Wellington Shields & Co. LLC Lowers Holdings in Broadcom Inc. (NASDAQ:AVGO)

Wellington Shields & Co. LLC decreased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 23.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 1,300 shares of the semiconductor manufacturer’s stock after selling 400 shares during the period. Wellington Shields & Co. LLC’s holdings in Broadcom were worth $569,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. LSV Asset Management purchased a new stake in shares of Broadcom during the 3rd quarter worth about $801,000. Prestige Wealth Management Group LLC grew its holdings in shares of Broadcom by 179.1% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 120 shares of the semiconductor manufacturer’s stock worth $44,000 after purchasing an additional 77 shares during the period. Cypress Asset Management Inc. TX grew its holdings in shares of Broadcom by 3.6% during the 3rd quarter. Cypress Asset Management Inc. TX now owns 1,982 shares of the semiconductor manufacturer’s stock worth $722,000 after purchasing an additional 69 shares during the period. Clear Harbor Asset Management LLC grew its holdings in shares of Broadcom by 3.9% during the 3rd quarter. Clear Harbor Asset Management LLC now owns 1,213 shares of the semiconductor manufacturer’s stock worth $442,000 after purchasing an additional 45 shares during the period. Finally, Landsberg Bennett & Dubbaneh LLC grew its holdings in shares of Broadcom by 20.5% during the 3rd quarter. Landsberg Bennett & Dubbaneh LLC now owns 24,898 shares of the semiconductor manufacturer’s stock worth $9,069,000 after purchasing an additional 4,229 shares during the period. Institutional investors own 80.62% of the company’s stock.

A number of brokerages have recently issued reports on AVGO. Credit Suisse Group boosted their target price on Broadcom from $420.00 to $480.00 and gave the stock an “outperform” rating in a report on Wednesday, December 9th. Morgan Stanley boosted their price target on Broadcom from $415.00 to $440.00 and gave the stock an “overweight” rating in a research report on Monday, December 7th. Oppenheimer reissued a “buy” rating and set a $475.00 price target on shares of Broadcom in a research report on Friday, December 11th. Cowen boosted their price target on Broadcom from $350.00 to $415.00 and gave the stock a “market perform” rating in a research report on Friday, December 11th. Finally, Argus boosted their price target on Broadcom from $400.00 to $460.00 and gave the stock a “buy” rating in a research report on Monday, December 14th. Five analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Broadcom presently has an average rating of “Buy” and a consensus target price of $422.59.

Shares of NASDAQ AVGO traded down $7.71 during trading on Tuesday, reaching $468.65. The stock had a trading volume of 40,532 shares, compared to its average volume of 1,637,027. Broadcom Inc. has a one year low of $155.67 and a one year high of $495.14. The company has a debt-to-equity ratio of 1.69, a quick ratio of 1.71 and a current ratio of 1.87. The stock has a market cap of $190.61 billion, a PE ratio of 74.24, a P/E/G ratio of 1.50 and a beta of 1.05. The firm’s 50 day moving average price is $461.79 and its two-hundred day moving average price is $396.97.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Wednesday, December 9th. The semiconductor manufacturer reported $6.35 earnings per share for the quarter, beating the Zacks’ consensus estimate of $6.25 by $0.10. Broadcom had a return on equity of 35.23% and a net margin of 12.39%. The business had revenue of $6.47 billion during the quarter, compared to the consensus estimate of $6.43 billion. During the same period in the previous year, the business earned $5.39 EPS. The business’s quarterly revenue was up 12.0% on a year-over-year basis. On average, research analysts expect that Broadcom Inc. will post 23.14 earnings per share for the current year.

In related news, COO Charlie B. Kawwas sold 1,260 shares of the company’s stock in a transaction on Tuesday, December 22nd. The stock was sold at an average price of $428.70, for a total transaction of $540,162.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Hock E. Tan sold 78,125 shares of the company’s stock in a transaction on Tuesday, December 8th. The stock was sold at an average price of $422.43, for a total value of $33,002,343.75. The disclosure for this sale can be found here. Insiders sold a total of 178,268 shares of company stock valued at $76,098,016 over the last quarter. Company insiders own 3.00% of the company’s stock.

About Broadcom

Broadcom Inc designs, develops, and supplies semiconductor infrastructure software solutions. It offers 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's infrastructure software solutions enable customers to plan, develop, automate, manage, and secure applications across mainframe, distributed, mobile, and cloud platforms.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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