DAVENPORT & Co LLC Trims Stock Position in Broadcom Inc. $AVGO

DAVENPORT & Co LLC cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 629,103 shares of the semiconductor manufacturer’s stock after selling 7,388 shares during the period. Broadcom comprises approximately 1.1% of DAVENPORT & Co LLC’s investment portfolio, making the stock its 14th biggest holding. DAVENPORT & Co LLC’s holdings in Broadcom were worth $207,266,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its holdings in Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer’s stock worth $6,882,000 after acquiring an additional 5,322 shares during the period. Revolve Wealth Partners LLC lifted its holdings in Broadcom by 10.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer’s stock valued at $1,854,000 after acquiring an additional 756 shares during the period. United Bank boosted its position in 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 purchasing an additional 1,014 shares in the last quarter. AlphaQuest LLC grew its stake in shares of Broadcom by 633.3% during the 1st quarter. AlphaQuest LLC now owns 704 shares of the semiconductor manufacturer’s stock worth $118,000 after purchasing an additional 608 shares during the period. Finally, Situational Awareness LP purchased a new position in shares of Broadcom during the 1st quarter valued at approximately $117,201,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AVGO has been the subject of a number of analyst reports. Wall Street Zen upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Saturday, December 13th. KeyCorp reaffirmed an “overweight” rating and issued a $500.00 price target (up previously from $460.00) on shares of Broadcom in a report on Friday, December 12th. Truist Financial raised their price objective on Broadcom from $500.00 to $510.00 and gave the company a “buy” rating in a report on Friday, December 19th. Rosenblatt Securities boosted their price objective on Broadcom from $400.00 to $440.00 and gave the company a “buy” rating in a research report on Tuesday, December 9th. Finally, Deutsche Bank Aktiengesellschaft set a $430.00 target price on Broadcom and gave the stock a “buy” rating in a research note on Friday, December 12th. Three research analysts have rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $436.33.

Broadcom Stock Performance

Shares of Broadcom stock opened at $352.13 on Friday. The business’s 50 day moving average price is $362.74 and its 200 day moving average price is $323.95. The company has a market cap of $1.67 trillion, a price-to-earnings ratio of 73.98, a PEG ratio of 1.20 and a beta of 1.19. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.58 and a current ratio of 1.71. Broadcom Inc. has a one year low of $138.10 and a one year high of $414.61.

Broadcom (NASDAQ:AVGO) last issued its 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. Broadcom had a return on equity of 37.45% and a net margin of 36.20%.The business had revenue of $18.02 billion during the quarter, compared to the consensus estimate of $17.46 billion. During the same period last year, the company earned $1.42 EPS. The company’s revenue for the quarter was up 28.2% on a year-over-year basis. On average, research analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 22nd will be paid a dividend of $0.65 per share. This represents a $2.60 dividend on an annualized basis and a yield of 0.7%. This is a boost from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend is Monday, December 22nd. Broadcom’s payout ratio is presently 54.62%.

Insider Buying and Selling

In related news, insider Charlie B. Kawwas sold 1,928 shares of the company’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $327.80, for a total value of $631,998.40. Following the transaction, the insider directly owned 23,582 shares in the company, valued at approximately $7,730,179.60. This represents a 7.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 130,000 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $194,189,900.76. The trade was a 17.92% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 524,780 shares of company stock worth $195,499,150 over the last ninety days. 2.00% of the stock is currently owned by insiders.

Broadcom Profile

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.