Patrick M Sweeney & Associates Inc. Takes Position in Broadcom Inc. (NASDAQ:AVGO)

Patrick M Sweeney & Associates Inc. bought a new position in Broadcom Inc. (NASDAQ:AVGO) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 453 shares of the semiconductor manufacturer’s stock, valued at approximately $505,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Palisade Asset Management LLC bought a new position in Broadcom during the 4th quarter valued at approximately $317,000. Simmons Bank grew its holdings in shares of Broadcom by 0.9% during the 4th quarter. Simmons Bank now owns 1,704 shares of the semiconductor manufacturer’s stock worth $1,902,000 after acquiring an additional 15 shares during the period. Centric Wealth Management grew its holdings in shares of Broadcom by 1.6% during the 4th quarter. Centric Wealth Management now owns 579 shares of the semiconductor manufacturer’s stock worth $646,000 after acquiring an additional 9 shares during the period. Northern Financial Advisors Inc grew its holdings in shares of Broadcom by 1.1% during the 4th quarter. Northern Financial Advisors Inc now owns 2,052 shares of the semiconductor manufacturer’s stock worth $2,291,000 after acquiring an additional 23 shares during the period. Finally, Aviance Capital Partners LLC grew its holdings in shares of Broadcom by 8.5% during the 4th quarter. Aviance Capital Partners LLC now owns 15,083 shares of the semiconductor manufacturer’s stock worth $16,836,000 after acquiring an additional 1,182 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Eddy W. Hartenstein sold 3,150 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the transaction, the director now directly owns 4,643 shares of the company’s stock, valued at approximately $5,991,048.62. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Eddy W. Hartenstein sold 3,150 shares of the firm’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the transaction, the director now directly owns 4,643 shares of the company’s stock, valued at approximately $5,991,048.62. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Kenneth Hao sold 9,160 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the sale, the director now owns 45 shares of the company’s stock, valued at approximately $62,465.85. 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 company insiders.

Broadcom Stock Performance

Shares of NASDAQ AVGO traded up $22.26 during midday trading on Wednesday, hitting $1,325.37. 1,376,386 shares of the stock traded hands, compared to its average volume of 2,855,169. The firm has a 50-day moving average of $1,308.82 and a two-hundred day moving average of $1,157.75. The firm has a market capitalization of $614.20 billion, a P/E ratio of 49.54, a PEG ratio of 2.60 and a beta of 1.25. 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 Inc. has a one year low of $615.86 and a one year high of $1,438.17.

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, beating the consensus estimate of $8.95 by $2.04. The firm had revenue of $11.96 billion for the quarter, compared to analysts’ expectations of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company’s revenue was up 34.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $9.83 EPS. On average, equities analysts forecast that Broadcom Inc. will post 35.96 EPS for the current fiscal year.

Broadcom Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Oppenheimer reiterated an “outperform” rating and set a $1,500.00 target price (up previously from $1,100.00) on shares of Broadcom in a report on Friday, March 1st. The Goldman Sachs Group restated a “buy” rating and issued a $1,325.00 price target on shares of Broadcom in a research note on Friday, January 19th. JPMorgan Chase & Co. restated an “overweight” rating and issued a $1,700.00 price target on shares of Broadcom in a research note on Thursday, March 21st. TD Cowen upgraded Broadcom from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $1,400.00 to $1,500.00 in a research note on Thursday, March 21st. Finally, UBS Group upped their price target on Broadcom to $1,480.00 and gave the stock a “buy” rating in a research note on Monday, February 26th. Three equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $1,285.41.

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.