BOCHK Asset Management Ltd Has $11.05 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

BOCHK Asset Management Ltd reduced its stake in Broadcom Inc. (NASDAQ:AVGO) by 60.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 47,680 shares of the semiconductor manufacturer’s stock after selling 73,470 shares during the quarter. Broadcom comprises 3.4% of BOCHK Asset Management Ltd’s holdings, making the stock its 12th largest holding. BOCHK Asset Management Ltd’s holdings in Broadcom were worth $11,054,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in AVGO. Park National Corp OH grew its position in Broadcom by 857.0% in the 3rd quarter. Park National Corp OH now owns 10,938 shares of the semiconductor manufacturer’s stock valued at $1,887,000 after purchasing an additional 9,795 shares during the period. AMF Tjanstepension AB lifted its stake in shares of Broadcom by 856.9% in the third quarter. AMF Tjanstepension AB now owns 1,014,616 shares of the semiconductor manufacturer’s stock valued at $175,101,000 after buying an additional 908,585 shares in the last quarter. Czech National Bank grew its holdings in shares of Broadcom by 1,042.3% during the third quarter. Czech National Bank now owns 948,249 shares of the semiconductor manufacturer’s stock valued at $163,573,000 after buying an additional 865,238 shares during the last quarter. Silvia Mccoll Wealth Management LLC increased its position in shares of Broadcom by 900.0% during the third quarter. Silvia Mccoll Wealth Management LLC now owns 5,470 shares of the semiconductor manufacturer’s stock worth $944,000 after acquiring an additional 4,923 shares in the last quarter. Finally, Curbstone Financial Management Corp raised its holdings in shares of Broadcom by 900.0% in the 3rd quarter. Curbstone Financial Management Corp now owns 5,440 shares of the semiconductor manufacturer’s stock worth $938,000 after acquiring an additional 4,896 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have commented on AVGO shares. Piper Sandler boosted their price objective on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Bank of America upped their price target on Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Robert W. Baird raised their price objective on Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Evercore ISI lifted their price objective on shares of Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Finally, UBS Group increased their target price on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a report on Monday, November 4th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $225.04.

Broadcom Trading Up 2.6 %

NASDAQ:AVGO opened at $221.27 on Friday. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $1.04 trillion, a PE ratio of 180.48, a price-to-earnings-growth ratio of 2.16 and a beta of 1.03. The firm’s 50 day moving average is $212.27 and its 200 day moving average is $181.58. Broadcom Inc. has a 12 month low of $117.43 and a 12 month high of $251.88.

Broadcom (NASDAQ:AVGO) last released 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 net margin of 11.43% and a return on equity of 28.00%. The business had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. During the same period in the previous year, the business earned $0.98 EPS. Broadcom’s revenue was up 51.2% compared to the same quarter last year. Sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.07%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s payout ratio is currently 192.50%.

Insider Activity at Broadcom

In related news, insider Mark David Brazeal sold 20,168 shares of Broadcom stock in a transaction that occurred on Tuesday, December 24th. The shares were 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. The trade was a 5.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 40,000 shares of Broadcom stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the completion of the transaction, the insider now owns 696,730 shares of the company’s stock, valued at $161,627,425.40. This represents a 5.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 191,278 shares of company stock worth $44,964,800. Corporate insiders own 2.00% of the company’s stock.

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.