Parsons Capital Management Inc. RI Decreases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Parsons Capital Management Inc. RI cut its stake in Broadcom Inc. (NASDAQ:AVGO) by 4.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 64,300 shares of the semiconductor manufacturer’s stock after selling 2,789 shares during the quarter. Broadcom makes up approximately 0.8% of Parsons Capital Management Inc. RI’s portfolio, making the stock its 27th biggest holding. Parsons Capital Management Inc. RI’s holdings in Broadcom were worth $14,907,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of AVGO. West Wealth Group LLC increased its stake in Broadcom by 16.1% in the 4th quarter. West Wealth Group LLC now owns 11,233 shares of the semiconductor manufacturer’s stock valued at $2,604,000 after purchasing an additional 1,554 shares in the last quarter. Heartland Bank & Trust Co grew its holdings in Broadcom by 1.7% in the fourth quarter. Heartland Bank & Trust Co now owns 17,135 shares of the semiconductor manufacturer’s stock valued at $3,973,000 after purchasing an additional 285 shares during the last quarter. Webster Bank N. A. grew its holdings in Broadcom by 2.4% in the fourth quarter. Webster Bank N. A. now owns 10,949 shares of the semiconductor manufacturer’s stock valued at $2,538,000 after purchasing an additional 256 shares during the last quarter. Center For Asset Management LLC increased its position in shares of Broadcom by 1.0% in the fourth quarter. Center For Asset Management LLC now owns 12,156 shares of the semiconductor manufacturer’s stock valued at $2,818,000 after buying an additional 115 shares in the last quarter. Finally, United Asset Strategies Inc. raised its stake in shares of Broadcom by 1.4% during the 4th quarter. United Asset Strategies Inc. now owns 16,119 shares of the semiconductor manufacturer’s stock worth $3,737,000 after buying an additional 223 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Broadcom

In other Broadcom news, Director Check Kian Low sold 48,000 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the completion of the sale, the director now directly owns 113,050 shares of the company’s stock, valued at approximately $26,606,317.50. This represents a 29.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eddy W. Hartenstein sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the sale, the director now owns 46,400 shares in the company, valued at $10,655,296. This represents a 7.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 191,278 shares of company stock valued at $44,964,800 in the last three months. 2.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Mizuho raised their target price on shares of Broadcom from $245.00 to $260.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Susquehanna upped their target price on Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a research note on Friday, December 13th. Truist Financial boosted their price target on Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Benchmark reissued a “buy” rating and issued a $255.00 price target (up from $210.00) on shares of Broadcom in a research note on Friday, December 13th. Finally, Piper Sandler increased their price objective on shares of Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a report on Friday, December 13th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $225.04.

Broadcom Stock Performance

Shares of AVGO opened at $206.35 on Thursday. The firm has a market capitalization of $967.24 billion, a PE ratio of 168.31, a P/E/G ratio of 2.52 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The firm has a 50-day moving average price of $210.37 and a 200 day moving average price of $181.05. Broadcom Inc. has a 52-week low of $117.43 and a 52-week high of $251.88.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. The business had revenue of $14.05 billion for the quarter, compared to analyst estimates of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business’s revenue for the quarter was up 51.2% on a year-over-year basis. During the same quarter last year, the business earned $0.98 earnings per share. On average, sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date was Monday, December 23rd. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is 192.50%.

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.