Griffin Asset Management Inc. Cuts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Griffin Asset Management Inc. lessened its holdings in Broadcom Inc. (NASDAQ:AVGO) by 3.6% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,662 shares of the semiconductor manufacturer’s stock after selling 631 shares during the period. Griffin Asset Management Inc.’s holdings in Broadcom were worth $3,863,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. YHB Investment Advisors Inc. boosted its holdings in shares of Broadcom by 59.2% in the 4th quarter. YHB Investment Advisors Inc. now owns 17,414 shares of the semiconductor manufacturer’s stock worth $4,037,000 after buying an additional 6,477 shares during the last quarter. Fortitude Advisory Group L.L.C. raised its stake in shares of Broadcom by 1.8% during the 4th quarter. Fortitude Advisory Group L.L.C. now owns 11,809 shares of the semiconductor manufacturer’s stock valued at $2,738,000 after purchasing an additional 214 shares during the period. Buffington Mohr McNeal lifted its holdings in shares of Broadcom by 10.0% in the fourth quarter. Buffington Mohr McNeal now owns 35,816 shares of the semiconductor manufacturer’s stock worth $8,304,000 after buying an additional 3,253 shares in the last quarter. Mattern Wealth Management LLC increased its holdings in Broadcom by 48.1% during the 4th quarter. Mattern Wealth Management LLC now owns 29,579 shares of the semiconductor manufacturer’s stock worth $6,858,000 after acquiring an additional 9,609 shares during the period. Finally, Eaton Cambridge Inc. bought a new stake in Broadcom during the 4th quarter worth approximately $220,000. 76.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

AVGO has been the subject of several recent analyst reports. Piper Sandler boosted their price objective on Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Cantor Fitzgerald raised their price objective on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. UBS Group upped their price target on Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Mizuho raised their target price on shares of Broadcom from $245.00 to $260.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Finally, Truist Financial increased their target price on Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $225.04.

Broadcom Stock Up 4.5 %

Shares of NASDAQ AVGO opened at $215.66 on Friday. The business’s fifty day simple moving average is $211.24 and its 200-day simple moving average is $181.27. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The stock has a market cap of $1.01 trillion, a P/E ratio of 175.91, a PEG ratio of 2.52 and a beta of 1.03. Broadcom Inc. has a 12-month low of $117.43 and a 12-month high of $251.88.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. The business had revenue of $14.05 billion for the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business’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 posted $0.98 EPS. As a group, equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Monday, December 23rd. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.36 annualized dividend and a yield of 1.09%. Broadcom’s dividend payout ratio is currently 191.87%.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Eddy W. Hartenstein sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the completion of the transaction, the director now directly owns 46,400 shares in the company, valued at approximately $10,655,296. This trade represents a 7.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Diane M. Bryant sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $226.68, for a total value of $3,400,200.00. Following the completion of the sale, the director now directly owns 6,460 shares in the company, valued at approximately $1,464,352.80. The trade was a 69.90 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 191,278 shares of company stock worth $44,964,800. 2.00% of the stock is currently owned by insiders.

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.