IMZ Advisory Inc Cuts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

IMZ Advisory Inc lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 35.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,672 shares of the semiconductor manufacturer’s stock after selling 1,475 shares during the period. Broadcom makes up approximately 0.3% of IMZ Advisory Inc’s portfolio, making the stock its 21st largest position. IMZ Advisory Inc’s holdings in Broadcom were worth $620,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in AVGO. NCP Inc. lifted its holdings in shares of Broadcom by 615.4% during the second quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock valued at $747,000 after purchasing an additional 400 shares in the last quarter. Brown Brothers Harriman & Co. raised its position in Broadcom by 9.2% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 4,947 shares of the semiconductor manufacturer’s stock worth $7,943,000 after buying an additional 416 shares during the last quarter. One Capital Management LLC raised its position in Broadcom by 331.2% in the 2nd quarter. One Capital Management LLC now owns 2,850 shares of the semiconductor manufacturer’s stock worth $4,576,000 after buying an additional 2,189 shares during the last quarter. WealthPLAN Partners LLC lifted its stake in Broadcom by 12.4% during the 2nd quarter. WealthPLAN Partners LLC now owns 1,351 shares of the semiconductor manufacturer’s stock valued at $2,169,000 after acquiring an additional 149 shares during the period. Finally, Luts & Greenleigh Group Inc. bought a new stake in shares of Broadcom in the second quarter worth approximately $426,000. 76.43% of the stock is owned by institutional investors.

Broadcom Stock Down 0.3 %

NASDAQ AVGO opened at $224.70 on Wednesday. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 12 month low of $109.02 and a 12 month high of $251.88. The stock’s 50 day moving average is $199.05 and its 200 day moving average is $176.63. The stock has a market cap of $1.05 trillion, a PE ratio of 195.22, a P/E/G ratio of 2.15 and a beta of 1.03.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. The firm had revenue of $14.05 billion during the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom’s revenue for the quarter was up 51.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.98 earnings per share. Research analysts predict that Broadcom Inc. will post 3.79 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were given a $0.59 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date of this dividend was Monday, December 23rd. Broadcom’s payout ratio is currently 191.87%.

Insider Activity at Broadcom

In other news, Director Harry L. You sold 6,540 shares of the stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the completion of the transaction, the director now directly owns 30,450 shares in the company, valued at approximately $7,308,000. This represents a 17.68 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 45,000 shares of the firm’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $239.96, for a total transaction of $10,798,200.00. Following the completion of the transaction, the chief executive officer now directly owns 842,836 shares of the company’s stock, valued at approximately $202,246,926.56. This trade represents a 5.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 191,278 shares of company stock valued at $44,964,800. Insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on AVGO shares. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Broadcom from $190.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Benchmark reaffirmed a “buy” rating and issued a $255.00 price objective (up previously from $210.00) on shares of Broadcom in a report on Friday, December 13th. TD Cowen lifted their price objective on Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Morgan Stanley increased their target price on Broadcom from $233.00 to $265.00 and gave the company an “overweight” rating in a report on Friday, December 20th. Finally, Bank of America boosted their price target on Broadcom from $215.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus target price of $223.54.

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.