Wellington Shields & Co. LLC decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 23.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,300 shares of the semiconductor manufacturer’s stock after selling 400 shares during the quarter. Wellington Shields & Co. LLC’s holdings in Broadcom were worth $569,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in AVGO. TFC Financial Management purchased a new stake in shares of Broadcom during the third quarter worth $27,000. Clean Yield Group grew its holdings in shares of Broadcom by 67.6% in the fourth quarter. Clean Yield Group now owns 62 shares of the semiconductor manufacturer’s stock valued at $27,000 after purchasing an additional 25 shares during the period. Carmichael Hill & Associates Inc. grew its holdings in shares of Broadcom by 138.5% in the fourth quarter. Carmichael Hill & Associates Inc. now owns 62 shares of the semiconductor manufacturer’s stock valued at $27,000 after purchasing an additional 36 shares during the period. Horan Securities Inc. purchased a new stake in shares of Broadcom in the third quarter valued at about $34,000. Finally, Mcmillion Capital Management Inc. purchased a new stake in shares of Broadcom in the fourth quarter valued at about $35,000. 80.62% of the stock is owned by institutional investors and hedge funds.
AVGO has been the subject of a number of analyst reports. Argus upped their price objective on shares of Broadcom from $400.00 to $460.00 and gave the company a “buy” rating in a report on Monday, December 14th. Rosenblatt Securities reissued a “buy” rating and issued a $470.00 price objective (up previously from $430.00) on shares of Broadcom in a report on Friday, December 11th. Wells Fargo & Company upped their price objective on shares of Broadcom from $360.00 to $410.00 and gave the company an “equal weight” rating in a report on Friday, December 11th. Zacks Investment Research raised shares of Broadcom from a “hold” rating to a “buy” rating and set a $439.00 target price on the stock in a research report on Wednesday, December 16th. Finally, KeyCorp reaffirmed a “buy” rating on shares of Broadcom in a research report on Monday, December 14th. Five research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $422.59.
In other Broadcom news, CEO Hock E. Tan sold 78,125 shares of the stock in a transaction that occurred on Tuesday, December 8th. The shares were sold at an average price of $422.43, for a total value of $33,002,343.75. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Hock E. Tan sold 14,025 shares of the stock in a transaction that occurred on Thursday, December 17th. The shares were sold at an average price of $424.90, for a total transaction of $5,959,222.50. Following the completion of the transaction, the chief executive officer now owns 217,832 shares in the company, valued at $92,556,816.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 178,268 shares of company stock worth $76,098,016. 3.00% of the stock is owned by corporate insiders.
NASDAQ:AVGO traded down $7.71 during mid-day trading on Tuesday, hitting $468.65. The stock had a trading volume of 40,532 shares, compared to its average volume of 1,637,027. The stock has a 50-day simple moving average of $461.79 and a two-hundred day simple moving average of $396.97. The company has a market capitalization of $190.61 billion, a PE ratio of 74.24, a PEG ratio of 1.50 and a beta of 1.05. Broadcom Inc. has a twelve month low of $155.67 and a twelve month high of $495.14. The company has a current ratio of 1.87, a quick ratio of 1.71 and a debt-to-equity ratio of 1.69.
Broadcom (NASDAQ:AVGO) last issued its earnings results on Wednesday, December 9th. The semiconductor manufacturer reported $6.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $6.25 by $0.10. The firm had revenue of $6.47 billion for the quarter, compared to analysts’ expectations of $6.43 billion. Broadcom had a net margin of 12.39% and a return on equity of 35.23%. The firm’s revenue was up 12.0% compared to the same quarter last year. During the same quarter last year, the company earned $5.39 earnings per share. Sell-side analysts predict that Broadcom Inc. will post 23.14 EPS for the current fiscal year.
Broadcom Inc designs, develops, and supplies semiconductor infrastructure software solutions. It offers 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's infrastructure software solutions enable customers to plan, develop, automate, manage, and secure applications across mainframe, distributed, mobile, and cloud platforms.
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