Wellington Shields & Co. LLC Reduces Position in Broadcom Inc. (NASDAQ:AVGO)

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 Profile

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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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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