Neville Rodie & Shaw Inc. Sells 2,270 Shares of Broadcom Inc. $AVGO

Neville Rodie & Shaw Inc. lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 4.6% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 46,863 shares of the semiconductor manufacturer’s stock after selling 2,270 shares during the period. Broadcom makes up 1.1% of Neville Rodie & Shaw Inc.’s investment portfolio, making the stock its 23rd biggest holding. Neville Rodie & Shaw Inc.’s holdings in Broadcom were worth $15,461,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in AVGO. Assetmark Inc. increased its stake in Broadcom by 2.4% in the second quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock valued at $469,566,000 after acquiring an additional 39,466 shares during the period. Capital Counsel LLC NY acquired a new stake in Broadcom during the second quarter valued at approximately $221,000. Waterloo Capital L.P. grew its stake in shares of Broadcom by 7.0% in the 2nd quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock valued at $13,331,000 after purchasing an additional 3,180 shares during the period. Geneos Wealth Management Inc. raised its holdings in shares of Broadcom by 27.9% in the 1st quarter. Geneos Wealth Management Inc. now owns 64,130 shares of the semiconductor manufacturer’s stock worth $10,737,000 after buying an additional 13,978 shares in the last quarter. Finally, RiverFront Investment Group LLC raised its holdings in shares of Broadcom by 107.6% in the 2nd quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock worth $4,555,000 after buying an additional 8,566 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on AVGO shares. Mizuho upped their price target on Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a research report on Friday. KeyCorp restated an “overweight” rating and issued a $500.00 target price (up previously from $460.00) on shares of Broadcom in a research note on Friday. Raymond James Financial set a $420.00 target price on shares of Broadcom and gave the stock an “outperform” rating in a research report on Thursday, November 20th. Bank of America lifted their price target on shares of Broadcom from $460.00 to $500.00 and gave the company a “buy” rating in a report on Friday. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $430.00 price objective (up from $375.00) on shares of Broadcom in a research note on Friday. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Broadcom presently has a consensus rating of “Buy” and an average price target of $435.96.

Insider Activity

In other Broadcom news, insider Mark David Brazeal sold 16,558 shares of the stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $347.61, for a total value of $5,755,726.38. Following the transaction, the insider directly owned 329,302 shares in the company, valued at approximately $114,468,668.22. This trade represents a 4.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kirsten M. Spears sold 7,498 shares of Broadcom stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $347.66, for a total value of $2,606,754.68. Following the completion of the sale, the chief financial officer directly owned 313,330 shares of the company’s stock, valued at $108,932,307.80. This trade represents a 2.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 818,662 shares of company stock worth $297,135,938. 2.00% of the stock is owned by company insiders.

Broadcom Stock Down 5.6%

Shares of NASDAQ AVGO opened at $339.81 on Tuesday. Broadcom Inc. has a 12-month low of $138.10 and a 12-month high of $414.61. The firm’s 50-day simple moving average is $363.26 and its 200 day simple moving average is $319.19. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76. The company has a market cap of $1.60 trillion, a price-to-earnings ratio of 71.39, a price-to-earnings-growth ratio of 1.22 and a beta of 1.19.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The company had revenue of $18.02 billion during the quarter, compared to the consensus estimate of $17.46 billion. During the same period in the previous year, the firm posted $1.42 earnings per share. The company’s revenue was up 28.2% on a year-over-year basis. On average, research analysts expect 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 will be paid on Wednesday, December 31st. Investors of record on Monday, December 22nd will be given a $0.65 dividend. This is a boost from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date is Monday, December 22nd. This represents a $2.60 annualized dividend and a yield of 0.8%. Broadcom’s dividend payout ratio is presently 54.62%.

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.