Broadcom Inc. (NASDAQ:AVGO) Stock Position Trimmed by Parnassus Investments LLC

Parnassus Investments LLC lessened its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 5.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,310,912 shares of the semiconductor manufacturer’s stock after selling 332,357 shares during the quarter. Broadcom accounts for 2.7% of Parnassus Investments LLC’s portfolio, making the stock its 8th largest position. Parnassus Investments LLC owned approximately 0.11% of Broadcom worth $1,231,282,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. KFA Private Wealth Group LLC grew its holdings in shares of Broadcom by 2.5% during the fourth quarter. KFA Private Wealth Group LLC now owns 1,756 shares of the semiconductor manufacturer’s stock worth $407,000 after buying an additional 42 shares during the last quarter. Dakota Community Bank & Trust NA grew its holdings in shares of Broadcom by 2.7% during the fourth quarter. Dakota Community Bank & Trust NA now owns 1,685 shares of the semiconductor manufacturer’s stock worth $391,000 after buying an additional 45 shares during the last quarter. Bryant Woods Investment Advisors LLC grew its holdings in shares of Broadcom by 3.5% during the fourth quarter. Bryant Woods Investment Advisors LLC now owns 1,317 shares of the semiconductor manufacturer’s stock worth $305,000 after buying an additional 45 shares during the last quarter. Marest Capital LLC grew its holdings in shares of Broadcom by 1.0% during the fourth quarter. Marest Capital LLC now owns 4,539 shares of the semiconductor manufacturer’s stock worth $1,052,000 after buying an additional 46 shares during the last quarter. Finally, Defined Wealth Management LLC grew its holdings in shares of Broadcom by 0.4% during the fourth quarter. Defined Wealth Management LLC now owns 12,712 shares of the semiconductor manufacturer’s stock worth $2,947,000 after buying an additional 47 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insiders Place Their Bets

In other news, Director Eddy W. Hartenstein sold 4,000 shares of the business’s 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 of the company’s stock, valued at $10,655,296. The trade was a 7.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Diane M. Bryant sold 15,000 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $226.68, for a total transaction of $3,400,200.00. Following the sale, the director now directly owns 6,460 shares of the company’s stock, valued at $1,464,352.80. This represents a 69.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 191,278 shares of company stock valued at $44,964,800. Company insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on AVGO. Morgan Stanley lifted their price objective on Broadcom from $246.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, March 7th. Hsbc Global Res raised Broadcom to a “hold” rating in a report on Tuesday, December 3rd. KeyCorp lifted their price objective on Broadcom from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, March 7th. TD Cowen lifted their price objective on Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a report on Friday, December 13th. Finally, Citigroup lifted their price objective on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Three research analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $231.48.

Broadcom Trading Down 1.5 %

Shares of Broadcom stock opened at $191.36 on Friday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a 1 year low of $119.76 and a 1 year high of $251.88. The company has a market capitalization of $899.76 billion, a P/E ratio of 156.09, a P/E/G ratio of 2.29 and a beta of 1.01. The business has a 50 day moving average price of $218.86 and a 200 day moving average price of $193.43.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping the consensus estimate of $1.39 by $0.03. The firm had revenue of $14.05 billion during the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. Broadcom’s revenue for the quarter was up 51.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.98 EPS. Sell-side analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Thursday, March 20th will be paid a $0.59 dividend. The ex-dividend date is Thursday, March 20th. This represents a $2.36 annualized dividend and a yield of 1.23%. Broadcom’s payout ratio is currently 113.46%.

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.