West Michigan Advisors LLC Cuts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

West Michigan Advisors LLC decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 10.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 22,408 shares of the semiconductor manufacturer’s stock after selling 2,695 shares during the period. Broadcom accounts for 1.6% of West Michigan Advisors LLC’s holdings, making the stock its 13th biggest position. West Michigan Advisors LLC’s holdings in Broadcom were worth $5,195,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Pin Oak Investment Advisors Inc. grew its position in Broadcom by 900.0% during the 3rd 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 last quarter. Canton Hathaway LLC acquired a new stake in shares of Broadcom during the fourth quarter worth $26,000. JDM Financial Group LLC grew its holdings in shares of Broadcom by 1,323.1% during the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock valued at $32,000 after buying an additional 172 shares during the last quarter. Retirement Wealth Solutions LLC acquired a new position in shares of Broadcom in the 4th quarter valued at $37,000. Finally, R Squared Ltd acquired a new position in shares of Broadcom in the 4th quarter valued at $39,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Robert W. Baird increased their price target on shares of Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Jefferies Financial Group upped their price objective on shares of Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a report on Friday, December 13th. Truist Financial raised their target price on shares of Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, December 13th. 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. Finally, Susquehanna increased their price target on Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a research report on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat, Broadcom has an average rating of “Moderate Buy” and a consensus price target of $225.04.

Insider Transactions at Broadcom

In related news, Director Check Kian Low sold 48,000 shares of the firm’s stock in a transaction that occurred on 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 trade represents a 29.80 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hock E. Tan sold 45,000 shares of Broadcom stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $239.96, for a total transaction of $10,798,200.00. Following the completion of the transaction, the chief executive officer now owns 842,836 shares of the company’s stock, valued at $202,246,926.56. This represents a 5.07 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 191,278 shares of company stock valued at $44,964,800. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Performance

Shares of Broadcom stock opened at $199.29 on Friday. The stock has a market capitalization of $934.16 billion, a price-to-earnings ratio of 162.56, a price-to-earnings-growth ratio of 2.29 and a beta of 1.02. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The business has a 50-day moving average of $227.44 and a 200 day moving average of $192.11. Broadcom Inc. has a 12 month low of $119.76 and a 12 month high of $251.88.

Broadcom (NASDAQ:AVGO) last issued its quarterly 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 net margin of 11.43% and a return on equity of 28.00%. The business had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. During the same quarter in the prior year, the company earned $0.98 earnings per share. The business’s quarterly revenue was up 51.2% on a year-over-year basis. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current 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 paid a $0.59 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. This represents a $2.36 annualized dividend and a dividend yield of 1.18%. Broadcom’s payout ratio is 191.87%.

Broadcom Company 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.