Broadcom Inc. (NASDAQ:AVGO) Stake Reduced by Verdence Capital Advisors LLC

Verdence Capital Advisors LLC trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 16.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 83,778 shares of the semiconductor manufacturer’s stock after selling 16,965 shares during the period. Broadcom makes up about 1.6% of Verdence Capital Advisors LLC’s holdings, making the stock its 6th biggest holding. Verdence Capital Advisors LLC’s holdings in Broadcom were worth $19,423,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of AVGO. State Street Corp boosted its holdings in shares of Broadcom by 948.5% during the 3rd quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock valued at $31,814,902,000 after acquiring an additional 166,844,263 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Broadcom by 976.6% during the 3rd quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock valued at $17,055,760,000 after acquiring an additional 89,975,941 shares during the last quarter. FMR LLC boosted its holdings in shares of Broadcom by 1,121.3% during the 3rd quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock valued at $15,594,088,000 after acquiring an additional 82,998,328 shares during the last quarter. Jennison Associates LLC boosted its holdings in shares of Broadcom by 842.4% during the 3rd quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock valued at $6,209,758,000 after acquiring an additional 32,178,542 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Broadcom by 975.4% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock valued at $5,833,894,000 after acquiring an additional 30,674,902 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Trading Up 0.1 %

Shares of AVGO opened at $187.48 on Wednesday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a 1 year low of $119.76 and a 1 year high of $251.88. The company has a 50 day simple moving average of $225.50 and a two-hundred day simple moving average of $192.65. The firm has a market cap of $878.79 billion, a P/E ratio of 152.92, a price-to-earnings-growth ratio of 2.29 and a beta of 1.02.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) 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 last year, the firm posted $0.98 EPS. The company’s revenue was up 51.2% on a year-over-year basis. On average, equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were issued a dividend of $0.59 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date was Monday, December 23rd. Broadcom’s dividend payout ratio (DPR) is 191.87%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. TD Cowen raised their price target on shares of Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a report on Friday, December 13th. Benchmark reaffirmed a “buy” rating and set a $255.00 price target (up previously from $210.00) on shares of Broadcom in a report on Friday, December 13th. Evercore ISI raised their price target on shares of Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Hsbc Global Res upgraded shares of Broadcom to a “hold” rating in a research note on Tuesday, December 3rd. Finally, Truist Financial increased their price objective on shares of Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $225.04.

Insider Activity at Broadcom

In related news, Director Check Kian Low sold 48,000 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $235.35, for a total value of $11,296,800.00. Following the completion of the transaction, the director now directly owns 113,050 shares of the company’s stock, valued at approximately $26,606,317.50. This trade represents a 29.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Harry L. You sold 6,540 shares of the firm’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the completion of the transaction, the director now directly owns 30,450 shares of the company’s stock, valued at approximately $7,308,000. This trade represents a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 191,278 shares of company stock valued at $44,964,800. 2.00% of the stock is owned by corporate insiders.

About Broadcom

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.