Miracle Mile Advisors LLC Has $18.06 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Miracle Mile Advisors LLC grew its holdings in Broadcom Inc. (NASDAQ:AVGO) by 43.6% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 77,894 shares of the semiconductor manufacturer’s stock after acquiring an additional 23,636 shares during the period. Miracle Mile Advisors LLC’s holdings in Broadcom were worth $18,059,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Northstar Advisory Group LLC acquired a new position in Broadcom in the fourth quarter worth about $1,129,000. Conrad Siegel Investment Advisors Inc. raised its holdings in shares of Broadcom by 18.5% in the 4th quarter. Conrad Siegel Investment Advisors Inc. now owns 1,729 shares of the semiconductor manufacturer’s stock worth $401,000 after buying an additional 270 shares in the last quarter. Sunflower Bank N.A. lifted its position in shares of Broadcom by 14.6% during the 4th quarter. Sunflower Bank N.A. now owns 6,067 shares of the semiconductor manufacturer’s stock worth $1,407,000 after buying an additional 772 shares during the period. Burns J W & Co. Inc. NY boosted its stake in Broadcom by 31.3% in the 4th quarter. Burns J W & Co. Inc. NY now owns 9,180 shares of the semiconductor manufacturer’s stock valued at $2,128,000 after buying an additional 2,190 shares in the last quarter. Finally, Davis Investment Partners LLC acquired a new position in Broadcom during the fourth quarter worth $309,000. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Up 0.4 %

Shares of Broadcom stock opened at $225.29 on Tuesday. Broadcom Inc. has a 12 month low of $109.02 and a 12 month high of $251.88. The business has a fifty day simple moving average of $198.03 and a 200 day simple moving average of $176.17. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The stock has a market cap of $1.06 trillion, a PE ratio of 195.73, a price-to-earnings-growth ratio of 2.15 and a beta of 1.03.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.03. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company 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 company earned $0.98 EPS. The company’s revenue for the quarter was up 51.2% compared to the same quarter last year. Research analysts predict that Broadcom Inc. will post 3.79 EPS for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.05%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. Broadcom’s dividend payout ratio (DPR) is currently 191.87%.

Insider Activity at Broadcom

In other Broadcom news, Director Check Kian Low sold 48,000 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was 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. The trade was a 29.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eddy W. Hartenstein sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $229.64, for a total value of $918,560.00. Following the sale, the director now directly owns 46,400 shares in the company, valued at approximately $10,655,296. This represents a 7.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 191,278 shares of company stock worth $44,964,800 in the last quarter. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on AVGO shares. Mizuho boosted their target price on shares of Broadcom from $245.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday. Truist Financial upped 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. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Barclays increased their price target on Broadcom from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Finally, Benchmark reiterated a “buy” rating and issued a $255.00 price objective (up previously from $210.00) on shares of Broadcom in a research report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and an average target price of $223.54.

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.