Eley Financial Management Inc Cuts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Eley Financial Management Inc decreased its position in Broadcom Inc. (NASDAQ:AVGO) by 3.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,358 shares of the semiconductor manufacturer’s stock after selling 117 shares during the period. Broadcom comprises 1.8% of Eley Financial Management Inc’s investment portfolio, making the stock its 19th biggest position. Eley Financial Management Inc’s holdings in Broadcom were worth $3,748,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Lyell Wealth Management LP grew its position in shares of Broadcom by 3.5% in the fourth quarter. Lyell Wealth Management LP now owns 1,577 shares of the semiconductor manufacturer’s stock valued at $1,760,000 after purchasing an additional 54 shares during the period. BIP Wealth LLC acquired a new stake in shares of Broadcom in the fourth quarter valued at about $211,000. Sycomore Asset Management grew its position in shares of Broadcom by 24.3% in the fourth quarter. Sycomore Asset Management now owns 10,139 shares of the semiconductor manufacturer’s stock valued at $11,418,000 after purchasing an additional 1,979 shares during the period. Tokio Marine Asset Management Co. Ltd. grew its position in shares of Broadcom by 10.6% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 10,351 shares of the semiconductor manufacturer’s stock valued at $11,554,000 after purchasing an additional 995 shares during the period. Finally, Atria Wealth Solutions Inc. grew its position in shares of Broadcom by 6.0% in the fourth quarter. Atria Wealth Solutions Inc. now owns 17,621 shares of the semiconductor manufacturer’s stock valued at $19,670,000 after purchasing an additional 991 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ AVGO traded up $52.44 during midday trading on Friday, reaching $1,346.86. 1,131,947 shares of the company traded hands, compared to its average volume of 2,919,257. The firm has a market cap of $624.16 billion, a PE ratio of 49.86, a PEG ratio of 2.56 and a beta of 1.25. The stock’s 50-day simple moving average is $1,304.73 and its 200-day simple moving average is $1,130.68. Broadcom Inc. has a 12 month low of $601.29 and a 12 month 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.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The firm had revenue of $11.96 billion during the quarter, compared to analyst estimates of $11.79 billion. During the same period last year, the company earned $9.83 earnings per share. The company’s revenue was up 34.2% on a year-over-year basis. As a group, equities analysts anticipate that Broadcom Inc. will post 35.96 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were issued a $5.25 dividend. This represents a $21.00 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date was Wednesday, March 20th. Broadcom’s dividend payout ratio is 77.84%.

Insider Transactions at Broadcom

In other Broadcom news, insider Mark David Brazeal sold 2,500 shares of Broadcom stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the transaction, the insider now owns 41,974 shares in the company, valued at $55,257,092.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Charlie B. Kawwas sold 5,000 shares of the business’s stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the sale, the insider now directly owns 16,575 shares in the company, valued at $22,276,800. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 2,500 shares of the business’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the sale, the insider now owns 41,974 shares in the company, valued at $55,257,092.04. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,920 shares of company stock valued at $40,306,667. 2.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on AVGO shares. Cantor Fitzgerald boosted their price target on shares of Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a research report on Monday, March 4th. StockNews.com cut shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. UBS Group increased their price objective on shares of Broadcom to $1,480.00 and gave the stock a “buy” rating in a research report on Monday, February 26th. Mizuho increased their target price on shares of Broadcom from $1,450.00 to $1,550.00 and gave the stock a “buy” rating in a report on Thursday, March 7th. Finally, Benchmark restated a “buy” rating and issued a $1,720.00 price objective on shares of Broadcom in a report on Thursday, March 21st. Three investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $1,285.41.

Broadcom 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.