Worth Asset Management LLC Reduces Stake in Broadcom Inc. (NASDAQ:AVGO)

Worth Asset Management LLC decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 86.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,299 shares of the semiconductor manufacturer’s stock after selling 14,795 shares during the quarter. Worth Asset Management LLC’s holdings in Broadcom were worth $533,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Collective Family Office LLC boosted its holdings in shares of Broadcom by 3.4% in the 4th quarter. Collective Family Office LLC now owns 3,010 shares of the semiconductor manufacturer’s stock valued at $698,000 after buying an additional 100 shares in the last quarter. Park National Corp OH boosted its stake in Broadcom by 8.9% in the fourth quarter. Park National Corp OH now owns 11,912 shares of the semiconductor manufacturer’s stock valued at $2,762,000 after acquiring an additional 974 shares in the last quarter. Weaver Consulting Group grew its holdings in shares of Broadcom by 3.0% during the fourth quarter. Weaver Consulting Group now owns 2,847 shares of the semiconductor manufacturer’s stock worth $660,000 after purchasing an additional 84 shares during the last quarter. Range Financial Group LLC increased its position in shares of Broadcom by 106.7% during the fourth quarter. Range Financial Group LLC now owns 7,348 shares of the semiconductor manufacturer’s stock worth $1,704,000 after purchasing an additional 3,793 shares in the last quarter. Finally, One Wealth Capital Management LLC purchased a new stake in shares of Broadcom in the 4th quarter valued at about $2,833,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have commented on the company. UBS Group lifted their price target on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Robert W. Baird lifted their target price on shares of Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Truist Financial increased their price target on shares of Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a report on Friday, December 13th. Finally, JPMorgan Chase & Co. raised their price target on Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and a consensus target price of $221.88.

Broadcom Price Performance

NASDAQ AVGO traded down $0.09 during trading hours on Wednesday, reaching $228.55. The company’s stock had a trading volume of 7,993,386 shares, compared to its average volume of 24,826,824. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The company’s 50-day moving average is $193.55 and its two-hundred day moving average is $174.58. Broadcom Inc. has a fifty-two week low of $106.26 and a fifty-two week high of $251.88. The stock has a market cap of $1.07 trillion, a PE ratio of 198.57, a PEG ratio of 2.15 and a beta of 1.03.

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

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors 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 yield of 1.03%. 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 (DPR) is currently 191.87%.

Insider Activity at Broadcom

In related news, insider Charlie B. Kawwas sold 15,950 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the sale, the insider now directly owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. This trade represents a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 45,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $239.96, for a total transaction of $10,798,200.00. Following the transaction, the chief executive officer now directly owns 842,836 shares of the company’s stock, valued at $202,246,926.56. This trade represents a 5.07 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 155,228 shares of company stock valued at $35,643,408. 2.00% of the stock is owned by insiders.

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.