Carnegie Lake Advisors LLC Sells 829 Shares of Broadcom Inc. (NASDAQ:AVGO)

Carnegie Lake Advisors LLC lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 9.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,431 shares of the semiconductor manufacturer’s stock after selling 829 shares during the period. Carnegie Lake Advisors LLC’s holdings in Broadcom were worth $1,955,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in AVGO. Central Pacific Bank Trust Division raised its holdings in Broadcom by 21.5% in the 4th quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer’s stock valued at $4,858,000 after acquiring an additional 3,707 shares in the last quarter. Wolff Financial Management LLC bought a new position in shares of Broadcom in the fourth quarter worth $244,000. Strait & Sound Wealth Management LLC raised its stake in Broadcom by 829.8% in the third quarter. Strait & Sound Wealth Management LLC now owns 7,950 shares of the semiconductor manufacturer’s stock valued at $1,371,000 after purchasing an additional 7,095 shares in the last quarter. Catalyst Financial Partners LLC grew its stake in Broadcom by 943.3% during the third quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer’s stock worth $3,473,000 after buying an additional 18,206 shares in the last quarter. Finally, Motive Wealth Advisors increased its holdings in Broadcom by 1,076.5% in the 4th quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer’s stock valued at $1,066,000 after buying an additional 4,209 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Mizuho upped their price target on shares of Broadcom from $245.00 to $260.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Jefferies Financial Group boosted their price objective on shares of Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, December 13th. UBS Group raised their target price on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a report on Monday, November 4th. Truist Financial boosted their price target on Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Finally, Citigroup raised their price objective on Broadcom from $175.00 to $205.00 and gave the company 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 assigned a buy rating to the stock. Based on data from MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and an average target price of $225.04.

Broadcom Price Performance

Shares of AVGO opened at $235.80 on Friday. The business has a 50-day moving average of $223.78 and a 200-day moving average of $186.10. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The company has a market capitalization of $1.11 trillion, a price-to-earnings ratio of 192.33, a price-to-earnings-growth ratio of 2.42 and a beta of 1.02. Broadcom Inc. has a 1 year low of $119.76 and a 1 year high of $251.88.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.03. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. During the same quarter last year, the business earned $0.98 EPS. The company’s revenue was up 51.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were given a dividend of $0.59 per share. The ex-dividend date was Monday, December 23rd. This represents a $2.36 dividend on an annualized basis and a yield of 1.00%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is 192.50%.

Insiders Place Their Bets

In other Broadcom news, insider Mark David Brazeal sold 20,168 shares of the stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $238.79, for a total value of $4,815,916.72. Following the transaction, the insider now owns 321,660 shares in the company, valued at approximately $76,809,191.40. This represents a 5.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $231.98, for a total value of $9,279,200.00. Following the sale, the insider now owns 696,730 shares of the company’s stock, valued at approximately $161,627,425.40. This represents a 5.43 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 191,278 shares of company stock worth $44,964,800. Company 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.