Peak Financial Management Inc. Sells 267 Shares of Broadcom Inc. (NASDAQ:AVGO)

Peak Financial Management Inc. cut its holdings in Broadcom Inc. (NASDAQ:AVGO) by 17.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,283 shares of the semiconductor manufacturer’s stock after selling 267 shares during the period. Peak Financial Management Inc.’s holdings in Broadcom were worth $297,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Central Pacific Bank Trust Division increased its stake in shares of Broadcom by 21.5% in the fourth quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer’s stock worth $4,858,000 after purchasing an additional 3,707 shares during the period. Wolff Financial Management LLC bought a new position in Broadcom during the fourth quarter valued at about $244,000. Strait & Sound Wealth Management LLC increased its stake in Broadcom by 829.8% during the third quarter. Strait & Sound Wealth Management LLC now owns 7,950 shares of the semiconductor manufacturer’s stock valued at $1,371,000 after acquiring an additional 7,095 shares during the period. Catalyst Financial Partners LLC increased its stake in Broadcom by 943.3% during the third quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer’s stock valued at $3,473,000 after acquiring an additional 18,206 shares during the period. Finally, Motive Wealth Advisors increased its stake in Broadcom by 1,076.5% during the fourth quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer’s stock valued at $1,066,000 after acquiring an additional 4,209 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on AVGO. Jefferies Financial Group boosted their price target on Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Mizuho boosted their price target on Broadcom from $245.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Rosenblatt Securities restated a “buy” rating and set a $240.00 price target on shares of Broadcom in a research note on Wednesday, December 11th. Deutsche Bank Aktiengesellschaft lifted their price objective on Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a report on Friday, December 13th. Finally, Barclays lifted their price objective on Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $225.04.

Insider Activity at Broadcom

In other news, Director Eddy W. Hartenstein sold 4,000 shares of the stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total value of $918,560.00. Following the transaction, the director now owns 46,400 shares of the company’s stock, valued at $10,655,296. This represents a 7.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Charlie B. Kawwas sold 40,000 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the completion of the transaction, the insider now directly owns 696,730 shares in the company, valued at $161,627,425.40. The trade was a 5.43 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 191,278 shares of company stock worth $44,964,800. 2.00% of the stock is owned by corporate insiders.

Broadcom Trading Up 2.7 %

NASDAQ:AVGO opened at $207.55 on Wednesday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The firm has a 50-day moving average of $209.53 and a 200-day moving average of $180.81. The company has a market cap of $972.85 billion, a PE ratio of 169.29, a PEG ratio of 2.52 and a beta of 1.03. Broadcom Inc. has a one year low of $117.43 and a one year high of $251.88.

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

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.14%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. Broadcom’s payout ratio is presently 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.