Eastover Investment Advisors LLC Has $15.16 Million Stock Position in Broadcom Inc. $AVGO

Eastover Investment Advisors LLC decreased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 17.6% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 45,945 shares of the semiconductor manufacturer’s stock after selling 9,845 shares during the period. Broadcom makes up about 6.6% of Eastover Investment Advisors LLC’s holdings, making the stock its biggest holding. Eastover Investment Advisors LLC’s holdings in Broadcom were worth $15,158,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Assetmark Inc. lifted its position in Broadcom by 2.4% in the second quarter. Assetmark Inc. now owns 1,703,487 shares of the semiconductor manufacturer’s stock valued at $469,566,000 after purchasing an additional 39,466 shares during the last quarter. Capital Counsel LLC NY bought a new position in shares of Broadcom in the second quarter worth approximately $221,000. Waterloo Capital L.P. increased its stake in shares of Broadcom by 7.0% in the second quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer’s stock worth $13,331,000 after buying an additional 3,180 shares during the period. Geneos Wealth Management Inc. raised its holdings in Broadcom by 27.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 64,130 shares of the semiconductor manufacturer’s stock valued at $10,737,000 after buying an additional 13,978 shares during the last quarter. Finally, RiverFront Investment Group LLC boosted its position in Broadcom by 107.6% during the 2nd quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer’s stock valued at $4,555,000 after buying an additional 8,566 shares during the period. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Stock Up 1.2%

NASDAQ:AVGO opened at $329.88 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71. The firm has a market cap of $1.56 trillion, a P/E ratio of 69.30, a P/E/G ratio of 1.09 and a beta of 1.19. Broadcom Inc. has a fifty-two week low of $138.10 and a fifty-two week high of $414.61. The firm has a 50-day simple moving average of $362.66 and a two-hundred day simple moving average of $320.02.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.87 by $0.08. The firm had revenue of $18.02 billion for the quarter, compared to analysts’ expectations of $17.46 billion. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The business’s revenue for the quarter was up 28.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.42 earnings per share. Analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders 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 dividend payout ratio is 49.58%.

Insider Transactions at Broadcom

In other news, Director Henry Samueli sold 368,797 shares of the company’s stock in a transaction on Wednesday, September 24th. The stock was sold at an average price of $337.91, for a total transaction of $124,620,194.27. Following the transaction, the director directly owned 37,722,534 shares of the company’s stock, valued at $12,746,821,463.94. This represents a 0.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Kirsten M. Spears sold 3,714 shares of the stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $327.79, for a total value of $1,217,412.06. Following the sale, the chief financial officer directly owned 307,237 shares in the company, valued at $100,709,216.23. This trade represents a 1.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 825,296 shares of company stock valued at $299,151,975. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on AVGO. Benchmark boosted their price objective on shares of Broadcom from $385.00 to $485.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Sanford C. Bernstein reissued an “outperform” rating and issued a $475.00 target price (up from $400.00) on shares of Broadcom in a research note on Friday, December 12th. Oppenheimer upped their price target on Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Cowen reiterated a “buy” rating on shares of Broadcom in a report on Friday, December 12th. Finally, Piper Sandler reissued an “overweight” rating and set a $430.00 target price (up from $375.00) on shares of Broadcom in a research note on Friday, December 12th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $435.96.

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.