Broadcom Inc. (NASDAQ:AVGO) Stock Position Decreased by Marietta Wealth Management LLC

Marietta Wealth Management LLC cut its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,277 shares of the semiconductor manufacturer’s stock after selling 175 shares during the period. Broadcom accounts for about 1.6% of Marietta Wealth Management LLC’s investment portfolio, making the stock its 13th largest position. Marietta Wealth Management LLC’s holdings in Broadcom were worth $9,239,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Cantor Fitzgerald Investment Advisor L.P raised its stake in shares of Broadcom by 94.4% in the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 75,090 shares of the semiconductor manufacturer’s stock valued at $47,283,000 after acquiring an additional 36,458 shares in the last quarter. Fairfield Bush & CO. grew its holdings in Broadcom by 2.6% in the 1st quarter. Fairfield Bush & CO. now owns 4,945 shares of the semiconductor manufacturer’s stock valued at $3,114,000 after buying an additional 123 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in Broadcom by 20.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 509,603 shares of the semiconductor manufacturer’s stock valued at $320,887,000 after buying an additional 87,945 shares during the last quarter. Loomis Sayles & Co. L P grew its holdings in shares of Broadcom by 1.1% during the 1st quarter. Loomis Sayles & Co. L P now owns 40,357 shares of the semiconductor manufacturer’s stock worth $25,412,000 after purchasing an additional 420 shares in the last quarter. Finally, Ergoteles LLC acquired a new stake in shares of Broadcom during the 1st quarter worth approximately $1,095,000. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Trading Up 1.2 %

NASDAQ:AVGO traded up $15.24 on Tuesday, reaching $1,325.93. The company’s stock had a trading volume of 657,061 shares, compared to its average volume of 2,943,843. Broadcom Inc. has a 1-year low of $601.29 and a 1-year high of $1,438.17. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. The firm has a market cap of $614.46 billion, a PE ratio of 48.76, a PEG ratio of 2.74 and a beta of 1.25. The business’s 50-day moving average price is $1,304.36 and its two-hundred day moving average price is $1,110.50.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. The firm had revenue of $11.96 billion during the quarter, compared to the consensus estimate of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The business’s revenue was up 34.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $9.83 EPS. Equities research analysts anticipate that Broadcom Inc. will post 35.95 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were issued a $5.25 dividend. This represents a $21.00 annualized dividend and a dividend yield of 1.58%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s payout ratio is 77.84%.

Insider Activity at Broadcom

In other news, insider Mark David Brazeal sold 2,500 shares of Broadcom stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the completion of the transaction, the insider now owns 41,974 shares of the company’s stock, valued at approximately $55,257,092.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Broadcom news, insider Mark David Brazeal sold 2,500 shares of the stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the transaction, the insider now directly owns 41,974 shares of the company’s stock, valued at approximately $55,257,092.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Kirsten M. Spears sold 3,000 shares of the stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $1,343.14, for a total value of $4,029,420.00. Following the transaction, the chief financial officer now owns 43,459 shares in the company, valued at approximately $58,371,521.26. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,920 shares of company stock valued at $40,306,667. 2.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. TD Cowen raised Broadcom from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $1,400.00 to $1,500.00 in a research note on Thursday, March 21st. Oppenheimer reaffirmed an “outperform” rating and issued a $1,500.00 price target (up previously from $1,100.00) on shares of Broadcom in a research note on Friday, March 1st. Benchmark reiterated a “buy” rating and issued a $1,720.00 price objective on shares of Broadcom in a research report on Thursday, March 21st. Cantor Fitzgerald lifted their price objective on Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a research report on Monday, March 4th. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and set a $1,700.00 price target on shares of Broadcom in a research note on Thursday, March 21st. Three equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus price target of $1,281.09.

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.