Community Financial Services Group LLC Lowers Stock Holdings in Broadcom Inc. $AVGO

Community Financial Services Group LLC lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 7.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,382 shares of the semiconductor manufacturer’s stock after selling 4,988 shares during the quarter. Broadcom accounts for about 3.8% of Community Financial Services Group LLC’s investment portfolio, making the stock its 4th largest position. Community Financial Services Group LLC’s holdings in Broadcom were worth $20,580,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Arthur M. Cohen & Associates LLC grew its holdings in shares of Broadcom by 0.6% in the 3rd quarter. Arthur M. Cohen & Associates LLC now owns 4,781 shares of the semiconductor manufacturer’s stock worth $1,577,000 after purchasing an additional 30 shares during the last quarter. McHugh Group LLC boosted its position in Broadcom by 0.4% in the third quarter. McHugh Group LLC now owns 8,433 shares of the semiconductor manufacturer’s stock valued at $2,782,000 after buying an additional 31 shares in the last quarter. Redwood Financial Network Corp grew its stake in Broadcom by 1.7% during the second quarter. Redwood Financial Network Corp now owns 1,939 shares of the semiconductor manufacturer’s stock worth $535,000 after buying an additional 33 shares during the last quarter. BancFirst Trust & Investment Management increased its holdings in shares of Broadcom by 2.9% during the third quarter. BancFirst Trust & Investment Management now owns 1,235 shares of the semiconductor manufacturer’s stock worth $405,000 after buying an additional 35 shares in the last quarter. Finally, Heritage Oak Wealth Advisors LLC raised its stake in shares of Broadcom by 4.4% in the third quarter. Heritage Oak Wealth Advisors LLC now owns 837 shares of the semiconductor manufacturer’s stock valued at $276,000 after acquiring an additional 35 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Hock E. Tan sold 130,000 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer directly owned 595,638 shares of the company’s stock, valued at $194,189,900.76. This represents a 17.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Henry Samueli sold 320,316 shares of Broadcom stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $400.53, for a total transaction of $128,296,167.48. Following the transaction, the director directly owned 37,326,540 shares in the company, valued at $14,950,399,066.20. The trade was a 0.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 680,701 shares of company stock worth $249,624,757 over the last three months. Insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on AVGO. Morgan Stanley increased their price target on Broadcom from $443.00 to $462.00 and gave the stock an “overweight” rating in a research report on Friday, December 12th. Mizuho raised their target price on Broadcom from $435.00 to $450.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Piper Sandler reaffirmed an “overweight” rating and issued a $430.00 price target (up from $375.00) on shares of Broadcom in a report on Friday, December 12th. Susquehanna reissued a “positive” rating and set a $450.00 price objective (up previously from $400.00) on shares of Broadcom in a report on Thursday, December 4th. Finally, Evercore ISI boosted their target price on shares of Broadcom from $342.00 to $403.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 15th. 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $436.89.

Broadcom Stock Performance

Broadcom stock opened at $343.50 on Thursday. The company has a market cap of $1.63 trillion, a PE ratio of 72.16, a PEG ratio of 1.16 and a beta of 1.21. The company has a current ratio of 1.71, a quick ratio of 1.58 and a debt-to-equity ratio of 0.76. Broadcom Inc. has a 1 year low of $138.10 and a 1 year high of $414.61. The company’s 50-day moving average is $361.10 and its two-hundred day moving average is $329.81.

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

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd were paid a $0.65 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.59. The ex-dividend date of this dividend was Monday, December 22nd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. Broadcom’s dividend payout ratio (DPR) is currently 54.62%.

About Broadcom

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.