Almanack Investment Partners LLC. Sells 794 Shares of Broadcom Inc. (NASDAQ:AVGO)

Almanack Investment Partners LLC. decreased its holdings in Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 85.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 131 shares of the semiconductor manufacturer’s stock after selling 794 shares during the period. Almanack Investment Partners LLC.’s holdings in Broadcom were worth $58,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in AVGO. First Personal Financial Services increased its holdings in Broadcom by 126.7% during the third quarter. First Personal Financial Services now owns 68 shares of the semiconductor manufacturer’s stock valued at $30,000 after buying an additional 38 shares during the period. Coston McIsaac & Partners purchased a new position in shares of Broadcom during the second quarter worth $32,000. Ritter Daniher Financial Advisory LLC DE increased its holdings in Broadcom by 138.7% in the third quarter. Ritter Daniher Financial Advisory LLC DE now owns 74 shares of the semiconductor manufacturer’s stock valued at $33,000 after buying an additional 43 shares in the last quarter. Knott David M Jr purchased a new position in Broadcom in the second quarter valued at $34,000. Finally, Colonial Trust Advisors purchased a new position in Broadcom in the third quarter valued at $36,000. Institutional investors own 81.28% of the company’s stock.

Broadcom Stock Performance

AVGO stock opened at $632.46 on Wednesday. The company has a market capitalization of $263.69 billion, a P/E ratio of 21.29, a PEG ratio of 1.23 and a beta of 1.10. The company has a 50-day simple moving average of $593.78 and a 200 day simple moving average of $533.68. Broadcom Inc. has a fifty-two week low of $415.07 and a fifty-two week high of $645.31. The company has a quick ratio of 2.26, a current ratio of 2.52 and a debt-to-equity ratio of 1.64.

Broadcom (NASDAQ:AVGO – Get Rating) last posted its quarterly earnings data on Thursday, March 2nd. The semiconductor manufacturer reported $10.33 earnings per share for the quarter, topping the consensus estimate of $9.38 by $0.95. Broadcom had a net margin of 37.19% and a return on equity of 73.52%. The business had revenue of $8.92 billion during the quarter, compared to the consensus estimate of $8.90 billion. During the same quarter in the prior year, the company posted $7.68 earnings per share. The company’s quarterly revenue was up 15.7% compared to the same quarter last year. Sell-side analysts predict that Broadcom Inc. will post 38.06 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 22nd will be issued a dividend of $4.60 per share. The ex-dividend date is Tuesday, March 21st. This represents a $18.40 annualized dividend and a yield of 2.91%. Broadcom’s payout ratio is presently 61.93%.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Mizuho boosted their target price on shares of Broadcom from $700.00 to $720.00 in a report on Friday, March 3rd. KeyCorp increased their price objective on shares of Broadcom from $700.00 to $720.00 and gave the company an “overweight” rating in a research report on Friday, March 3rd. Oppenheimer restated an “outperform” rating and issued a $720.00 target price on shares of Broadcom in a report on Monday, December 5th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Broadcom from $590.00 to $675.00 and gave the company a “buy” rating in a report on Friday, March 3rd. Finally, Piper Sandler decreased their price target on shares of Broadcom from $750.00 to $715.00 and set an “overweight” rating for the company in a research note on Monday, December 5th. Three analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $674.17.

Broadcom Profile

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Broadcom, Inc is a global technology company, which designs, develops, and supplies semiconductor and infrastructure software solutions. It operates through the Semiconductor Solutions and Infrastructure Software segments. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise, and embedded networking applications.