Burney Co. Decreases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Burney Co. lessened its stake in Broadcom Inc. (NASDAQ:AVGO) by 3.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 188,359 shares of the semiconductor manufacturer’s stock after selling 7,537 shares during the quarter. Broadcom comprises approximately 1.5% of Burney Co.’s investment portfolio, making the stock its 7th biggest holding. Burney Co.’s holdings in Broadcom were worth $43,669,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of AVGO. NCP Inc. boosted its position in shares of Broadcom by 615.4% in the 2nd quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock worth $747,000 after purchasing an additional 400 shares during the last quarter. Seven Eight Capital LP bought a new stake in Broadcom in the second quarter valued at about $2,177,000. Sienna Gestion lifted its stake in Broadcom by 1.6% in the second quarter. Sienna Gestion now owns 12,161 shares of the semiconductor manufacturer’s stock valued at $19,516,000 after buying an additional 196 shares during the period. Kendall Capital Management boosted its holdings in Broadcom by 5.3% during the second quarter. Kendall Capital Management now owns 6,481 shares of the semiconductor manufacturer’s stock worth $10,405,000 after buying an additional 328 shares during the last quarter. Finally, Richardson Financial Services Inc. raised its position in shares of Broadcom by 1,588.3% in the 2nd quarter. Richardson Financial Services Inc. now owns 2,448 shares of the semiconductor manufacturer’s stock valued at $3,930,000 after acquiring an additional 2,303 shares during the period. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Performance

AVGO opened at $229.41 on Friday. The business’s 50-day simple moving average is $200.02 and its 200 day simple moving average is $177.11. Broadcom Inc. has a 52-week low of $109.02 and a 52-week high of $251.88. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The firm has a market capitalization of $1.08 trillion, a PE ratio of 187.12, a PEG ratio of 2.35 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 EPS 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 the consensus estimate of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm’s revenue for the quarter was up 51.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.98 EPS. As a group, sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were paid a $0.59 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a yield of 1.03%. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s dividend payout ratio (DPR) is 192.50%.

Insider Buying and Selling

In other Broadcom news, 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 transaction of $918,560.00. Following the completion of the sale, 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Harry L. You sold 6,540 shares of the stock in a transaction dated 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 transaction, the director now directly owns 30,450 shares in the company, valued at $7,308,000. The trade was a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 191,278 shares of company stock worth $44,964,800. Company insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Susquehanna upped their target price on shares of Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a research note on Friday, December 13th. Mizuho upped their price objective on shares of Broadcom from $245.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Jefferies Financial Group boosted their target price on Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Morgan Stanley raised their price target on Broadcom from $233.00 to $265.00 and gave the stock an “overweight” rating in a research report on Friday, December 20th. Finally, JPMorgan Chase & Co. boosted their price objective on Broadcom from $210.00 to $250.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $223.54.

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.