Legacy Bridge LLC Decreases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Legacy Bridge LLC cut its stake in Broadcom Inc. (NASDAQ:AVGO) by 5.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,000 shares of the semiconductor manufacturer’s stock after selling 1,735 shares during the period. Broadcom accounts for about 3.4% of Legacy Bridge LLC’s investment portfolio, making the stock its 2nd biggest position. Legacy Bridge LLC’s holdings in Broadcom were worth $6,492,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Mattern Wealth Management LLC increased its holdings in shares of Broadcom by 48.1% in the fourth quarter. Mattern Wealth Management LLC now owns 29,579 shares of the semiconductor manufacturer’s stock valued at $6,858,000 after purchasing an additional 9,609 shares in the last quarter. Eaton Cambridge Inc. acquired a new stake in shares of Broadcom in the 4th quarter valued at $220,000. Integrity Wealth Solutions LLC bought a new stake in shares of Broadcom during the fourth quarter worth $492,000. Berkshire Bank lifted its stake in shares of Broadcom by 39.8% during the fourth quarter. Berkshire Bank now owns 8,392 shares of the semiconductor manufacturer’s stock valued at $1,946,000 after acquiring an additional 2,390 shares during the period. Finally, Lebenthal Global Advisors LLC boosted its holdings in Broadcom by 6.4% in the fourth quarter. Lebenthal Global Advisors LLC now owns 2,891 shares of the semiconductor manufacturer’s stock valued at $670,000 after acquiring an additional 175 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Diane M. Bryant sold 15,000 shares of the business’s stock in a transaction dated 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 transaction, the director now directly owns 6,460 shares in the company, valued at $1,464,352.80. The trade was a 69.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Mark David Brazeal sold 20,168 shares of the firm’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $238.79, for a total transaction of $4,815,916.72. Following the completion of the sale, the insider now 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 191,278 shares of company stock worth $44,964,800. Insiders own 2.00% of the company’s stock.

Broadcom Stock Up 4.5 %

Shares of AVGO stock opened at $215.66 on Friday. The firm’s fifty day moving average price is $211.24 and its two-hundred day moving average price is $181.27. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. Broadcom Inc. has a 1 year low of $117.43 and a 1 year high of $251.88. The firm has a market capitalization of $1.01 trillion, a P/E ratio of 175.91, a PEG ratio of 2.52 and a beta of 1.03.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $14.05 billion for the quarter, compared to the consensus estimate of $14.07 billion. During the same quarter in the previous year, the business earned $0.98 earnings per share. Broadcom’s quarterly revenue was up 51.2% on a year-over-year basis. On average, equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were paid a $0.59 dividend. The ex-dividend date was Monday, December 23rd. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a dividend yield of 1.09%. Broadcom’s dividend payout ratio (DPR) is currently 191.87%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on AVGO shares. Susquehanna upped their price objective on Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a report 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 note on Friday, December 13th. Truist Financial lifted 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. Jefferies Financial Group upped their target price on shares of Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and a consensus price target of $225.04.

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.