Hunter Associates Investment Management LLC Sells 5,803 Shares of Broadcom Inc. $AVGO

Hunter Associates Investment Management LLC cut its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 10.5% during the 3rd quarter, Holdings Channel reports. The fund owned 49,509 shares of the semiconductor manufacturer’s stock after selling 5,803 shares during the period. Broadcom comprises approximately 2.3% of Hunter Associates Investment Management LLC’s investment portfolio, making the stock its 8th largest position. Hunter Associates Investment Management LLC’s holdings in Broadcom were worth $16,336,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also bought and sold shares of AVGO. Longfellow Investment Management Co. LLC acquired a new position in Broadcom during the 2nd quarter worth approximately $27,000. Teachers Insurance & Annuity Association of America acquired a new stake in Broadcom in the second quarter valued at approximately $28,000. LGT Financial Advisors LLC bought a new stake in shares of Broadcom during the second quarter valued at approximately $31,000. New England Capital Financial Advisors LLC bought a new stake in shares of Broadcom during the second quarter valued at approximately $31,000. Finally, JCIC Asset Management Inc. acquired a new position in shares of Broadcom during the third quarter worth approximately $31,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Trading Down 0.8%

Shares of AVGO stock opened at $330.73 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71. The company has a market capitalization of $1.57 trillion, a price-to-earnings ratio of 69.48, a PEG ratio of 1.10 and a beta of 1.21. Broadcom Inc. has a 52-week low of $138.10 and a 52-week high of $414.61. The company has a 50-day simple moving average of $355.94 and a two-hundred day simple moving average of $336.85.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The firm had revenue of $18.02 billion for the quarter, compared to the consensus estimate of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The company’s revenue was up 28.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.42 EPS. Research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd were paid a $0.65 dividend. This is a boost from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date was Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. Broadcom’s dividend payout ratio is currently 54.62%.

Insider Activity

In related news, Director Harry L. You acquired 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 18th. The stock was acquired at an average price of $325.13 per share, for a total transaction of $325,130.00. Following the completion of the acquisition, the director owned 36,602 shares of the company’s stock, valued at approximately $11,900,408.26. This represents a 2.81% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hock E. Tan sold 70,000 shares of Broadcom stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $347.30, for a total transaction of $24,311,000.00. Following the completion of the sale, the chief executive officer directly owned 132,836 shares in the company, valued at approximately $46,133,942.80. This represents a 34.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 779,901 shares of company stock worth $284,069,237. 2.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several research reports. Morgan Stanley lifted their price target on shares of Broadcom from $443.00 to $462.00 and gave the company an “overweight” rating in a research report on Friday, December 12th. Raymond James Financial set a $420.00 price objective on shares of Broadcom and gave the company an “outperform” rating in a report on Thursday, November 20th. TD Cowen reissued a “buy” rating on shares of Broadcom in a research report on Friday, December 12th. Truist Financial raised their price target on shares of Broadcom from $500.00 to $510.00 and gave the company a “buy” rating in a research report on Friday, December 19th. Finally, Susquehanna reiterated a “positive” rating and set a $450.00 price target (up previously from $400.00) on shares of Broadcom in a research note on Thursday, December 4th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $438.61.

Broadcom Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.