Modera Wealth Management LLC Cuts Stake in Broadcom Inc. $AVGO

Modera Wealth Management LLC reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 6.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 368,823 shares of the semiconductor manufacturer’s stock after selling 25,403 shares during the period. Broadcom comprises approximately 1.4% of Modera Wealth Management LLC’s portfolio, making the stock its 16th biggest holding. Modera Wealth Management LLC’s holdings in Broadcom were worth $121,678,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Arthur M. Cohen & Associates LLC grew its holdings in shares of Broadcom by 0.6% during the 3rd quarter. Arthur M. Cohen & Associates LLC now owns 4,781 shares of the semiconductor manufacturer’s stock valued at $1,577,000 after purchasing an additional 30 shares during the last quarter. Jackson Hole Capital Partners LLC boosted its position in Broadcom by 1.4% during the third quarter. Jackson Hole Capital Partners LLC now owns 2,170 shares of the semiconductor manufacturer’s stock valued at $716,000 after buying an additional 30 shares during the period. McHugh Group LLC grew its stake in shares of Broadcom by 0.4% during the third quarter. McHugh Group LLC now owns 8,433 shares of the semiconductor manufacturer’s stock valued at $2,782,000 after buying an additional 31 shares during the last quarter. Smith Thornton Advisors LLC grew its stake in shares of Broadcom by 1.4% during the third quarter. Smith Thornton Advisors LLC now owns 2,313 shares of the semiconductor manufacturer’s stock valued at $763,000 after buying an additional 31 shares during the last quarter. Finally, FWG Investments LLC. increased its holdings in shares of Broadcom by 2.7% in the third quarter. FWG Investments LLC. now owns 1,177 shares of the semiconductor manufacturer’s stock worth $388,000 after buying an additional 31 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on AVGO shares. Barclays restated an “overweight” rating and set a $500.00 target price (up from $450.00) on shares of Broadcom in a report on Friday, December 12th. Oppenheimer boosted their price objective on Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. KeyCorp restated an “overweight” rating and issued a $500.00 target price (up previously from $460.00) on shares of Broadcom in a report on Friday, December 12th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $475.00 target price (up from $400.00) on shares of Broadcom in a research note on Friday, December 12th. Finally, Piper Sandler reiterated an “overweight” rating and set a $430.00 price target (up from $375.00) on shares of Broadcom in a report on Friday, December 12th. Two research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $438.61.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 130,000 shares of Broadcom stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $326.02, for a total transaction of $42,382,600.00. Following the sale, the chief executive officer directly owned 595,638 shares of the company’s stock, valued at approximately $194,189,900.76. The trade was a 17.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Henry Samueli sold 320,316 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $400.53, for a total value of $128,296,167.48. Following the transaction, the director owned 37,326,540 shares in the company, valued at $14,950,399,066.20. This trade represents a 0.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 779,901 shares of company stock worth $284,069,237 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Price Performance

Shares of Broadcom stock opened at $330.73 on Friday. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76. The company has a market cap of $1.57 trillion, a PE ratio of 69.48, a P/E/G ratio of 1.10 and a beta of 1.21. The business has a 50 day moving average of $355.94 and a 200 day moving average of $336.85. Broadcom Inc. has a 52 week low of $138.10 and a 52 week high of $414.61.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.87 by $0.08. The business had revenue of $18.02 billion for the quarter, compared to analysts’ expectations of $17.46 billion. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The firm’s revenue for the quarter was up 28.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.42 earnings per share. As a group, equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd were paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Monday, December 22nd. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s payout ratio is presently 54.62%.

About Broadcom

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.