OmniStar Financial Group Inc. Lowers Position in Broadcom Inc. (NASDAQ:AVGO)

OmniStar Financial Group Inc. lessened its stake in Broadcom Inc. (NASDAQ:AVGO) by 1.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 858 shares of the semiconductor manufacturer’s stock after selling 16 shares during the quarter. Broadcom comprises approximately 1.2% of OmniStar Financial Group Inc.’s holdings, making the stock its 20th biggest holding. OmniStar Financial Group Inc.’s holdings in Broadcom were worth $959,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in AVGO. BlackRock Inc. raised its holdings in shares of Broadcom by 6.2% in the 2nd quarter. BlackRock Inc. now owns 31,681,688 shares of the semiconductor manufacturer’s stock worth $27,481,646,000 after purchasing an additional 1,836,795 shares during the period. State Street Corp raised its stake in shares of Broadcom by 1.9% in the 2nd quarter. State Street Corp now owns 16,941,449 shares of the semiconductor manufacturer’s stock valued at $14,695,521,000 after acquiring an additional 309,326 shares during the period. Morgan Stanley boosted its position in Broadcom by 12.5% during the 4th quarter. Morgan Stanley now owns 5,878,874 shares of the semiconductor manufacturer’s stock worth $3,287,056,000 after purchasing an additional 651,014 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Broadcom by 11.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 4,682,635 shares of the semiconductor manufacturer’s stock worth $2,948,563,000 after purchasing an additional 488,405 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Broadcom by 2.1% in the third quarter. Northern Trust Corp now owns 4,655,402 shares of the semiconductor manufacturer’s stock valued at $3,866,684,000 after buying an additional 93,615 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Broadcom news, CFO Kirsten M. Spears sold 2,500 shares of the stock in a transaction on Friday, January 5th. The shares were sold at an average price of $1,043.14, for a total value of $2,607,850.00. Following the sale, the chief financial officer now directly owns 26,880 shares in the company, valued at $28,039,603.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Broadcom news, CFO Kirsten M. Spears sold 2,500 shares of the stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $1,043.14, for a total transaction of $2,607,850.00. Following the completion of the transaction, the chief financial officer now owns 26,880 shares in the company, valued at approximately $28,039,603.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kenneth Hao sold 9,160 shares of the stock in a transaction dated 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 transaction, the director now owns 45 shares of the company’s stock, valued at $62,465.85. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,810 shares of company stock worth $19,387,692. Insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $1,700.00 price target on shares of Broadcom in a research note on Thursday, March 21st. Benchmark reaffirmed a “buy” rating and issued a $1,720.00 price objective on shares of Broadcom in a report on Thursday, March 21st. Truist Financial lifted their target price on Broadcom from $995.00 to $1,015.00 and gave the stock a “buy” rating in a report on Friday, December 8th. Citigroup reiterated a “buy” rating and set a $1,100.00 price objective on shares of Broadcom in a research report on Monday, December 11th. Finally, Susquehanna lifted their target price on shares of Broadcom from $1,400.00 to $1,550.00 and gave the stock a “positive” rating in a research report on Wednesday, February 28th. Three research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $1,230.18.

Broadcom Price Performance

NASDAQ:AVGO traded down $20.09 during mid-day trading on Tuesday, reaching $1,331.49. 2,349,919 shares of the company were exchanged, compared to its average volume of 3,124,864. Broadcom Inc. has a 12 month low of $601.29 and a 12 month high of $1,438.17. The company has a fifty day moving average of $1,263.22 and a 200 day moving average of $1,058.13. The stock has a market cap of $617.04 billion, a PE ratio of 49.35, a PEG ratio of 2.85 and a beta of 1.26. 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 announced its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. The firm had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The business’s quarterly revenue was up 34.2% compared to the same quarter last year. During the same period last year, the company earned $9.83 EPS. On average, research analysts anticipate that Broadcom Inc. will post 36.8 EPS for the current fiscal year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Thursday, March 21st will be paid a dividend of $5.25 per share. The ex-dividend date is Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.58%. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

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.