Bruce G. Allen Investments LLC Sells 1,485 Shares of Broadcom Inc. (NASDAQ:AVGO)

Bruce G. Allen Investments LLC cut its holdings in Broadcom Inc. (NASDAQ:AVGO) by 37.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,508 shares of the semiconductor manufacturer’s stock after selling 1,485 shares during the period. Broadcom comprises approximately 0.5% of Bruce G. Allen Investments LLC’s investment portfolio, making the stock its 28th biggest holding. Bruce G. Allen Investments LLC’s holdings in Broadcom were worth $581,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. NCP Inc. raised its holdings in Broadcom by 615.4% during the second quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock worth $747,000 after acquiring an additional 400 shares in the last quarter. American Century Companies Inc. raised its position in Broadcom by 56.7% during the second quarter. American Century Companies Inc. now owns 270,049 shares of the semiconductor manufacturer’s stock worth $433,572,000 after acquiring an additional 97,683 shares in the last quarter. Qsemble Capital Management LP bought a new position in shares of Broadcom in the 2nd quarter valued at about $3,070,000. Campbell Wealth Management acquired a new position in shares of Broadcom during the 2nd quarter worth about $332,000. Finally, Jupiter Asset Management Ltd. lifted its stake in Broadcom by 122.1% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 22,492 shares of the semiconductor manufacturer’s stock valued at $36,112,000 after purchasing an additional 12,363 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Insider Activity

In related news, CFO Kirsten M. Spears sold 12,570 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $229.62, for a total value of $2,886,323.40. Following the transaction, the chief financial officer now owns 325,443 shares of the company’s stock, valued at approximately $74,728,221.66. This trade represents a 3.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Harry L. You sold 6,540 shares of the business’s stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total value of $1,569,600.00. Following the sale, the director now directly owns 30,450 shares of the company’s stock, valued at $7,308,000. This represents a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 187,278 shares of company stock worth $44,046,240 in the last three months. Company insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. JPMorgan Chase & Co. upped their price objective on Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Barclays upped their price objective on shares of Broadcom from $200.00 to $205.00 and gave the company an “overweight” rating in a report on Monday, December 16th. Piper Sandler upped their price target on shares of Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Evercore ISI upped their price objective on Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Finally, Morgan Stanley upped their price target on shares of Broadcom from $233.00 to $265.00 and gave the company an “overweight” rating in a research note on Friday, December 20th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $223.54.

Broadcom Trading Down 2.2 %

NASDAQ AVGO traded down $5.09 during trading hours on Friday, hitting $224.22. 17,409,675 shares of the company’s stock were exchanged, compared to its average volume of 25,245,090. Broadcom Inc. has a 1-year low of $107.45 and a 1-year high of $251.88. 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 stock has a 50-day simple moving average of $195.79 and a 200 day simple moving average of $175.31. The firm has a market cap of $1.05 trillion, a price-to-earnings ratio of 194.80, a PEG ratio of 2.15 and a beta of 1.03.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.03. The company had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom’s revenue for the quarter was up 51.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.98 EPS. On average, equities analysts forecast that Broadcom Inc. will post 3.79 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed 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 represents a $2.36 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend was Monday, December 23rd. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is 191.87%.

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.