Financial Group boosted their price objective on Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. TD Cowen raised their target price on Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Finally, Mizuho boosted their price target on Broadcom from $245.00 to $260.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat, Broadcom has an average rating of “Moderate Buy” and a consensus price target of $225.04.

About Broadcom

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.