Patton Fund Management Inc. Has $6.56 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

Patton Fund Management Inc. trimmed its stake in Broadcom Inc. (NASDAQ:AVGO) by 12.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,276 shares of the semiconductor manufacturer’s stock after selling 3,962 shares during the period. Broadcom comprises approximately 1.3% of Patton Fund Management Inc.’s investment portfolio, making the stock its 20th biggest position. Patton Fund Management Inc.’s holdings in Broadcom were worth $6,556,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Park National Corp OH grew its holdings in Broadcom by 857.0% during the 3rd quarter. Park National Corp OH now owns 10,938 shares of the semiconductor manufacturer’s stock worth $1,887,000 after acquiring an additional 9,795 shares during the period. AMF Tjanstepension AB grew its holdings in Broadcom by 856.9% during the 3rd quarter. AMF Tjanstepension AB now owns 1,014,616 shares of the semiconductor manufacturer’s stock worth $175,101,000 after acquiring an additional 908,585 shares during the period. Czech National Bank grew its holdings in Broadcom by 1,042.3% during the 3rd quarter. Czech National Bank now owns 948,249 shares of the semiconductor manufacturer’s stock worth $163,573,000 after acquiring an additional 865,238 shares during the period. Silvia Mccoll Wealth Management LLC grew its holdings in Broadcom by 900.0% during the 3rd quarter. Silvia Mccoll Wealth Management LLC now owns 5,470 shares of the semiconductor manufacturer’s stock worth $944,000 after acquiring an additional 4,923 shares during the period. Finally, Curbstone Financial Management Corp grew its holdings in Broadcom by 900.0% during the 3rd quarter. Curbstone Financial Management Corp now owns 5,440 shares of the semiconductor manufacturer’s stock worth $938,000 after acquiring an additional 4,896 shares during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Broadcom

In other news, insider Charlie B. Kawwas sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the completion of the sale, the insider now owns 696,730 shares in the company, valued at $161,627,425.40. This trade represents a 5.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Check Kian Low sold 48,000 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the sale, the director now owns 113,050 shares of the company’s stock, valued at approximately $26,606,317.50. The trade was a 29.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 191,278 shares of company stock worth $44,964,800 in the last quarter. Insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

AVGO has been the subject of a number of recent analyst reports. UBS Group increased their price target on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Benchmark restated a “buy” rating and issued a $255.00 target price (up from $210.00) on shares of Broadcom in a research note on Friday, December 13th. Rosenblatt Securities restated a “buy” rating and issued a $240.00 target price on shares of Broadcom in a research note on Wednesday, December 11th. Evercore ISI raised their target price on Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $225.04.

Broadcom Price Performance

Broadcom stock opened at $221.27 on Friday. Broadcom Inc. has a 52 week low of $117.43 and a 52 week high of $251.88. The company’s 50 day moving average price is $212.27 and its two-hundred day moving average price is $181.58. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock has a market cap of $1.04 trillion, a P/E ratio of 180.48, a P/E/G ratio of 2.16 and a beta of 1.03.

Broadcom (NASDAQ:AVGO) last posted 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 firm had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. During the same quarter last year, the firm earned $0.98 EPS. The company’s quarterly revenue was up 51.2% compared to the same quarter last year. On average, equities analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current 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 paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, December 23rd. This represents a $2.36 annualized dividend and a dividend yield of 1.07%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) 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.