Mount Lucas Management LP Cuts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Mount Lucas Management LP lowered its stake in Broadcom Inc. (NASDAQ:AVGO) by 17.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,474 shares of the semiconductor manufacturer’s stock after selling 308 shares during the quarter. Mount Lucas Management LP’s holdings in Broadcom were worth $342,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pin Oak Investment Advisors Inc. increased its holdings in shares of Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 135 shares in the last quarter. Canton Hathaway LLC bought a new stake in shares of Broadcom in the 4th quarter worth $26,000. Rialto Wealth Management LLC bought a new stake in shares of Broadcom in the 4th quarter worth $26,000. JDM Financial Group LLC increased its holdings in shares of Broadcom by 1,323.1% in the 3rd quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 172 shares in the last quarter. Finally, Bellevue Asset Management LLC bought a new stake in shares of Broadcom in the 4th quarter worth $33,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Insider Activity

In other 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 value of $10,798,200.00. Following the sale, the chief executive officer now directly owns 842,836 shares of the company’s stock, valued at approximately $202,246,926.56. The trade was a 5.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Harry L. You sold 6,540 shares of Broadcom stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total value of $1,569,600.00. Following the completion of the sale, the director now directly owns 30,450 shares in the company, valued at $7,308,000. This trade represents a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 191,278 shares of company stock worth $44,964,800 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of Broadcom stock opened at $184.45 on Tuesday. The stock’s 50-day simple moving average is $221.26 and its 200-day simple moving average is $193.28. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88. The company has a market capitalization of $867.27 billion, a price-to-earnings ratio of 150.45, a PEG ratio of 2.29 and a beta of 1.01. 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 quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, beating the consensus estimate of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $14.05 billion for the quarter, compared to the consensus estimate of $14.07 billion. During the same period in the previous year, the business earned $0.98 earnings per share. The business’s revenue was up 51.2% on a year-over-year basis. As a group, analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Thursday, March 20th will be given a $0.59 dividend. The ex-dividend date of this dividend is Thursday, March 20th. This represents a $2.36 annualized dividend and a dividend yield of 1.28%. Broadcom’s payout ratio is 113.46%.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. JPMorgan Chase & Co. lifted their target price on Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Robert W. Baird lifted their target price on Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Deutsche Bank Aktiengesellschaft lifted their target price on Broadcom from $190.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. TD Cowen raised their price target on Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Finally, Hsbc Global Res upgraded Broadcom to a “hold” rating in a research note on Tuesday, December 3rd. Three analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $231.48.

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.