Conning Inc. Sells 229,992 Shares of Broadcom Inc. (NASDAQ:AVGO)

Conning Inc. lowered its holdings in Broadcom Inc. (NASDAQ:AVGO) by 86.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 36,327 shares of the semiconductor manufacturer’s stock after selling 229,992 shares during the period. Conning Inc.’s holdings in Broadcom were worth $8,422,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of AVGO. Castleview Partners LLC grew its stake in shares of Broadcom by 1,030.8% during the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 134 shares during the period. Pin Oak Investment Advisors Inc. boosted its position in Broadcom by 900.0% during the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 135 shares during the period. JDM Financial Group LLC increased its stake in shares of Broadcom by 1,323.1% in the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 172 shares in the last quarter. Retirement Wealth Solutions LLC bought a new stake in shares of Broadcom in the fourth quarter valued at approximately $37,000. Finally, Tsfg LLC lifted its stake in shares of Broadcom by 1,073.7% during the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock valued at $38,000 after buying an additional 204 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on AVGO shares. Barclays lifted their price objective on shares of Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Jefferies Financial Group boosted their price objective on Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Robert W. Baird raised their target price on Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Bank of America upped their price target on Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Finally, Piper Sandler raised their price objective on shares of Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus target price of $225.04.

Broadcom Trading Up 4.5 %

AVGO stock opened at $235.04 on Tuesday. Broadcom Inc. has a one year low of $119.76 and a one year high of $251.88. The company has a market capitalization of $1.10 trillion, a PE ratio of 191.71, a price-to-earnings-growth ratio of 2.42 and a beta of 1.02. The company’s 50 day moving average price is $219.76 and its two-hundred day moving average price is $184.56. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom (NASDAQ:AVGO) last posted its quarterly 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. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business had revenue of $14.05 billion during 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 company’s revenue was up 51.2% on a year-over-year basis. As a group, analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a 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 (DPR) is presently 192.50%.

Insider Buying and Selling at Broadcom

In related news, Director Eddy W. Hartenstein sold 4,000 shares of Broadcom stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total value of $918,560.00. Following the transaction, the director now directly owns 46,400 shares of the company’s stock, valued at $10,655,296. The trade was a 7.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Hock E. Tan sold 45,000 shares of the stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $239.96, for a total transaction of $10,798,200.00. Following the sale, the chief executive officer now directly owns 842,836 shares of the company’s stock, valued at $202,246,926.56. The trade was a 5.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 191,278 shares of company stock worth $44,964,800. 2.00% of the stock is currently owned by insiders.

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.