Ipswich Investment Management Co. Inc. Sells 953 Shares of Broadcom Inc. (NASDAQ:AVGO)

Ipswich Investment Management Co. Inc. reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 19.2% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 4,007 shares of the semiconductor manufacturer’s stock after selling 953 shares during the period. Ipswich Investment Management Co. Inc.’s holdings in Broadcom were worth $929,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AVGO. AMF Tjanstepension AB boosted its stake in shares of Broadcom by 856.9% in the 3rd quarter. AMF Tjanstepension AB now owns 1,014,616 shares of the semiconductor manufacturer’s stock worth $175,101,000 after buying an additional 908,585 shares during the last quarter. Alpha Financial Partners LLC purchased a new position in shares of Broadcom in the 3rd quarter worth approximately $404,000. Wealth Group Ltd. boosted its stake in shares of Broadcom by 900.0% in the 3rd quarter. Wealth Group Ltd. now owns 1,760 shares of the semiconductor manufacturer’s stock worth $304,000 after buying an additional 1,584 shares during the last quarter. Swedbank AB boosted its stake in shares of Broadcom by 858.7% in the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock worth $3,168,798,000 after buying an additional 16,453,718 shares during the last quarter. Finally, Howard Capital Management Group LLC boosted its stake in shares of Broadcom by 2,219.8% in the 3rd quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock worth $524,000 after buying an additional 2,908 shares during the last quarter. 76.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

AVGO has been the topic of a number of research analyst reports. Morgan Stanley cut their target price on Broadcom from $265.00 to $246.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 28th. Bank of America boosted their target price on Broadcom from $215.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Mizuho upped their price objective on Broadcom from $245.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Rosenblatt Securities reiterated a “buy” rating and issued a $240.00 price objective on shares of Broadcom in a research note on Wednesday, December 11th. Finally, Hsbc Global Res upgraded Broadcom to a “hold” rating in a research note 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, the company currently has an average rating of “Moderate Buy” and an average price target of $225.04.

Broadcom Trading Down 3.6 %

Broadcom stock opened at $218.61 on Monday. The stock has a market cap of $1.02 trillion, a P/E ratio of 178.32, a PEG ratio of 2.37 and a beta of 1.02. Broadcom Inc. has a fifty-two week low of $119.76 and a fifty-two week high of $251.88. The firm’s fifty day moving average price is $230.09 and its 200-day moving average price is $190.49. 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 released its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.03. The firm had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business’s quarterly revenue was up 51.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.98 earnings per share. Equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal 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 issued a $0.59 dividend. The ex-dividend date of this dividend was Monday, December 23rd. This represents a $2.36 annualized dividend and a dividend yield of 1.08%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is presently 192.50%.

Insider Transactions at Broadcom

In related news, Director Harry L. You sold 6,540 shares of the stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total value of $1,569,600.00. Following the transaction, the director now owns 30,450 shares of the company’s stock, valued at $7,308,000. This represents a 17.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eddy W. Hartenstein sold 4,000 shares of the 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 completion of the transaction, 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. Over the last quarter, 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.

About Broadcom

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.