Ellis Investment Partners LLC Trims Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Ellis Investment Partners LLC lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.4% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 2,648 shares of the semiconductor manufacturer’s stock after selling 93 shares during the quarter. Ellis Investment Partners LLC’s holdings in Broadcom were worth $614,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. TigerOak Management L.L.C. purchased a new stake in shares of Broadcom in the 4th quarter valued at approximately $788,000. Seascape Capital Management increased its holdings in Broadcom by 3.9% in the 4th quarter. Seascape Capital Management now owns 14,153 shares of the semiconductor manufacturer’s stock valued at $3,281,000 after purchasing an additional 537 shares during the last quarter. Peregrine Investment Management Inc. purchased a new stake in Broadcom in the fourth quarter valued at approximately $9,274,000. American Financial Advisors LLC acquired a new position in Broadcom during the fourth quarter worth $320,000. Finally, Montag A & Associates Inc. lifted its stake in Broadcom by 11.5% during the fourth quarter. Montag A & Associates Inc. now owns 74,330 shares of the semiconductor manufacturer’s stock worth $17,233,000 after purchasing an additional 7,672 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

AVGO has been the subject of a number of research reports. Morgan Stanley dropped their price objective on Broadcom from $265.00 to $246.00 and set an “overweight” rating for the company in a research note on Tuesday, January 28th. Barclays lifted their target price on Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. JPMorgan Chase & Co. increased their price target on shares of Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Finally, Hsbc Global Res raised shares of Broadcom to a “hold” rating in a research note on Tuesday, December 3rd. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $225.04.

Insider Buying and Selling

In related news, Director Check Kian Low sold 48,000 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $235.35, for a total value 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. The trade was a 29.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark David Brazeal sold 20,168 shares of the stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $238.79, for a total transaction of $4,815,916.72. Following the completion of the sale, the insider now directly owns 321,660 shares in the company, valued at approximately $76,809,191.40. The trade was a 5.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 191,278 shares of company stock worth $44,964,800 in the last quarter. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Down 1.9 %

Broadcom stock opened at $228.53 on Wednesday. The stock’s 50 day moving average price is $227.24 and its 200 day moving average price is $188.12. The company has a market cap of $1.07 trillion, a PE ratio of 186.40, a price-to-earnings-growth ratio of 2.42 and a beta of 1.02. 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.

Broadcom (NASDAQ:AVGO) last issued 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. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. During the same period in the previous year, the firm earned $0.98 EPS. The business’s revenue was up 51.2% on a year-over-year basis. On average, sell-side analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The business 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 represents a $2.36 dividend on an annualized basis and a dividend yield of 1.03%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. Broadcom’s dividend payout ratio (DPR) is presently 192.50%.

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.