Bay Rivers Group Reduces Stake in Broadcom Inc. (NASDAQ:AVGO)

Bay Rivers Group trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO) by 2.5% in the 4th quarter, Holdings Channel reports. The fund owned 64,483 shares of the semiconductor manufacturer’s stock after selling 1,668 shares during the quarter. Broadcom accounts for about 7.2% of Bay Rivers Group’s investment portfolio, making the stock its 2nd biggest position. Bay Rivers Group’s holdings in Broadcom were worth $14,950,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of AVGO. State Street Corp raised its holdings in shares of Broadcom by 948.5% during the third quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock valued at $31,814,902,000 after purchasing an additional 166,844,263 shares during the last quarter. Geode Capital Management LLC boosted its position in Broadcom by 976.6% in the third quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock worth $17,055,760,000 after purchasing an additional 89,975,941 shares during the last quarter. FMR LLC increased its position in shares of Broadcom by 1,121.3% during the 3rd quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock valued at $15,594,088,000 after purchasing an additional 82,998,328 shares during the last quarter. Jennison Associates LLC boosted its holdings in shares of Broadcom by 842.4% in the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock worth $6,209,758,000 after buying an additional 32,178,542 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Broadcom by 975.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock worth $5,833,894,000 after acquiring an additional 30,674,902 shares during the period. Institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. JPMorgan Chase & Co. upped their price target on Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Jefferies Financial Group upped their target price on shares of Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Susquehanna boosted their price objective on Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a research report on Friday, December 13th. Hsbc Global Res raised Broadcom to a “hold” rating in a research note on Tuesday, December 3rd. Finally, Truist Financial lifted their price objective on shares of Broadcom from $205.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and a consensus target price of $225.04.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 45,000 shares of Broadcom stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 842,836 shares in the company, valued at approximately $202,246,926.56. This trade represents a 5.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Harry L. You sold 6,540 shares of Broadcom stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock valued at $44,964,800 in the last three months. 2.00% of the stock is owned by insiders.

Broadcom Stock Up 4.5 %

Broadcom stock opened at $215.66 on Friday. Broadcom Inc. has a twelve month low of $117.43 and a twelve month high of $251.88. The business has a fifty day moving average of $211.24 and a two-hundred day moving average of $181.27. The firm has a market cap of $1.01 trillion, a P/E ratio of 175.91, a P/E/G ratio of 2.52 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. The business had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm’s revenue was up 51.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.98 earnings per share. On average, analysts forecast 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. Shareholders of record on Monday, December 23rd were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 1.09%. The ex-dividend date of this dividend was Monday, December 23rd. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 191.87%.

Broadcom Company 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.