Broadcom Inc. $AVGO is Westhampton Capital LLC’s 3rd Largest Position

Westhampton Capital LLC cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 8.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 28,726 shares of the semiconductor manufacturer’s stock after selling 2,700 shares during the quarter. Broadcom comprises approximately 4.6% of Westhampton Capital LLC’s investment portfolio, making the stock its 3rd biggest position. Westhampton Capital LLC’s holdings in Broadcom were worth $9,477,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sawyer & Company Inc increased its position in shares of Broadcom by 62.1% during the second quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock valued at $26,000 after acquiring an additional 36 shares during the last quarter. Longfellow Investment Management Co. LLC purchased a new position in shares of Broadcom during the 2nd quarter worth approximately $27,000. Legend Financial Advisors Inc. acquired a new stake in shares of Broadcom in the second quarter valued at $28,000. Teachers Insurance & Annuity Association of America acquired a new position in Broadcom in the 2nd quarter valued at about $28,000. Finally, LGT Financial Advisors LLC purchased a new stake in Broadcom during the 2nd quarter worth approximately $31,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on AVGO. Truist Financial upped their price target on Broadcom from $500.00 to $510.00 and gave the stock a “buy” rating in a report on Friday, December 19th. Bank of America lifted their target price on Broadcom from $460.00 to $500.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Robert W. Baird set a $420.00 price target on shares of Broadcom in a research report on Friday, December 12th. TD Cowen raised their price objective on shares of Broadcom from $405.00 to $450.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Finally, KeyCorp restated an “overweight” rating and issued a $500.00 price objective (up from $460.00) on shares of Broadcom in a research note on Friday, December 12th. Three research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $436.33.

Insider Activity

In other Broadcom news, insider Charlie B. Kawwas sold 1,928 shares of the company’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $327.80, for a total transaction of $631,998.40. Following the transaction, the insider directly owned 23,582 shares in the company, valued at approximately $7,730,179.60. This represents a 7.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Mark David Brazeal sold 38,281 shares of the stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $327.65, for a total transaction of $12,542,769.65. Following the completion of the transaction, the insider directly owned 266,494 shares of the company’s stock, valued at approximately $87,316,759.10. This trade represents a 12.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 650,701 shares of company stock valued at $239,190,157 over the last three months. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Stock Down 1.1%

AVGO stock opened at $346.10 on Friday. The stock has a market capitalization of $1.64 trillion, a PE ratio of 72.71, a price-to-earnings-growth ratio of 1.18 and a beta of 1.21. The company has a fifty day moving average of $363.03 and a 200-day moving average of $326.65. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71. Broadcom Inc. has a one year low of $138.10 and a one year high of $414.61.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. The business had revenue of $18.02 billion for the quarter, compared to analyst estimates of $17.46 billion. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The business’s revenue was up 28.2% compared to the same quarter last year. During the same period in the previous year, the business posted $1.42 earnings per share. As a group, analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 22nd were paid a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. This is a boost from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date was Monday, December 22nd. Broadcom’s dividend payout ratio (DPR) is presently 54.62%.

About Broadcom

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.