Brown Miller Wealth Management LLC Cuts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Brown Miller Wealth Management LLC lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 26.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 370 shares of the semiconductor manufacturer’s stock after selling 132 shares during the quarter. Brown Miller Wealth Management LLC’s holdings in Broadcom were worth $413,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Broadcom during the fourth quarter valued at approximately $2,222,676,000. Moneta Group Investment Advisors LLC raised its stake in Broadcom by 122,794.1% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,667,161 shares of the semiconductor manufacturer’s stock valued at $2,050,420,000 after buying an additional 3,664,177 shares during the last quarter. Providence Capital Advisors LLC increased its holdings in shares of Broadcom by 49,919.1% during the first quarter. Providence Capital Advisors LLC now owns 2,437,432 shares of the semiconductor manufacturer’s stock valued at $3,799,000 after acquiring an additional 2,432,559 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Broadcom by 43.9% in the 3rd quarter. Wellington Management Group LLP now owns 4,025,658 shares of the semiconductor manufacturer’s stock valued at $3,343,631,000 after purchasing an additional 1,228,755 shares during the last quarter. Finally, Barclays PLC grew its holdings in shares of Broadcom by 126.5% during the second quarter. Barclays PLC now owns 1,468,758 shares of the semiconductor manufacturer’s stock valued at $1,274,044,000 after buying an additional 820,402 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Performance

NASDAQ:AVGO traded up $6.68 during trading hours on Thursday, reaching $1,325.41. 1,984,981 shares of the stock were exchanged, compared to its average volume of 3,096,293. Broadcom Inc. has a 52 week low of $601.29 and a 52 week high of $1,438.17. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05. The stock has a market capitalization of $614.22 billion, a P/E ratio of 49.04, a P/E/G ratio of 2.81 and a beta of 1.26. The firm has a 50 day simple moving average of $1,271.85 and a 200-day simple moving average of $1,063.26.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping the consensus estimate of $8.95 by $2.04. The firm had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The firm’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same period last year, the company earned $9.83 earnings per share. As a group, sell-side analysts forecast that Broadcom Inc. will post 36.8 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Thursday, March 21st will be given a $5.25 dividend. The ex-dividend date of this dividend is Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a yield of 1.58%. Broadcom’s dividend payout ratio is presently 77.84%.

Insiders Place Their Bets

In related news, CFO Kirsten M. Spears sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, January 5th. The stock was sold at an average price of $1,043.14, for a total transaction of $2,607,850.00. Following the sale, the chief financial officer now owns 26,880 shares of the company’s stock, valued at $28,039,603.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Charlie B. Kawwas sold 5,000 shares of the stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the completion of the sale, the insider now directly owns 16,575 shares of the company’s stock, valued at $22,276,800. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Kirsten M. Spears sold 2,500 shares of the company’s stock in a transaction on Friday, January 5th. The shares were sold at an average price of $1,043.14, for a total value of $2,607,850.00. Following the completion of the transaction, the chief financial officer now directly owns 26,880 shares in the company, valued at approximately $28,039,603.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,810 shares of company stock worth $26,107,692. 2.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Barclays began coverage on Broadcom in a research report on Wednesday, March 20th. They set an “overweight” rating and a $1,405.00 price target on the stock. JPMorgan Chase & Co. restated an “overweight” rating and set a $1,700.00 price target on shares of Broadcom in a research report on Thursday, March 21st. Cantor Fitzgerald upped their price objective on shares of Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a report on Monday, March 4th. Truist Financial lifted their target price on Broadcom from $995.00 to $1,015.00 and gave the company a “buy” rating in a research report on Friday, December 8th. Finally, UBS Group upped their price target on Broadcom to $1,480.00 and gave the stock a “buy” rating in a research note on Monday, February 26th. Three research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,230.18.

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.