Bank OZK Decreases Position in Broadcom Inc. (NASDAQ:AVGO)

Bank OZK lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.0% in the 4th quarter, HoldingsChannel reports. The firm owned 742 shares of the semiconductor manufacturer’s stock after selling 23 shares during the quarter. Bank OZK’s holdings in Broadcom were worth $828,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Northern Trust Corp boosted its holdings in Broadcom by 2.1% in the 3rd 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 during the period. Wellington Management Group LLP boosted its holdings in Broadcom by 43.9% in the 3rd quarter. Wellington Management Group LLP now owns 4,025,658 shares of the semiconductor manufacturer’s stock worth $3,343,631,000 after buying an additional 1,228,755 shares during the period. FMR LLC boosted its holdings in Broadcom by 16.7% in the 3rd quarter. FMR LLC now owns 4,019,122 shares of the semiconductor manufacturer’s stock worth $3,338,203,000 after buying an additional 573,826 shares during the period. International Assets Investment Management LLC boosted its holdings in Broadcom by 113,495.7% in the 4th quarter. International Assets Investment Management LLC now owns 3,327,217 shares of the semiconductor manufacturer’s stock worth $37,140,060,000 after buying an additional 3,324,288 shares during the period. Finally, Invesco Ltd. boosted its holdings in Broadcom by 19.1% in the 3rd quarter. Invesco Ltd. now owns 3,206,601 shares of the semiconductor manufacturer’s stock worth $2,663,339,000 after buying an additional 514,120 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on AVGO shares. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $1,700.00 price objective on shares of Broadcom in a report on Thursday, March 21st. Benchmark reissued a “buy” rating and issued a $1,720.00 price target on shares of Broadcom in a report on Thursday, March 21st. Barclays raised their price target on shares of Broadcom from $1,405.00 to $1,500.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. StockNews.com downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a report on Thursday, January 4th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $1,325.00 price target on shares of Broadcom in a report on Friday, January 19th. Three analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $1,285.41.

Insider Activity

In related news, Director Eddy W. Hartenstein sold 3,150 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the sale, the director now owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Kenneth Hao sold 9,160 shares of the company’s stock in a transaction that occurred on 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 transaction, the director now owns 45 shares in the company, valued at $62,465.85. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Eddy W. Hartenstein sold 3,150 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total transaction of $4,064,571.00. Following the completion of the transaction, the director now owns 4,643 shares in the company, valued at approximately $5,991,048.62. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 29,920 shares of company stock valued at $40,306,667. Corporate insiders own 2.00% of the company’s stock.

Broadcom Trading Up 3.8 %

Shares of AVGO stock traded up $49.65 during mid-day trading on Friday, reaching $1,344.07. The stock had a trading volume of 2,409,983 shares, compared to its average volume of 2,322,994. The stock’s 50-day moving average price is $1,306.70 and its two-hundred day moving average price is $1,134.07. Broadcom Inc. has a 52-week low of $601.29 and a 52-week high of $1,438.17. The firm has a market capitalization of $622.87 billion, a PE ratio of 49.82, a price-to-earnings-growth ratio of 2.63 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 (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (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 analysts’ expectations of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company’s revenue for the quarter was up 34.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $9.83 earnings per share. Equities analysts expect that Broadcom Inc. will post 35.96 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders 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 dividend yield of 1.56%. The ex-dividend date was Wednesday, March 20th. Broadcom’s payout ratio is 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.