Hudson Canyon Capital Management Sells 1,060 Shares of Broadcom Inc. (NASDAQ:AVGO)

Hudson Canyon Capital Management trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 5.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 19,250 shares of the semiconductor manufacturer’s stock after selling 1,060 shares during the quarter. Broadcom makes up approximately 2.9% of Hudson Canyon Capital Management’s investment portfolio, making the stock its 7th largest position. Hudson Canyon Capital Management’s holdings in Broadcom were worth $4,463,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Pin Oak Investment Advisors Inc. grew its position in shares of Broadcom by 900.0% in the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 135 shares in the last quarter. JDM Financial Group LLC boosted its stake in Broadcom by 1,323.1% during the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after buying an additional 172 shares during the last quarter. Retirement Wealth Solutions LLC purchased a new stake in Broadcom in the 4th quarter valued at $37,000. R Squared Ltd acquired a new stake in shares of Broadcom in the 4th quarter worth $39,000. Finally, Cedar Wealth Management LLC increased its stake in shares of Broadcom by 900.0% in the 3rd quarter. Cedar Wealth Management LLC now owns 240 shares of the semiconductor manufacturer’s stock worth $41,000 after acquiring an additional 216 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Broadcom news, Director Eddy W. Hartenstein sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the sale, the director now owns 46,400 shares of the company’s stock, valued at approximately $10,655,296. This trade represents a 7.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Check Kian Low sold 48,000 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the completion of the transaction, the director now owns 113,050 shares of the company’s stock, valued at approximately $26,606,317.50. The trade was a 29.80 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 191,278 shares of company stock worth $44,964,800. 2.00% of the stock is currently owned by corporate insiders.

Broadcom Trading Down 0.8 %

AVGO opened at $226.89 on Friday. The business has a fifty day moving average price of $230.21 and a 200 day moving average price of $189.26. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. Broadcom Inc. has a 12 month low of $119.76 and a 12 month high of $251.88. The stock has a market capitalization of $1.06 trillion, a price-to-earnings ratio of 185.06, a PEG ratio of 2.39 and a beta of 1.02.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $14.05 billion during the quarter, compared to analysts’ expectations of $14.07 billion. During the same quarter last year, the business posted $0.98 EPS. The business’s quarterly revenue was up 51.2% compared to the same quarter last year. Sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were given a $0.59 dividend. 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 dividend on an annualized basis and a dividend yield of 1.04%. Broadcom’s dividend payout ratio is currently 192.50%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Robert W. Baird upped their price objective on shares of Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a report on Friday, December 13th. Truist Financial increased their price target on shares of Broadcom from $205.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Susquehanna raised their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock a “positive” rating in a report on Friday, December 13th. Barclays upped their price objective on Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Finally, Citigroup raised their target price on Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $225.04.

Broadcom Company Profile

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.