Janney Montgomery Scott LLC Cuts Position in Broadcom Inc. (NASDAQ:AVGO)

Janney Montgomery Scott LLC reduced its position in shares of Broadcom Inc. (NASDAQ:AVGOFree Report) by 0.0% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 195,996 shares of the semiconductor manufacturer’s stock after selling 63 shares during the period. Broadcom makes up about 0.7% of Janney Montgomery Scott LLC’s portfolio, making the stock its 21st biggest holding. Janney Montgomery Scott LLC’s holdings in Broadcom were worth $218,782,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Horizon Family Wealth Inc. grew its position in Broadcom by 1.3% in the 4th quarter. Horizon Family Wealth Inc. now owns 640 shares of the semiconductor manufacturer’s stock valued at $715,000 after acquiring an additional 8 shares in the last quarter. BetterWealth LLC grew its holdings in shares of Broadcom by 1.5% in the fourth quarter. BetterWealth LLC now owns 602 shares of the semiconductor manufacturer’s stock valued at $672,000 after purchasing an additional 9 shares in the last quarter. Sargent Investment Group LLC increased its stake in Broadcom by 1.6% during the 4th quarter. Sargent Investment Group LLC now owns 557 shares of the semiconductor manufacturer’s stock worth $622,000 after buying an additional 9 shares during the period. Centric Wealth Management lifted its holdings in Broadcom by 1.6% during the 4th quarter. Centric Wealth Management now owns 579 shares of the semiconductor manufacturer’s stock worth $646,000 after buying an additional 9 shares in the last quarter. Finally, Rise Advisors LLC lifted its holdings in Broadcom by 33.3% during the 4th quarter. Rise Advisors LLC now owns 40 shares of the semiconductor manufacturer’s stock worth $44,000 after buying an additional 10 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently weighed in on AVGO. Barclays upped their price objective on Broadcom from $1,405.00 to $1,500.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 17th. Oppenheimer reaffirmed an “outperform” rating and issued a $1,500.00 price target (up previously from $1,100.00) on shares of Broadcom in a research report on Friday, March 1st. TD Cowen raised Broadcom from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $1,400.00 to $1,500.00 in a research report on Thursday, March 21st. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $1,700.00 target price on shares of Broadcom in a report on Thursday, March 21st. Finally, Cantor Fitzgerald boosted their price target on shares of Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a report on Monday, March 4th. Three investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $1,296.91.

View Our Latest Stock Analysis on AVGO

Insiders Place Their Bets

In other Broadcom news, CEO Hock E. Tan sold 2,000 shares of Broadcom stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total value of $2,624,500.00. Following the sale, the chief executive officer now owns 168,096 shares of the company’s stock, valued at approximately $220,583,976. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Broadcom news, Director Kenneth Hao sold 9,160 shares of the 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 completion of the transaction, the director now directly owns 45 shares of the company’s stock, valued at $62,465.85. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Hock E. Tan sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total value of $2,624,500.00. Following the sale, the chief executive officer now directly owns 168,096 shares in the company, valued at approximately $220,583,976. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,920 shares of company stock worth $40,306,667. 2.00% of the stock is owned by insiders.

Broadcom Stock Performance

Shares of AVGO traded up $56.14 during mid-day trading on Wednesday, hitting $1,436.17. 3,272,482 shares of the company’s stock were exchanged, compared to its average volume of 2,808,902. 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 fifty-two week low of $638.73 and a fifty-two week high of $1,438.95. The business’s 50 day moving average is $1,307.76 and its two-hundred day moving average is $1,174.81. The firm has a market capitalization of $665.55 billion, a P/E ratio of 51.68, a P/E/G ratio of 2.71 and a beta of 1.25.

Broadcom (NASDAQ:AVGOGet Free Report) last posted its quarterly earnings data 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 company had revenue of $11.96 billion during the quarter, compared to analysts’ expectations 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 last year, the firm earned $9.83 EPS. On average, equities analysts expect that Broadcom Inc. will post 36.09 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were paid a $5.25 dividend. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $21.00 annualized dividend and a yield of 1.46%. Broadcom’s dividend payout ratio is currently 77.84%.

About Broadcom

(Free Report)

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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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