Broadcom Inc. $AVGO Shares Sold by Probity Advisors Inc.

Probity Advisors Inc. reduced its position in Broadcom Inc. (NASDAQ:AVGO) by 11.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,801 shares of the semiconductor manufacturer’s stock after selling 1,989 shares during the quarter. Broadcom makes up approximately 0.8% of Probity Advisors Inc.’s portfolio, making the stock its 25th biggest position. Probity Advisors Inc.’s holdings in Broadcom were worth $4,883,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in AVGO. Longfellow Investment Management Co. LLC acquired a new position in Broadcom during the 2nd quarter worth $27,000. Teachers Insurance & Annuity Association of America purchased a new position in shares of Broadcom in the 2nd quarter valued at about $28,000. LGT Financial Advisors LLC acquired a new position in shares of Broadcom during the second quarter worth about $31,000. New England Capital Financial Advisors LLC purchased a new stake in shares of Broadcom during the second quarter worth approximately $31,000. Finally, JCIC Asset Management Inc. acquired a new stake in Broadcom in the third quarter valued at approximately $31,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO stock opened at $333.24 on Thursday. The stock’s 50-day moving average price is $356.26 and its 200 day moving average price is $336.89. 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 stock has a market capitalization of $1.58 trillion, a PE ratio of 70.01, a price-to-earnings-growth ratio of 1.10 and a beta of 1.21. Broadcom Inc. has a 52-week low of $138.10 and a 52-week high of $414.61.

Broadcom (NASDAQ:AVGO) last announced its 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 company had revenue of $18.02 billion for the quarter, compared to the consensus estimate of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The company’s revenue was up 28.2% on a year-over-year basis. During the same period last year, the business posted $1.42 EPS. As a group, equities research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

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

Insider Activity

In related news, Director Henry Samueli sold 320,316 shares of the firm’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $400.53, for a total value of $128,296,167.48. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Hock E. Tan sold 130,000 shares of Broadcom stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $326.02, for a total value of $42,382,600.00. Following the completion of the sale, the chief executive officer directly owned 595,638 shares in the company, valued at $194,189,900.76. This represents a 17.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 779,901 shares of company stock worth $284,069,237 in the last 90 days. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on AVGO. TD Cowen reaffirmed a “buy” rating on shares of Broadcom in a research report on Friday, December 12th. Rosenblatt Securities lifted their price target on Broadcom from $400.00 to $440.00 and gave the stock a “buy” rating in a report on Tuesday, December 9th. Truist Financial increased their price objective on Broadcom from $500.00 to $510.00 and gave the company a “buy” rating in a report on Friday, December 19th. UBS Group set a $475.00 target price on Broadcom and gave the stock a “buy” rating in a research report on Monday, December 15th. Finally, Robert W. Baird set a $420.00 price target on Broadcom in a report on Friday, December 12th. Two research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $438.61.

Broadcom Profile

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.