Broadcom Inc. (NASDAQ:AVGO) is Elite Wealth Management Inc.’s 10th Largest Position

Elite Wealth Management Inc. cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.8% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 36,179 shares of the semiconductor manufacturer’s stock after selling 1,422 shares during the period. Broadcom accounts for 1.0% of Elite Wealth Management Inc.’s investment portfolio, making the stock its 10th largest holding. Elite Wealth Management Inc.’s holdings in Broadcom were worth $8,388,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Blackston Financial Advisory Group LLC raised its holdings in shares of Broadcom by 21.1% in the 4th quarter. Blackston Financial Advisory Group LLC now owns 5,263 shares of the semiconductor manufacturer’s stock valued at $1,220,000 after purchasing an additional 917 shares in the last quarter. Capital Advisory Group Advisory Services LLC acquired a new stake in shares of Broadcom in the 4th quarter valued at $357,000. Lane & Associates LLC raised its holdings in shares of Broadcom by 14.1% in the 4th quarter. Lane & Associates LLC now owns 1,519 shares of the semiconductor manufacturer’s stock valued at $336,000 after purchasing an additional 188 shares in the last quarter. Physicians Financial Services Inc. raised its holdings in shares of Broadcom by 1.6% in the 4th quarter. Physicians Financial Services Inc. now owns 16,130 shares of the semiconductor manufacturer’s stock valued at $3,740,000 after purchasing an additional 250 shares in the last quarter. Finally, O Neil Global Advisors Inc. raised its holdings in shares of Broadcom by 403.5% in the 4th quarter. O Neil Global Advisors Inc. now owns 173,947 shares of the semiconductor manufacturer’s stock valued at $40,328,000 after purchasing an additional 139,398 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Check Kian Low sold 48,000 shares of the company’s stock in a transaction dated 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 sale, the director now owns 113,050 shares of the company’s stock, valued at $26,606,317.50. This represents a 29.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Charlie B. Kawwas sold 40,000 shares of the company’s stock in a transaction dated 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 sale, the insider now directly owns 696,730 shares in the company, valued at $161,627,425.40. This trade represents a 5.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 191,278 shares of company stock valued at $44,964,800 over the last quarter. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on AVGO shares. TD Cowen boosted their price target on shares of Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Morgan Stanley reduced their price target on shares of Broadcom from $265.00 to $246.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. Susquehanna boosted their price target on shares of Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a research report on Friday, December 13th. Hsbc Global Res raised shares of Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $240.00 price target on shares of Broadcom in a research report on Wednesday, December 11th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $225.04.

Broadcom Trading Down 3.6 %

Shares of AVGO opened at $218.61 on Monday. 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 firm’s 50-day moving average is $230.09 and its two-hundred day moving average is $190.49. Broadcom Inc. has a twelve month low of $119.76 and a twelve month high of $251.88. The firm has a market capitalization of $1.02 trillion, a P/E ratio of 178.32, a PEG ratio of 2.37 and a beta of 1.02.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.03. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. During the same period in the prior year, the business posted $0.98 earnings per share. The firm’s revenue for the quarter was up 51.2% compared to the same quarter last year. On average, research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.08%. The ex-dividend date of this dividend was Monday, December 23rd. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is 192.50%.

Broadcom 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.