Pinnacle Associates Ltd. Reduces Holdings in Broadcom Inc. (NASDAQ:AVGO)

Pinnacle Associates Ltd. reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGOFree Report) by 1.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 71,431 shares of the semiconductor manufacturer’s stock after selling 985 shares during the quarter. Broadcom makes up about 1.3% of Pinnacle Associates Ltd.’s holdings, making the stock its 7th largest position. Pinnacle Associates Ltd.’s holdings in Broadcom were worth $79,735,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Morningstar Investment Services LLC grew its position in Broadcom by 50.1% during the second quarter. Morningstar Investment Services LLC now owns 755 shares of the semiconductor manufacturer’s stock worth $649,000 after buying an additional 252 shares in the last quarter. RMR Wealth Builders raised its position in shares of Broadcom by 6.5% in the 3rd quarter. RMR Wealth Builders now owns 6,362 shares of the semiconductor manufacturer’s stock worth $5,284,000 after acquiring an additional 388 shares in the last quarter. Czech National Bank grew its stake in shares of Broadcom by 46.1% in the 3rd quarter. Czech National Bank now owns 72,129 shares of the semiconductor manufacturer’s stock worth $59,909,000 after buying an additional 22,774 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in Broadcom during the 2nd quarter valued at $4,684,000. Finally, Aspen Grove Capital LLC boosted its stake in Broadcom by 3.5% during the 2nd quarter. Aspen Grove Capital LLC now owns 1,486 shares of the semiconductor manufacturer’s stock valued at $1,289,000 after purchasing an additional 50 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Broadcom Stock Performance

NASDAQ AVGO traded up $6.68 on Friday, hitting $1,325.41. 1,985,552 shares of the stock were exchanged, compared to its average volume of 4,132,408. The company has a market capitalization of $614.22 billion, a PE ratio of 49.13, a P/E/G ratio of 2.79 and a beta of 1.26. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24. Broadcom Inc. has a 52 week low of $601.29 and a 52 week high of $1,438.17. The business’s fifty day moving average is $1,277.76 and its 200 day moving average is $1,068.32.

Broadcom (NASDAQ:AVGOGet Free Report) last issued its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, topping 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 net margin of 29.93% and a return on equity of 47.71%. The business’s revenue was up 34.2% on a year-over-year basis. During the same quarter last year, the business earned $9.83 earnings per share. Research analysts anticipate that Broadcom Inc. will post 36.8 EPS for the current fiscal year.

Broadcom Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $1,700.00 price target on shares of Broadcom in a research report on Thursday, March 21st. UBS Group boosted their price objective on shares of Broadcom to $1,480.00 and gave the company a “buy” rating in a report on Monday, February 26th. Rosenblatt Securities reissued a “buy” rating and set a $1,500.00 target price on shares of Broadcom in a research note on Thursday, March 21st. Finally, Susquehanna upped their price target on shares of Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a research report on Wednesday, February 28th. Three investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $1,230.18.

Read Our Latest Report on Broadcom

Insider Activity

In related news, CFO Kirsten M. Spears sold 2,500 shares of the stock in a transaction dated Friday, January 5th. The shares were sold at an average price of $1,043.14, for a total value of $2,607,850.00. Following the completion of the transaction, the chief financial officer now directly owns 26,880 shares in the company, valued at approximately $28,039,603.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Broadcom news, CFO Kirsten M. Spears sold 2,500 shares of Broadcom stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $1,043.14, for a total value of $2,607,850.00. Following the completion of the sale, the chief financial officer now owns 26,880 shares in the company, valued at approximately $28,039,603.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kenneth Hao sold 9,160 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the sale, the director now directly owns 45 shares of the company’s stock, valued at $62,465.85. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,810 shares of company stock valued at $26,107,692. 2.00% of the stock is owned by company insiders.

About Broadcom

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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