Richard Bernstein Advisors LLC Has $11.74 Million Stock Position in Broadcom Inc. $AVGO

Richard Bernstein Advisors LLC reduced its holdings in Broadcom Inc. (NASDAQ:AVGO) by 52.9% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 35,578 shares of the semiconductor manufacturer’s stock after selling 39,919 shares during the period. Broadcom accounts for approximately 0.3% of Richard Bernstein Advisors LLC’s portfolio, making the stock its 25th largest position. Richard Bernstein Advisors LLC’s holdings in Broadcom were worth $11,738,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of AVGO. Capital Counsel LLC NY acquired a new position in Broadcom in the second quarter worth about $221,000. Waterloo Capital L.P. boosted its holdings in Broadcom by 7.0% during the second 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 in the last quarter. Providence First Trust Co grew its stake in shares of Broadcom by 1,099.3% in the 3rd quarter. Providence First Trust Co now owns 8,923 shares of the semiconductor manufacturer’s stock valued at $2,944,000 after purchasing an additional 8,179 shares during the period. Aspen Wealth Strategies LLC grew its stake in shares of Broadcom by 174.7% in the 2nd quarter. Aspen Wealth Strategies LLC now owns 23,673 shares of the semiconductor manufacturer’s stock valued at $6,525,000 after purchasing an additional 15,055 shares during the period. 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 currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AVGO has been the subject of several analyst reports. Sanford C. Bernstein restated an “outperform” rating and set a $475.00 target price (up from $400.00) on shares of Broadcom in a research report on Friday, December 12th. Bank of America dropped their price objective on Broadcom from $500.00 to $450.00 and set a “buy” rating for the company in a research note on Thursday, March 5th. Oppenheimer lifted their price objective on Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Wolfe Research upgraded shares of Broadcom from a “peer perform” rating to an “outperform” rating and set a $400.00 target price on the stock in a research note on Friday, January 30th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Broadcom in a report on Friday, December 12th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $435.30.

Broadcom Price Performance

Shares of AVGO stock opened at $345.75 on Tuesday. The firm has a market cap of $1.64 trillion, a price-to-earnings ratio of 67.53, a PEG ratio of 0.77 and a beta of 1.22. Broadcom Inc. has a 12 month low of $138.10 and a 12 month high of $414.61. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.80. The stock has a 50-day moving average price of $333.68 and a 200 day moving average price of $343.89.

Broadcom (NASDAQ:AVGO) last released its earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.02. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The company had revenue of $19.31 billion for the quarter, compared to the consensus estimate of $19.10 billion. During the same period in the prior year, the company posted $1.60 EPS. The company’s revenue was up 29.5% compared to the same quarter last year. Research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 23rd will be issued a $0.65 dividend. This represents a $2.60 annualized dividend and a yield of 0.8%. The ex-dividend date is Monday, March 23rd. Broadcom’s dividend payout ratio is currently 50.78%.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 38,281 shares of the stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $327.65, for a total value of $12,542,769.65. Following the transaction, the insider owned 266,494 shares of the company’s stock, valued at $87,316,759.10. This represents a 12.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Hock E. Tan sold 130,000 shares of the firm’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $326.02, for a total value of $42,382,600.00. Following the completion of the transaction, the chief executive officer owned 595,638 shares in the company, valued at $194,189,900.76. This represents a 17.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 458,785 shares of company stock valued at $155,508,157. 1.90% of the stock is currently owned by insiders.

About Broadcom

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company’s semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.

On the semiconductor side, Broadcom’s portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.