Capital Asset Advisory Services LLC Reduces Stock Holdings in Broadcom Inc. $AVGO

Capital Asset Advisory Services LLC trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 10.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 26,639 shares of the semiconductor manufacturer’s stock after selling 2,948 shares during the period. Capital Asset Advisory Services LLC’s holdings in Broadcom were worth $8,788,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in AVGO. Sawyer & Company Inc increased its holdings in Broadcom by 62.1% in the 2nd quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock worth $26,000 after acquiring an additional 36 shares during the last quarter. Longfellow Investment Management Co. LLC bought a new position in Broadcom during the second quarter worth about $27,000. Legend Financial Advisors Inc. purchased a new position in shares of Broadcom in the second quarter worth about $28,000. Teachers Insurance & Annuity Association of America bought a new stake in shares of Broadcom in the second quarter valued at approximately $28,000. Finally, LGT Financial Advisors LLC purchased a new stake in shares of Broadcom during the 2nd quarter valued at approximately $31,000. 76.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Evercore ISI lifted their price objective on shares of Broadcom from $342.00 to $403.00 and gave the company an “outperform” rating in a research note on Wednesday, October 15th. KeyCorp reaffirmed an “overweight” rating and issued a $500.00 price target (up from $460.00) on shares of Broadcom in a report on Friday. Macquarie started coverage on Broadcom in a research report on Monday, September 15th. They issued an “outperform” rating and a $420.00 price target for the company. Piper Sandler reissued an “overweight” rating and set a $430.00 price objective (up previously from $375.00) on shares of Broadcom in a report on Friday. Finally, Mizuho lifted their target price on Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Three research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $435.96.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $341.30 on Wednesday. The stock’s 50-day simple moving average is $363.35 and its two-hundred day simple moving average is $319.91. Broadcom Inc. has a twelve month low of $138.10 and a twelve month high of $414.61. The firm has a market capitalization of $1.61 trillion, a P/E ratio of 71.70, a P/E/G ratio of 1.23 and a beta of 1.19. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, topping the consensus estimate of $1.87 by $0.08. The company had revenue of $18.02 billion during the quarter, compared to analyst estimates of $17.46 billion. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.Broadcom’s revenue was up 28.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.42 earnings per share. As a group, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd will be issued a $0.65 dividend. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Monday, December 22nd. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s payout ratio is currently 49.58%.

Insider Activity

In other Broadcom news, Director Justine Page sold 800 shares of the firm’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $331.14, for a total transaction of $264,912.00. Following the sale, the director owned 21,382 shares in the company, valued at $7,080,435.48. This trade represents a 3.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hock E. Tan sold 100,000 shares of Broadcom stock in a transaction dated Tuesday, September 23rd. The stock was sold at an average price of $339.58, for a total value of $33,958,000.00. Following the sale, the chief executive officer directly owned 725,638 shares of the company’s stock, valued at approximately $246,412,152.04. This trade represents a 12.11% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 790,713 shares of company stock worth $287,419,394. 2.00% of the stock is currently owned by corporate insiders.

About Broadcom

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.