Bay Rivers Group Cuts Stake in Broadcom Inc. (NASDAQ:AVGO)

Bay Rivers Group trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO) by 2.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,483 shares of the semiconductor manufacturer’s stock after selling 1,668 shares during the quarter. Broadcom comprises 7.2% of Bay Rivers Group’s portfolio, making the stock its 2nd largest holding. Bay Rivers Group’s holdings in Broadcom were worth $14,950,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Central Pacific Bank Trust Division raised its stake in shares of Broadcom by 21.5% during the fourth quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer’s stock valued at $4,858,000 after purchasing an additional 3,707 shares in the last quarter. Wolff Financial Management LLC acquired a new position in Broadcom during the fourth quarter worth about $244,000. Strait & Sound Wealth Management LLC lifted its holdings in Broadcom by 829.8% in the 3rd quarter. Strait & Sound Wealth Management LLC now owns 7,950 shares of the semiconductor manufacturer’s stock valued at $1,371,000 after acquiring an additional 7,095 shares during the last quarter. Catalyst Financial Partners LLC grew its position in Broadcom by 943.3% in the third quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer’s stock worth $3,473,000 after buying an additional 18,206 shares during the last quarter. Finally, Motive Wealth Advisors increased its stake in Broadcom by 1,076.5% in the 4th quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer’s stock worth $1,066,000 after purchasing an additional 4,209 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Trading Up 4.5 %

Shares of AVGO stock opened at $215.66 on Friday. 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 market cap of $1.01 trillion, a P/E ratio of 175.91, a PEG ratio of 2.52 and a beta of 1.03. Broadcom Inc. has a 12-month low of $117.43 and a 12-month high of $251.88. The company has a 50 day moving average of $211.24 and a 200-day moving average of $181.27.

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

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were issued a dividend of $0.59 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, December 23rd. This represents a $2.36 annualized dividend and a dividend yield of 1.09%. Broadcom’s payout ratio is presently 191.87%.

Insider Buying and Selling at Broadcom

In other news, CFO Kirsten M. Spears sold 12,570 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $229.62, for a total value of $2,886,323.40. Following the completion of the sale, the chief financial officer now directly owns 325,443 shares in the company, valued at approximately $74,728,221.66. The trade was a 3.72 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Harry L. You sold 6,540 shares of the stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the transaction, the director now directly owns 30,450 shares in the company, valued at approximately $7,308,000. This represents a 17.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 191,278 shares of company stock worth $44,964,800 over the last three months. 2.00% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have recently commented on the company. Barclays raised their target price on Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Truist Financial increased their target price on Broadcom from $205.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Robert W. Baird boosted their target price on shares of Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a research report on Friday, December 13th. Citigroup increased their price target on shares of Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Finally, Mizuho upped their price objective on shares of Broadcom from $245.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $225.04.

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.