Broadcom Inc. (NASDAQ:AVGO) Shares Sold by Phillips Wealth Planners LLC

Phillips Wealth Planners LLC lowered its position in Broadcom Inc. (NASDAQ:AVGO) by 20.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,169 shares of the semiconductor manufacturer’s stock after selling 2,335 shares during the period. Broadcom accounts for 2.1% of Phillips Wealth Planners LLC’s portfolio, making the stock its 4th largest holding. Phillips Wealth Planners LLC’s holdings in Broadcom were worth $2,057,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. NCP Inc. increased its position 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 buying an additional 400 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of Broadcom by 257.1% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 12,167 shares of the semiconductor manufacturer’s stock worth $19,535,000 after acquiring an additional 8,760 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Broadcom by 2.2% during the 2nd quarter. Legal & General Group Plc now owns 3,963,063 shares of the semiconductor manufacturer’s stock valued at $6,362,816,000 after acquiring an additional 83,846 shares during the last quarter. Shellback Capital LP bought a new position in shares of Broadcom in the 2nd quarter valued at approximately $60,368,000. Finally, Sender Co & Partners Inc. lifted its holdings in Broadcom by 40.2% in the 2nd quarter. Sender Co & Partners Inc. now owns 848 shares of the semiconductor manufacturer’s stock worth $1,361,000 after purchasing an additional 243 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on AVGO. Hsbc Global Res raised shares of Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. Truist Financial boosted their target price on shares of Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Citigroup raised their price target on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Barclays boosted their price objective on Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Finally, Robert W. Baird raised their target price on Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a 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 an average target price of $225.83.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Harry L. You sold 6,540 shares of the company’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the transaction, the director now owns 30,450 shares of the company’s stock, valued at approximately $7,308,000. This represents a 17.68 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 45,000 shares of Broadcom stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $239.96, for a total value of $10,798,200.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 191,278 shares of company stock worth $44,964,800. 2.00% of the stock is currently owned by insiders.

Broadcom Stock Up 1.8 %

Shares of NASDAQ AVGO opened at $244.70 on Friday. Broadcom Inc. has a 52-week low of $117.43 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 business has a fifty day moving average of $207.20 and a two-hundred day moving average of $180.10. The stock has a market cap of $1.15 trillion, a PE ratio of 199.59, a PEG ratio of 2.52 and a beta of 1.03.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. The firm had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company’s revenue for the quarter was up 51.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.98 earnings per share. As a group, equities research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.96%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s dividend payout ratio (DPR) is currently 192.50%.

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.