Old Port Advisors Has $5.61 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Old Port Advisors trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,196 shares of the semiconductor manufacturer’s stock after selling 771 shares during the period. Broadcom comprises approximately 1.6% of Old Port Advisors’ portfolio, making the stock its 12th biggest holding. Old Port Advisors’ holdings in Broadcom were worth $5,610,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of AVGO. State Street Corp lifted 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 buying an additional 166,844,263 shares during the last quarter. Geode Capital Management LLC raised its position in Broadcom by 976.6% during the third 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 in the last quarter. FMR LLC lifted its stake in Broadcom by 1,121.3% in the third 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 lifted its stake in Broadcom by 842.4% in the third 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 grew its position in Broadcom by 975.4% in the third 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 worth $5,833,894,000 after acquiring an additional 30,674,902 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of recent research reports. Rosenblatt Securities reiterated a “buy” rating and issued a $240.00 price objective on shares of Broadcom in a report on Wednesday, December 11th. Morgan Stanley increased their price objective on Broadcom from $233.00 to $265.00 and gave the company an “overweight” rating in a report on Friday, December 20th. TD Cowen raised their price objective on Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Truist Financial increased their price target on Broadcom from $205.00 to $245.00 and gave the company a “buy” rating in a report on Friday, December 13th. Finally, Evercore ISI boosted their price objective on shares of Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $221.88.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Harry L. You sold 6,540 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total value of $1,569,600.00. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 20,168 shares of the company’s stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $238.79, for a total transaction of $4,815,916.72. Following the transaction, the insider now owns 321,660 shares in the company, valued at $76,809,191.40. The trade was a 5.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 154,408 shares of company stock worth $33,412,228 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ:AVGO traded up $4.70 during midday trading on Thursday, reaching $236.54. 11,601,334 shares of the company’s stock were exchanged, compared to its average volume of 30,456,207. The firm has a market capitalization of $1.11 trillion, a PE ratio of 205.51, a price-to-earnings-growth ratio of 2.15 and a beta of 1.13. The company’s 50 day simple moving average is $188.87 and its two-hundred day simple moving average is $173.02. Broadcom Inc. has a 12 month low of $104.15 and a 12 month high of $251.88. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results 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. The firm 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 was up 51.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.98 earnings per share. Equities research analysts expect that Broadcom Inc. will post 3.79 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were issued a dividend of $0.59 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a yield of 1.00%. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s dividend payout ratio (DPR) is currently 191.87%.

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.