Palouse Capital Management Inc. Sells 884 Shares of Broadcom Inc. (NASDAQ:AVGO)

Palouse Capital Management Inc. lessened its stake in Broadcom Inc. (NASDAQ:AVGO) by 31.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,954 shares of the semiconductor manufacturer’s stock after selling 884 shares during the quarter. Broadcom makes up 1.5% of Palouse Capital Management Inc.’s holdings, making the stock its 24th biggest position. Palouse Capital Management Inc.’s holdings in Broadcom were worth $2,181,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State Street Corp increased its holdings in shares of Broadcom by 5.0% in the first quarter. State Street Corp now owns 16,632,123 shares of the semiconductor manufacturer’s stock valued at $10,670,149,000 after purchasing an additional 794,832 shares during the last quarter. Morgan Stanley increased its stake in shares of Broadcom by 12.5% during the fourth 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 holdings in Broadcom by 11.6% during the 1st 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 during the last quarter. Northern Trust Corp lifted its holdings in shares of Broadcom by 2.1% during the third quarter. Northern Trust Corp now owns 4,655,402 shares of the semiconductor manufacturer’s stock worth $3,866,684,000 after buying an additional 93,615 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its position in shares of Broadcom by 4.4% during the 2nd quarter. Nuveen Asset Management LLC now owns 4,280,218 shares of the semiconductor manufacturer’s stock worth $3,712,789,000 after purchasing an additional 179,272 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Insider Buying and Selling at Broadcom

In other news, insider Charlie B. Kawwas sold 5,000 shares of the 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 transaction of $6,720,000.00. Following the transaction, the insider now directly owns 16,575 shares in the company, valued at $22,276,800. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Broadcom news, insider Mark David Brazeal sold 2,500 shares of the company’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $1,318.97, for a total transaction of $3,297,425.00. Following the completion of the transaction, the insider now directly owns 46,974 shares in the company, valued at $61,957,296.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 5,000 shares of the 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 completion of the sale, the insider now directly owns 16,575 shares of the company’s stock, valued at approximately $22,276,800. The disclosure for this sale can be found here. Insiders have sold 29,920 shares of company stock worth $40,306,667 over the last quarter. Insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $1,500.00 price objective on shares of Broadcom in a research note on Monday, April 8th. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $1,700.00 price objective on shares of Broadcom in a report on Thursday, March 21st. UBS Group lifted their price target on shares of Broadcom to $1,480.00 and gave the stock a “buy” rating in a report on Monday, February 26th. Benchmark reaffirmed a “buy” rating and issued a $1,720.00 price objective on shares of Broadcom in a research note on Thursday, March 21st. Finally, StockNews.com lowered shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Three equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $1,285.41.

Broadcom Stock Performance

NASDAQ:AVGO traded down $54.28 during trading hours on Friday, reaching $1,204.71. The company had a trading volume of 4,477,530 shares, compared to its average volume of 2,968,402. The firm’s 50 day moving average price is $1,305.11 and its 200-day moving average price is $1,118.75. The firm has a market cap of $558.29 billion, a price-to-earnings ratio of 44.65, a PEG ratio of 2.62 and a beta of 1.25. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05. Broadcom Inc. has a 52 week low of $601.29 and a 52 week high of $1,438.17.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The business had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. During the same period in the prior year, the company earned $9.83 earnings per share. The firm’s revenue was up 34.2% on a year-over-year basis. On average, analysts forecast that Broadcom Inc. will post 35.88 EPS for the current year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were paid a dividend of $5.25 per share. This represents a $21.00 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date of this dividend was Wednesday, March 20th. Broadcom’s payout ratio is 77.84%.

Broadcom Company 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.