Marco Investment Management LLC Cuts Stake in Broadcom Inc. (NASDAQ:AVGO)

Marco Investment Management LLC decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 44,821 shares of the semiconductor manufacturer’s stock after selling 1,791 shares during the quarter. Broadcom accounts for about 5.1% of Marco Investment Management LLC’s investment portfolio, making the stock its 2nd biggest position. Marco Investment Management LLC’s holdings in Broadcom were worth $50,031,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Stuart Chaussee & Associates Inc. bought a new position in Broadcom in the fourth quarter worth approximately $25,000. PSI Advisors LLC grew its stake in Broadcom by 66.7% in the fourth quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock worth $28,000 after purchasing an additional 10 shares in the last quarter. Macroview Investment Management LLC bought a new position in Broadcom in the third quarter worth approximately $29,000. BKM Wealth Management LLC bought a new position in Broadcom in the fourth quarter worth approximately $29,000. Finally, CKW Financial Group bought a new position in Broadcom in the fourth quarter worth approximately $30,000. Institutional investors own 76.43% of the company’s stock.

Insiders Place Their Bets

In other news, insider Charlie B. Kawwas sold 5,000 shares of the firm’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 approximately $22,276,800. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Hock E. Tan sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the sale, the chief executive officer now directly owns 168,096 shares in the company, valued at approximately $220,583,976. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 5,000 shares of the firm’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $1,344.00, for a total value of $6,720,000.00. Following the sale, the insider now owns 16,575 shares in the company, valued at $22,276,800. 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. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

AVGO stock traded up $49.65 during midday trading on Friday, reaching $1,344.07. The stock had a trading volume of 2,409,983 shares, compared to its average volume of 2,322,994. The stock has a market cap of $622.87 billion, a PE ratio of 49.82, a P/E/G ratio of 2.74 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. The firm has a fifty day simple moving average of $1,306.70 and a two-hundred day simple moving average of $1,137.84. Broadcom Inc. has a 52-week low of $601.29 and a 52-week high of $1,438.17.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping the consensus estimate of $8.95 by $2.04. The company had revenue of $11.96 billion for 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 firm’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same period last year, the firm earned $9.83 EPS. As a group, equities research analysts anticipate that Broadcom Inc. will post 35.96 EPS for the current year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were given a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s dividend payout ratio is currently 77.84%.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of analyst reports. Oppenheimer restated 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. Cantor Fitzgerald upped their target price on Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a report on Monday, March 4th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $1,500.00 target price on shares of Broadcom in a report on Monday, April 8th. Mizuho upped their target price on Broadcom from $1,450.00 to $1,550.00 and gave the stock a “buy” rating in a report on Thursday, March 7th. Finally, TD Cowen upgraded Broadcom from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $1,400.00 to $1,500.00 in a report on Thursday, March 21st. Three equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,285.41.

About Broadcom

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.