Broadcom Inc. (NASDAQ:AVGO) is Oliver Luxxe Assets LLC’s 8th Largest Position

Oliver Luxxe Assets LLC cut its holdings in Broadcom Inc. (NASDAQ:AVGO) by 10.5% during the fourth quarter, Holdings Channel reports. The firm owned 38,466 shares of the semiconductor manufacturer’s stock after selling 4,495 shares during the quarter. Broadcom makes up 1.5% of Oliver Luxxe Assets LLC’s portfolio, making the stock its 8th biggest holding. Oliver Luxxe Assets LLC’s holdings in Broadcom were worth $8,918,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Kiely Wealth Advisory Group Inc. purchased a new position in Broadcom during the second quarter valued at $128,000. Mark Sheptoff Financial Planning LLC purchased a new stake in shares of Broadcom in the second quarter worth about $136,000. WPWealth LLP bought a new position in Broadcom during the second quarter valued at approximately $204,000. Harrington Investments INC purchased a new position in Broadcom during the 2nd quarter valued at approximately $207,000. Finally, AIMZ Investment Advisors LLC bought a new stake in Broadcom in the 2nd quarter worth approximately $207,000. 76.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Susquehanna increased their target price on Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a research report on Friday, December 13th. William Blair began coverage on shares of Broadcom in a research note on Wednesday, September 18th. They issued an “outperform” rating for the company. UBS Group boosted their target price on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Hsbc Global Res upgraded Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. Finally, Cantor Fitzgerald upped their price objective on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, October 8th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $221.88.

Insider Activity

In related news, insider Mark David Brazeal sold 18,900 shares of the company’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the transaction, the insider now directly owns 380,560 shares of the company’s stock, valued at $69,596,812.80. This represents a 4.73 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Hock E. Tan sold 45,000 shares of the stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $239.96, for a total value of $10,798,200.00. Following the completion of the sale, the chief executive officer now owns 842,836 shares of the company’s stock, valued at approximately $202,246,926.56. This trade represents a 5.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 134,128 shares of company stock worth $29,820,640. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Up 1.3 %

NASDAQ AVGO traded up $3.06 during trading on Monday, reaching $235.61. 22,877,378 shares of the company’s stock traded hands, compared to its average volume of 26,197,266. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The company’s 50 day simple moving average is $191.27 and its two-hundred day simple moving average is $173.87. Broadcom Inc. has a 12-month low of $105.20 and a 12-month high of $251.88. The firm has a market cap of $1.10 trillion, a price-to-earnings ratio of 204.70, a price-to-earnings-growth ratio of 2.15 and a beta of 1.03.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.03. The business had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The business’s revenue for the quarter was up 51.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.98 EPS. As a group, sell-side analysts forecast that Broadcom Inc. will post 3.79 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders 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 1.00%. 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 dividend payout ratio is presently 191.87%.

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.