Simplicity Wealth LLC Has $9.92 Million Position in Broadcom Inc. $AVGO

Simplicity Wealth LLC lessened its stake in Broadcom Inc. (NASDAQ:AVGO) by 32.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 30,056 shares of the semiconductor manufacturer’s stock after selling 14,194 shares during the period. Simplicity Wealth LLC’s holdings in Broadcom were worth $9,916,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in AVGO. Longfellow Investment Management Co. LLC acquired a new stake in Broadcom during the 2nd quarter valued at approximately $27,000. Teachers Insurance & Annuity Association of America acquired a new position in shares of Broadcom in the 2nd quarter worth approximately $28,000. LGT Financial Advisors LLC bought a new stake in shares of Broadcom in the 2nd quarter valued at $31,000. New England Capital Financial Advisors LLC acquired a new stake in shares of Broadcom during the second quarter worth $31,000. Finally, JCIC Asset Management Inc. acquired a new stake in shares of Broadcom during the third quarter worth $31,000. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Broadcom

In other news, CEO Hock E. Tan sold 130,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $326.02, for a total value of $42,382,600.00. Following the transaction, the chief executive officer owned 595,638 shares in the company, valued at $194,189,900.76. This trade represents a 17.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Henry Samueli sold 320,316 shares of Broadcom stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $400.53, for a total value of $128,296,167.48. Following the transaction, the director directly owned 37,326,540 shares in the company, valued at approximately $14,950,399,066.20. The trade was a 0.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 779,901 shares of company stock worth $284,069,237 in the last quarter. 2.00% of the stock is owned by insiders.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $332.79 on Wednesday. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76. Broadcom Inc. has a twelve month low of $138.10 and a twelve month high of $414.61. The stock’s 50 day moving average is $356.69 and its 200-day moving average is $336.92. The firm has a market capitalization of $1.58 trillion, a price-to-earnings ratio of 69.91, a PEG ratio of 1.08 and a beta of 1.21.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The business had revenue of $18.02 billion during the quarter, compared to analyst estimates of $17.46 billion. During the same quarter in the previous year, the business posted $1.42 EPS. Broadcom’s quarterly revenue was up 28.2% on a year-over-year basis. Sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 22nd were issued a $0.65 dividend. The ex-dividend date was Monday, December 22nd. 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. Broadcom’s dividend payout ratio (DPR) is currently 54.62%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on AVGO. TD Cowen restated a “buy” rating on shares of Broadcom in a report on Friday, December 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Broadcom in a research note on Monday, December 29th. Bank of America lifted their target price on Broadcom from $460.00 to $500.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Evercore ISI increased their price target on Broadcom from $342.00 to $403.00 and gave the stock an “outperform” rating in a report on Wednesday, October 15th. Finally, Deutsche Bank Aktiengesellschaft set a $430.00 price objective on shares of Broadcom and gave the stock a “buy” rating in a research report on Friday, December 12th. Two investment 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 stock. According to data from MarketBeat.com, Broadcom presently has an average rating of “Buy” and a consensus target price of $438.61.

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.