Petredis Investment Advisors LLC Lowers Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Petredis Investment Advisors LLC reduced its holdings in Broadcom Inc. (NASDAQ:AVGO) by 0.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 59,006 shares of the semiconductor manufacturer’s stock after selling 405 shares during the period. Broadcom comprises 1.4% of Petredis Investment Advisors LLC’s holdings, making the stock its 18th largest position. Petredis Investment Advisors LLC’s holdings in Broadcom were worth $13,680,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in AVGO. Gradient Investments LLC increased its stake in shares of Broadcom by 5.6% during the fourth quarter. Gradient Investments LLC now owns 168,911 shares of the semiconductor manufacturer’s stock worth $39,160,000 after purchasing an additional 8,954 shares in the last quarter. Wolff Financial Management LLC acquired a new stake in Broadcom in the 4th quarter worth about $244,000. Exchange Traded Concepts LLC increased its stake in Broadcom by 15.7% during the 4th quarter. Exchange Traded Concepts LLC now owns 35,237 shares of the semiconductor manufacturer’s stock worth $8,169,000 after buying an additional 4,793 shares in the last quarter. Zweig DiMenna Associates LLC raised its holdings in shares of Broadcom by 3.2% during the fourth quarter. Zweig DiMenna Associates LLC now owns 305,381 shares of the semiconductor manufacturer’s stock valued at $70,800,000 after acquiring an additional 9,500 shares during the last quarter. Finally, Berbice Capital Management LLC purchased a new position in shares of Broadcom in the fourth quarter valued at approximately $7,233,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Mark David Brazeal sold 20,168 shares of Broadcom stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $238.79, for a total value of $4,815,916.72. Following the completion of the transaction, the insider now directly owns 321,660 shares in the company, valued at approximately $76,809,191.40. This trade represents a 5.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Harry L. You sold 6,540 shares of the company’s 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 sale, the director now owns 30,450 shares in the company, valued at approximately $7,308,000. This trade represents a 17.68 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 191,278 shares of company stock valued at $44,964,800. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Up 1.8 %

Broadcom stock opened at $244.70 on Monday. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The firm has a 50 day moving average price of $208.80 and a 200 day moving average price of $180.62. Broadcom Inc. has a fifty-two week low of $117.43 and a fifty-two week high of $251.88. The company has a market capitalization of $1.15 trillion, a PE ratio of 199.59, a price-to-earnings-growth ratio of 2.52 and a beta of 1.03.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $14.07 billion. During the same period in the previous year, the firm posted $0.98 earnings per share. The company’s revenue was up 51.2% on a year-over-year basis. Research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.96%. The ex-dividend date of this dividend was Monday, December 23rd. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 191.87%.

Analysts Set New Price Targets

Several research analysts recently commented on AVGO shares. Hsbc Global Res raised Broadcom to a “hold” rating in a research note on Tuesday, December 3rd. Cantor Fitzgerald raised their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Rosenblatt Securities reaffirmed a “buy” rating and set a $240.00 price objective on shares of Broadcom in a research note on Wednesday, December 11th. Susquehanna increased their price objective on shares of Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a report on Friday, December 13th. Finally, Morgan Stanley boosted their target price on Broadcom from $233.00 to $265.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $225.83.

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.