Brooklyn Investment Group Acquires 1,614 Shares of Broadcom Inc. (NASDAQ:AVGO)

Brooklyn Investment Group lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 5.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 28,971 shares of the semiconductor manufacturer’s stock after buying an additional 1,614 shares during the quarter. Broadcom accounts for approximately 2.0% of Brooklyn Investment Group’s portfolio, making the stock its 7th biggest position. Brooklyn Investment Group’s holdings in Broadcom were worth $6,716,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in AVGO. NCP Inc. raised its stake in Broadcom by 615.4% during the second quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock valued at $747,000 after buying an additional 400 shares in the last quarter. ProVise Management Group LLC acquired a new stake in shares of Broadcom during the 2nd quarter valued at approximately $318,000. AE Wealth Management LLC lifted its stake in Broadcom by 20.5% during the second quarter. AE Wealth Management LLC now owns 4,681 shares of the semiconductor manufacturer’s stock worth $7,515,000 after purchasing an additional 797 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in Broadcom by 1.4% in the second quarter. Pacer Advisors Inc. now owns 69,557 shares of the semiconductor manufacturer’s stock worth $111,676,000 after purchasing an additional 931 shares during the period. Finally, Sei Investments Co. increased its stake in Broadcom by 9.8% during the second quarter. Sei Investments Co. now owns 268,735 shares of the semiconductor manufacturer’s stock valued at $431,479,000 after purchasing an additional 23,949 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on AVGO shares. Barclays raised their price target on shares of Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday. Mizuho lifted their target price on Broadcom from $245.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Piper Sandler increased their price target on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Bank of America boosted their price objective on Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Finally, Hsbc Global Res raised Broadcom to a “hold” rating in a research report on Tuesday, December 3rd. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and an average target price of $225.83.

Insider Buying and Selling

In other news, insider Mark David Brazeal sold 20,168 shares of Broadcom stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $238.79, for a total value of $4,815,916.72. Following the transaction, the insider now directly owns 321,660 shares of the company’s stock, valued at $76,809,191.40. This trade represents a 5.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Diane M. Bryant sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $226.68, for a total transaction of $3,400,200.00. Following the completion of the sale, the director now owns 6,460 shares of the company’s stock, valued at approximately $1,464,352.80. This trade represents a 69.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 191,278 shares of company stock worth $44,964,800 in the last three months. 2.00% of the stock is currently owned by insiders.

Broadcom Trading Up 3.5 %

Shares of AVGO stock opened at $237.44 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock has a 50-day simple moving average of $202.01 and a 200 day simple moving average of $178.14. Broadcom Inc. has a fifty-two week low of $112.19 and a fifty-two week high of $251.88. The stock has a market capitalization of $1.11 trillion, a P/E ratio of 193.67, a P/E/G ratio of 2.35 and a beta of 1.03.

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, 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 analysts’ expectations of $14.07 billion. During the same quarter in the previous year, the company posted $0.98 EPS. The business’s revenue was up 51.2% compared to the same quarter last year. On average, sell-side 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. Stockholders of record on Monday, December 23rd were paid a dividend of $0.59 per share. The ex-dividend date was Monday, December 23rd. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a dividend yield of 0.99%. Broadcom’s dividend payout ratio (DPR) is currently 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.