Citizens Business Bank Sells 564 Shares of Broadcom Inc. (NASDAQ:AVGO)

Citizens Business Bank trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 8.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,927 shares of the semiconductor manufacturer’s stock after selling 564 shares during the period. Broadcom makes up about 1.5% of Citizens Business Bank’s investment portfolio, making the stock its 19th largest holding. Citizens Business Bank’s holdings in Broadcom were worth $6,616,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Stuart Chaussee & Associates Inc. purchased a new position in Broadcom in the 4th quarter worth about $25,000. PSI Advisors LLC raised its holdings in shares of Broadcom by 66.7% during the fourth quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock valued at $28,000 after purchasing an additional 10 shares during the last quarter. Macroview Investment Management LLC bought a new position in Broadcom during the third quarter valued at approximately $29,000. BKM Wealth Management LLC purchased a new stake in Broadcom in the fourth quarter worth approximately $29,000. Finally, CKW Financial Group bought a new stake in Broadcom in the 4th quarter worth approximately $30,000. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. Barclays upped their price objective on Broadcom from $1,405.00 to $1,500.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. Rosenblatt Securities reissued a “buy” rating and issued a $1,500.00 price objective on shares of Broadcom in a report on Thursday, March 21st. TD Cowen raised shares of Broadcom from a “market perform” rating to an “outperform” rating and upped their target price for the company from $1,400.00 to $1,500.00 in a report on Thursday, March 21st. Evercore ISI began coverage on shares of Broadcom in a research note on Tuesday, April 16th. They set an “outperform” rating and a $1,620.00 price target on the stock. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $1,325.00 price objective on shares of Broadcom in a research report on Friday, January 19th. Three equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $1,285.41.

Broadcom Price Performance

AVGO stock traded down $38.35 during mid-day trading on Tuesday, hitting $1,300.27. The company had a trading volume of 2,208,554 shares, compared to its average volume of 2,907,510. The company has a 50-day moving average price of $1,308.57 and a 200 day moving average price of $1,140.88. Broadcom Inc. has a 12-month low of $601.29 and a 12-month high of $1,438.17. The company has a market capitalization of $602.57 billion, a price-to-earnings ratio of 48.86, a P/E/G ratio of 2.74 and a beta of 1.25. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, topping analysts’ consensus estimates 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% on a year-over-year basis. During the same period in the previous year, the business earned $9.83 earnings per share. On average, research analysts anticipate that Broadcom Inc. will post 35.96 earnings per share for the current year.

Broadcom Announces Dividend

The firm 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. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

Insider Activity at Broadcom

In other news, Director Kenneth Hao sold 9,160 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the sale, the director now directly owns 45 shares in the company, valued at approximately $62,465.85. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Kenneth Hao sold 9,160 shares of the firm’s stock in a transaction that occurred 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 directly owns 45 shares of the company’s stock, valued at approximately $62,465.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 5,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 16,575 shares in the company, valued at approximately $22,276,800. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 29,920 shares of company stock valued at $40,306,667. 2.00% of the stock is owned by corporate insiders.

Broadcom 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.