Moors & Cabot Inc. Sells 454 Shares of Broadcom Inc. (NASDAQ:AVGO)

Moors & Cabot Inc. lessened its stake in Broadcom Inc. (NASDAQ:AVGO) by 2.9% in the second quarter, Holdings Channel reports. The fund owned 15,158 shares of the semiconductor manufacturer’s stock after selling 454 shares during the quarter. Broadcom makes up about 1.3% of Moors & Cabot Inc.’s holdings, making the stock its 8th biggest holding. Moors & Cabot Inc.’s holdings in Broadcom were worth $24,336,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in AVGO. TBH Global Asset Management LLC increased its stake in Broadcom by 29.2% during the 4th quarter. TBH Global Asset Management LLC now owns 641 shares of the semiconductor manufacturer’s stock worth $715,000 after buying an additional 145 shares during the period. Gilbert & Cook Inc. increased its position in shares of Broadcom by 4.9% during the fourth quarter. Gilbert & Cook Inc. now owns 837 shares of the semiconductor manufacturer’s stock worth $934,000 after acquiring an additional 39 shares during the last quarter. Aveo Capital Partners LLC lifted its stake in shares of Broadcom by 15.9% in the fourth quarter. Aveo Capital Partners LLC now owns 459 shares of the semiconductor manufacturer’s stock worth $512,000 after acquiring an additional 63 shares in the last quarter. 9258 Wealth Management LLC grew its stake in Broadcom by 1.5% during the 4th quarter. 9258 Wealth Management LLC now owns 3,884 shares of the semiconductor manufacturer’s stock valued at $4,336,000 after purchasing an additional 58 shares in the last quarter. Finally, Gryphon Financial Partners LLC increased its holdings in Broadcom by 99.5% during the 4th quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock worth $1,731,000 after purchasing an additional 801 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $164.02 on Tuesday. The stock has a market cap of $763.49 billion, a P/E ratio of 7.05, a P/E/G ratio of 2.55 and a beta of 1.16. The firm’s 50-day simple moving average is $157.41 and its 200 day simple moving average is $145.98. Broadcom Inc. has a fifty-two week low of $79.51 and a fifty-two week high of $185.16. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion for the quarter, compared to the consensus estimate of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom’s revenue was up 47.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.95 EPS. Equities analysts expect that Broadcom Inc. will post 3.77 EPS for the current year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be paid a dividend of $0.53 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date is Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

Insider Activity

In related news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the transaction, the director now owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the sale, the chief executive officer now owns 138,191 shares in the company, valued at approximately $235,746,936.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Justine Page sold 2,540 shares of Broadcom stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the transaction, the director now owns 27,480 shares in the company, valued at $4,809,714.48. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on AVGO shares. Sanford C. Bernstein lifted their price target on shares of Broadcom from $160.00 to $195.00 and gave the stock an “outperform” rating in a research note on Thursday, June 13th. Citigroup reaffirmed a “buy” rating and set a $156.00 price target on shares of Broadcom in a research report on Tuesday, June 11th. Benchmark reissued a “buy” rating and issued a $210.00 price objective on shares of Broadcom in a report on Friday, September 6th. Morgan Stanley increased their target price on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Finally, Evercore ISI boosted their price target on Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. Two research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus target price of $189.23.

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.