Meridian Wealth Advisors LLC Trims Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Meridian Wealth Advisors LLC trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO) by 12.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,537 shares of the semiconductor manufacturer’s stock after selling 1,884 shares during the quarter. Meridian Wealth Advisors LLC’s holdings in Broadcom were worth $3,138,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Canton Hathaway LLC bought a new position in Broadcom in the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new stake in shares of Broadcom in the 4th quarter worth $26,000. Bellevue Asset Management LLC purchased a new stake in shares of Broadcom in the 4th quarter worth $33,000. Pin Oak Investment Advisors Inc. lifted its holdings in shares of Broadcom by 900.0% in the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 135 shares during the period. Finally, Synergy Investment Management LLC purchased a new stake in shares of Broadcom in the 4th quarter worth $35,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Eddy W. Hartenstein sold 4,000 shares of the stock in a transaction 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 directly owns 46,400 shares of the company’s stock, valued at approximately $10,655,296. This represents a 7.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 40,000 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the sale, the insider now directly owns 696,730 shares in the company, valued at $161,627,425.40. This trade represents a 5.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 172,168 shares of company stock valued at $40,508,877. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

Shares of NASDAQ AVGO opened at $191.66 on Friday. The company’s fifty day moving average price is $214.38 and its 200 day moving average price is $195.08. Broadcom Inc. has a 1 year low of $119.76 and a 1 year high of $251.88. The company has a market capitalization of $901.18 billion, a PE ratio of 156.33, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date of this dividend is Thursday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 113.46%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on AVGO shares. Benchmark reiterated a “buy” rating and issued a $255.00 target price on shares of Broadcom in a report on Friday, March 7th. Barclays upped their price objective on Broadcom from $205.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Truist Financial upped their price objective on Broadcom from $260.00 to $267.00 and gave the stock a “buy” rating in a research note on Friday, March 7th. KeyCorp upped their price objective on Broadcom from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, March 7th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $300.00 price objective on shares of Broadcom in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $231.48.

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.