Destiny Wealth Partners LLC Lowers Stake in Broadcom Inc. $AVGO

Destiny Wealth Partners LLC lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 8.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,966 shares of the semiconductor manufacturer’s stock after selling 3,376 shares during the quarter. Broadcom makes up about 1.4% of Destiny Wealth Partners LLC’s portfolio, making the stock its 24th biggest position. Destiny Wealth Partners LLC’s holdings in Broadcom were worth $11,536,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in AVGO. Brighton Jones LLC grew its stake in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock valued at $6,882,000 after purchasing an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC boosted its holdings in shares of Broadcom by 10.4% in the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock valued at $1,854,000 after buying an additional 756 shares in the last quarter. United Bank grew its position in shares of Broadcom by 76.5% in the 1st quarter. United Bank now owns 2,339 shares of the semiconductor manufacturer’s stock worth $392,000 after buying an additional 1,014 shares during the last quarter. Erste Asset Management GmbH raised its stake in shares of Broadcom by 7.1% during the 1st quarter. Erste Asset Management GmbH now owns 526,342 shares of the semiconductor manufacturer’s stock worth $89,031,000 after acquiring an additional 34,700 shares in the last quarter. Finally, Capital Analysts LLC raised its stake in shares of Broadcom by 1.6% during the 1st quarter. Capital Analysts LLC now owns 89,346 shares of the semiconductor manufacturer’s stock worth $14,960,000 after acquiring an additional 1,421 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

AVGO has been the topic of several analyst reports. Benchmark lifted their price target on shares of Broadcom from $385.00 to $485.00 and gave the stock a “buy” rating in a report on Friday, December 12th. Wells Fargo & Company raised their price objective on Broadcom from $255.00 to $345.00 and gave the stock an “equal weight” rating in a research report on Friday, September 5th. Wall Street Zen raised Broadcom from a “hold” rating to a “buy” rating in a research report on Saturday, December 13th. Barclays reissued an “overweight” rating and issued a $500.00 price target (up previously from $450.00) on shares of Broadcom in a report on Friday, December 12th. Finally, UBS Group set a $475.00 price objective on shares of Broadcom and gave the company a “buy” rating in a report on Monday. Three equities research analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $435.96.

Insider Buying and Selling at Broadcom

In other news, Director Henry Samueli sold 320,316 shares of the company’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $400.53, for a total value of $128,296,167.48. Following the sale, the director owned 37,326,540 shares in the company, valued at $14,950,399,066.20. This represents a 0.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Justine Page sold 800 shares of the firm’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $361.89, for a total value of $289,512.00. Following the sale, the director directly owned 20,582 shares in the company, valued at approximately $7,448,419.98. This trade represents a 3.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 791,513 shares of company stock valued at $287,708,906. 2.00% of the stock is owned by insiders.

Broadcom Trading Down 4.5%

Broadcom stock opened at $326.02 on Thursday. The stock has a 50-day moving average price of $362.96 and a 200 day moving average price of $319.95. The company has a market capitalization of $1.54 trillion, a price-to-earnings ratio of 68.49, a price-to-earnings-growth ratio of 1.15 and a beta of 1.19. Broadcom Inc. has a 52 week low of $138.10 and a 52 week high of $414.61. 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 posted its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 net margin of 36.20% and a return on equity of 37.45%. Broadcom’s revenue for the quarter was up 28.2% compared to the same quarter last year. During the same period last year, the firm posted $1.42 EPS. Sell-side analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 22nd will be given a dividend of $0.65 per share. This is a boost from Broadcom’s previous quarterly dividend of $0.59. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Monday, December 22nd. Broadcom’s payout ratio is presently 49.58%.

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.