Clearstead Trust LLC Has $2.96 Million Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Clearstead Trust LLC lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 34.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,647 shares of the semiconductor manufacturer’s stock after purchasing an additional 672 shares during the quarter. Broadcom accounts for 0.8% of Clearstead Trust LLC’s holdings, making the stock its 25th biggest holding. Clearstead Trust LLC’s holdings in Broadcom were worth $2,955,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of AVGO. Stuart Chaussee & Associates Inc. acquired a new stake in Broadcom in the fourth quarter valued at about $25,000. PSI Advisors LLC boosted its stake in Broadcom by 66.7% in the fourth quarter. PSI Advisors LLC now owns 25 shares of the semiconductor manufacturer’s stock valued at $28,000 after buying an additional 10 shares in the last quarter. Macroview Investment Management LLC acquired a new stake in Broadcom in the third quarter valued at about $29,000. BKM Wealth Management LLC acquired a new stake in Broadcom in the fourth quarter valued at about $29,000. Finally, CKW Financial Group acquired a new stake in Broadcom in the fourth quarter valued at about $30,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Trading Up 3.2 %

Shares of AVGO traded up $39.54 during mid-day trading on Friday, reaching $1,278.11. 2,489,755 shares of the company were exchanged, compared to its average volume of 2,435,058. The stock has a market capitalization of $592.30 billion, a PE ratio of 47.37, a PEG ratio of 2.52 and a beta of 1.25. The business has a 50 day simple moving average of $1,308.66 and a two-hundred day simple moving average of $1,147.78. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34. Broadcom Inc. has a 52 week low of $601.29 and a 52 week high of $1,438.17.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. The business had revenue of $11.96 billion during 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 company posted $9.83 earnings per share. On average, analysts predict that Broadcom Inc. will post 35.96 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were issued a $5.25 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a yield of 1.64%. Broadcom’s payout ratio is currently 77.84%.

Insider Activity

In other news, Director Kenneth Hao sold 9,160 shares of the business’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 transaction of $12,715,270.80. Following the completion of the sale, the director now owns 45 shares in the company, valued at $62,465.85. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Kenneth Hao sold 9,160 shares of Broadcom 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 transaction of $12,715,270.80. Following the transaction, the director now owns 45 shares of the company’s stock, valued at $62,465.85. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eddy W. Hartenstein sold 3,150 shares of Broadcom stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the transaction, the director now directly owns 4,643 shares in the company, valued at approximately $5,991,048.62. The disclosure for this sale can be found here. Insiders sold a total of 29,920 shares of company stock worth $40,306,667 over the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

AVGO has been the topic of several research analyst reports. Susquehanna raised their price objective on Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a research note on Wednesday, February 28th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $1,500.00 price objective on shares of Broadcom in a research note on Thursday, March 21st. Cantor Fitzgerald lifted their price target on Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a research note on Monday, March 4th. Barclays lifted their price target on Broadcom from $1,405.00 to $1,500.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $1,325.00 price target on shares of Broadcom in a research note on Friday, January 19th. Three equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.