Allen Capital Group LLC Cuts Position in Broadcom Inc. (NASDAQ:AVGO)

Allen Capital Group LLC cut its stake in Broadcom Inc. (NASDAQ:AVGO) by 73.5% in the 4th quarter, Holdings Channel reports. The fund owned 647 shares of the semiconductor manufacturer’s stock after selling 1,797 shares during the quarter. Allen Capital Group LLC’s holdings in Broadcom were worth $722,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Macroview Investment Management LLC grew its position in Broadcom by 36.1% in the fourth quarter. Macroview Investment Management LLC now owns 49 shares of the semiconductor manufacturer’s stock worth $54,000 after acquiring an additional 13 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Broadcom by 109.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 229,312 shares of the semiconductor manufacturer’s stock worth $255,970,000 after acquiring an additional 119,597 shares in the last quarter. Everence Capital Management Inc. grew its position in Broadcom by 10.1% in the fourth quarter. Everence Capital Management Inc. now owns 11,549 shares of the semiconductor manufacturer’s stock worth $12,892,000 after acquiring an additional 1,060 shares in the last quarter. Ergawealth Advisors Inc. purchased a new position in Broadcom in the fourth quarter worth $299,000. Finally, Signet Financial Management LLC lifted its stake in Broadcom by 26.8% in the fourth quarter. Signet Financial Management LLC now owns 5,850 shares of the semiconductor manufacturer’s stock worth $6,530,000 after purchasing an additional 1,236 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Performance

Shares of NASDAQ:AVGO opened at $1,338.68 on Wednesday. Broadcom Inc. has a 52 week low of $601.29 and a 52 week high of $1,438.17. The stock has a market capitalization of $620.37 billion, a P/E ratio of 49.26, a PEG ratio of 2.67 and a beta of 1.25. The firm has a fifty day simple moving average of $1,306.49 and a two-hundred day simple moving average of $1,114.01. 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 released its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, topping 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 firm had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. During the same period in the previous year, the company earned $9.83 EPS. The firm’s revenue for the quarter was up 34.2% compared to the same quarter last year. On average, analysts expect that Broadcom Inc. will post 35.95 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company 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. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.57%. Broadcom’s dividend payout ratio is presently 77.84%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. UBS Group boosted their price target on shares of Broadcom to $1,480.00 and gave the stock a “buy” rating in a research note on Monday, February 26th. Mizuho boosted their price target on shares of Broadcom from $1,450.00 to $1,550.00 and gave the stock a “buy” rating in a research note on Thursday, March 7th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $1,700.00 price target on shares of Broadcom in a research note on Thursday, March 21st. Barclays assumed coverage on shares of Broadcom in a research note on Wednesday, March 20th. They issued an “overweight” rating and a $1,405.00 price target for the company. Finally, Oppenheimer reissued an “outperform” rating and issued a $1,500.00 price target (up from $1,100.00) on shares of Broadcom in a research note on Friday, March 1st. Three analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $1,281.09.

Insider Activity at Broadcom

In related news, Director Justine Page sold 110 shares of Broadcom stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the completion of the sale, the director now owns 3,125 shares in the company, valued at approximately $4,134,375. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Justine Page sold 110 shares of the business’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total value of $145,530.00. Following the completion of the sale, the director now owns 3,125 shares in the company, valued at approximately $4,134,375. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 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 transaction of $6,720,000.00. Following the transaction, the insider now owns 16,575 shares in the company, valued at $22,276,800. The disclosure for this sale can be found here. Insiders sold 29,920 shares of company stock worth $40,306,667 in the last 90 days. 2.00% of the stock is owned by corporate insiders.

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.