Connable Office Inc. Sells 259 Shares of Broadcom Inc. (NASDAQ:AVGO)

Connable Office Inc. reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 18,472 shares of the semiconductor manufacturer’s stock after selling 259 shares during the period. Connable Office Inc.’s holdings in Broadcom were worth $4,283,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of AVGO. AMF Tjanstepension AB raised its position in Broadcom by 856.9% during the 3rd quarter. AMF Tjanstepension AB now owns 1,014,616 shares of the semiconductor manufacturer’s stock valued at $175,101,000 after purchasing an additional 908,585 shares in the last quarter. Wealth Group Ltd. raised its position in Broadcom by 900.0% during the 3rd quarter. Wealth Group Ltd. now owns 1,760 shares of the semiconductor manufacturer’s stock valued at $304,000 after purchasing an additional 1,584 shares in the last quarter. Swedbank AB raised its position in Broadcom by 858.7% during the 3rd quarter. Swedbank AB now owns 18,369,841 shares of the semiconductor manufacturer’s stock valued at $3,168,798,000 after purchasing an additional 16,453,718 shares in the last quarter. Howard Capital Management Group LLC raised its position in Broadcom by 2,219.8% during the 3rd quarter. Howard Capital Management Group LLC now owns 3,039 shares of the semiconductor manufacturer’s stock valued at $524,000 after purchasing an additional 2,908 shares in the last quarter. Finally, Pettinga Financial Advisors LLC raised its position in Broadcom by 896.9% during the 3rd quarter. Pettinga Financial Advisors LLC now owns 2,911 shares of the semiconductor manufacturer’s stock valued at $502,000 after purchasing an additional 2,619 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AVGO. Citigroup lifted their price target on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Piper Sandler lifted their price target on Broadcom from $200.00 to $250.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Benchmark reiterated a “buy” rating and issued a $255.00 price target (up from $210.00) on shares of Broadcom in a report on Friday, December 13th. Jefferies Financial Group lifted their price target on Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a report on Friday, December 13th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $240.00 price target on shares of Broadcom in a report on Wednesday, December 11th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $225.04.

Insider Activity

In other news, CEO Hock E. Tan sold 45,000 shares of the business’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $239.96, for a total value of $10,798,200.00. Following the completion of the transaction, the chief executive officer now owns 842,836 shares of the company’s stock, valued at $202,246,926.56. The trade was a 5.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Charlie B. Kawwas sold 40,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $231.98, for a total value of $9,279,200.00. Following the completion of the transaction, the insider now directly owns 696,730 shares of the company’s stock, valued at approximately $161,627,425.40. This trade represents a 5.43 % 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 quarter. 2.00% of the stock is currently owned by company insiders.

Broadcom Stock Performance

Shares of AVGO opened at $199.29 on Friday. The stock has a 50-day moving average of $227.44 and a two-hundred day moving average of $192.11. Broadcom Inc. has a one year low of $119.76 and a one year high of $251.88. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. The stock has a market cap of $934.16 billion, a P/E ratio of 162.56, a P/E/G ratio of 2.29 and a beta of 1.02.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company had revenue of $14.05 billion during the quarter, compared to analysts’ expectations of $14.07 billion. During the same quarter in the previous year, the firm posted $0.98 EPS. The firm’s revenue was up 51.2% compared to the same quarter last year. As a group, research analysts predict that Broadcom Inc. will post 5.38 EPS for the current 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 issued a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.18%. The ex-dividend date of this dividend was Monday, December 23rd. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is 191.87%.

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.