Davidson Trust Co. Reduces Position in Broadcom Inc. (NASDAQ:AVGO)

Davidson Trust Co. lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 7.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 541 shares of the semiconductor manufacturer’s stock after selling 45 shares during the period. Davidson Trust Co.’s holdings in Broadcom were worth $604,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. BetterWealth LLC increased its position in Broadcom by 1.5% during the fourth quarter. BetterWealth LLC now owns 602 shares of the semiconductor manufacturer’s stock worth $672,000 after purchasing an additional 9 shares during the last quarter. Rise Advisors LLC increased its position in Broadcom by 33.3% during the fourth quarter. Rise Advisors LLC now owns 40 shares of the semiconductor manufacturer’s stock worth $44,000 after purchasing an additional 10 shares during the last quarter. CX Institutional increased its position in Broadcom by 0.8% during the fourth quarter. CX Institutional now owns 1,289 shares of the semiconductor manufacturer’s stock worth $1,439,000 after purchasing an additional 10 shares during the last quarter. Cascade Investment Group Inc. increased its position in Broadcom by 1.7% during the fourth quarter. Cascade Investment Group Inc. now owns 609 shares of the semiconductor manufacturer’s stock worth $680,000 after purchasing an additional 10 shares during the last quarter. Finally, Sabal Trust CO increased its position in Broadcom by 1.6% during the fourth quarter. Sabal Trust CO now owns 640 shares of the semiconductor manufacturer’s stock worth $714,000 after purchasing an additional 10 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Mizuho lifted their price target on shares of Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a research report on Thursday, March 7th. Rosenblatt Securities reiterated a “buy” rating and set a $1,500.00 price target on shares of Broadcom in a research report on Thursday, March 21st. Benchmark reiterated a “buy” rating and set a $1,720.00 price target on shares of Broadcom in a research report on Thursday, March 21st. Oppenheimer reiterated an “outperform” rating and set a $1,500.00 price target (up from $1,100.00) on shares of Broadcom in a research report on Friday, March 1st. Finally, UBS Group lifted their price target on shares of Broadcom to $1,480.00 and gave the company a “buy” rating in a research report on Monday, February 26th. Three research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $1,285.41.

Insider Activity at Broadcom

In related news, Director Justine Page sold 110 shares of the stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total value of $145,530.00. Following the sale, the director now directly owns 3,125 shares of the company’s stock, valued at approximately $4,134,375. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Broadcom news, Director Justine Page sold 110 shares of the company’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total value of $145,530.00. Following the transaction, the director now directly owns 3,125 shares in the company, valued at approximately $4,134,375. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Kenneth Hao sold 9,160 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the transaction, the director now owns 45 shares in the company, valued at $62,465.85. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,920 shares of company stock valued at $40,306,667. Insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

Broadcom stock traded down $26.82 during trading hours on Friday, reaching $1,232.17. 996,920 shares of the stock were exchanged, compared to its average volume of 2,921,205. The stock has a market cap of $571.01 billion, a P/E ratio of 45.98, a P/E/G ratio of 2.62 and a beta of 1.25. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. Broadcom Inc. has a 52-week low of $601.29 and a 52-week high of $1,438.17. The firm’s 50 day moving average is $1,306.69 and its 200 day moving average is $1,116.18.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The business had revenue of $11.96 billion for the quarter, compared to analysts’ expectations of $11.79 billion. During the same period in the prior year, the company posted $9.83 EPS. The business’s revenue for the quarter was up 34.2% on a year-over-year basis. Analysts predict that Broadcom Inc. will post 35.88 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were paid a $5.25 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a yield of 1.70%. Broadcom’s payout ratio is 77.84%.

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.