Harel Insurance Investments & Financial Services Ltd. Lowers Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Harel Insurance Investments & Financial Services Ltd. lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 17.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 79,582 shares of the semiconductor manufacturer’s stock after selling 16,791 shares during the quarter. Harel Insurance Investments & Financial Services Ltd.’s holdings in Broadcom were worth $18,480,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of AVGO. State Street Corp grew its holdings in Broadcom by 948.5% during the third quarter. State Street Corp now owns 184,434,213 shares of the semiconductor manufacturer’s stock worth $31,814,902,000 after acquiring an additional 166,844,263 shares during the period. Geode Capital Management LLC grew its stake in shares of Broadcom by 976.6% during the 3rd quarter. Geode Capital Management LLC now owns 99,188,826 shares of the semiconductor manufacturer’s stock worth $17,055,760,000 after purchasing an additional 89,975,941 shares during the period. FMR LLC increased its holdings in shares of Broadcom by 1,121.3% in the 3rd quarter. FMR LLC now owns 90,400,508 shares of the semiconductor manufacturer’s stock valued at $15,594,088,000 after purchasing an additional 82,998,328 shares in the last quarter. Jennison Associates LLC lifted its stake in shares of Broadcom by 842.4% in the third quarter. Jennison Associates LLC now owns 35,998,595 shares of the semiconductor manufacturer’s stock valued at $6,209,758,000 after purchasing an additional 32,178,542 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Broadcom by 975.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,819,675 shares of the semiconductor manufacturer’s stock worth $5,833,894,000 after buying an additional 30,674,902 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Broadcom

In other news, insider Mark David Brazeal sold 20,168 shares of Broadcom stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $238.79, for a total transaction of $4,815,916.72. Following the sale, the insider now owns 321,660 shares in the company, valued at $76,809,191.40. This trade represents a 5.90 % 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, Director Harry L. You sold 6,540 shares of the company’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the completion of the transaction, the director now owns 30,450 shares of the company’s stock, valued at $7,308,000. This trade represents a 17.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 191,278 shares of company stock valued at $44,964,800 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Performance

NASDAQ:AVGO opened at $244.70 on Monday. The company has a market cap of $1.15 trillion, a P/E ratio of 199.59, a P/E/G ratio of 2.52 and a beta of 1.03. The firm’s 50 day moving average is $208.80 and its two-hundred day moving average is $180.62. Broadcom Inc. has a fifty-two week low of $117.43 and a fifty-two week high of $251.88. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. The firm had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm’s quarterly revenue was up 51.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.98 earnings per share. Analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.

Broadcom Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were issued a $0.59 dividend. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. This represents a $2.36 annualized dividend and a yield of 0.96%. Broadcom’s dividend payout ratio (DPR) is presently 191.87%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on AVGO shares. Barclays lifted their price target on shares of Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Rosenblatt Securities reaffirmed a “buy” rating and set a $240.00 price objective on shares of Broadcom in a report on Wednesday, December 11th. Truist Financial raised their price target on Broadcom from $205.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Piper Sandler boosted their price objective on shares of Broadcom from $200.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Finally, Susquehanna raised their target price on shares of Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a report on Friday, December 13th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $225.83.

Broadcom Profile

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.