Miles Capital Inc. lowered its stake in shares of Broadcom Inc (NASDAQ:AVGO) by 12.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,291 shares of the semiconductor manufacturer’s stock after selling 467 shares during the period. Broadcom makes up approximately 0.8% of Miles Capital Inc.’s portfolio, making the stock its 25th biggest holding. Miles Capital Inc.’s holdings in Broadcom were worth $1,040,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in AVGO. Cresset Asset Management LLC grew its stake in Broadcom by 2.0% during the 2nd quarter. Cresset Asset Management LLC now owns 1,922 shares of the semiconductor manufacturer’s stock valued at $558,000 after purchasing an additional 37 shares in the last quarter. Asset Dedication LLC boosted its stake in Broadcom by 1.6% during the 3rd quarter. Asset Dedication LLC now owns 2,457 shares of the semiconductor manufacturer’s stock valued at $673,000 after purchasing an additional 38 shares in the last quarter. Frontier Wealth Management LLC grew its holdings in Broadcom by 5.4% during the second quarter. Frontier Wealth Management LLC now owns 804 shares of the semiconductor manufacturer’s stock worth $231,000 after acquiring an additional 41 shares during the period. Laffer Investments grew its holdings in Broadcom by 1.8% during the second quarter. Laffer Investments now owns 2,487 shares of the semiconductor manufacturer’s stock worth $716,000 after acquiring an additional 44 shares during the period. Finally, Ellis Investment Partners LLC grew its holdings in Broadcom by 55.7% during the third quarter. Ellis Investment Partners LLC now owns 123 shares of the semiconductor manufacturer’s stock worth $33,000 after acquiring an additional 44 shares during the period. Institutional investors own 83.19% of the company’s stock.
A number of equities research analysts have weighed in on AVGO shares. Mizuho reissued a “buy” rating and issued a $365.00 price target (up from $340.00) on shares of Broadcom in a report on Thursday, December 12th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $345.00 price target (up previously from $330.00) on shares of Broadcom in a report on Tuesday, December 10th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $370.00 price target on shares of Broadcom in a report on Friday, December 13th. Susquehanna Bancshares reaffirmed a “buy” rating and set a $345.00 target price on shares of Broadcom in a report on Wednesday, December 11th. Finally, Wells Fargo & Co increased their price target on Broadcom from $300.00 to $330.00 and gave the company an “equal weight” rating in a research report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $333.23.
Shares of NASDAQ AVGO traded down $1.35 during mid-day trading on Tuesday, reaching $307.44. The company had a trading volume of 29,037 shares, compared to its average volume of 2,012,682. Broadcom Inc has a twelve month low of $250.09 and a twelve month high of $331.20. The company has a debt-to-equity ratio of 1.58, a quick ratio of 1.31 and a current ratio of 1.44. The stock has a market capitalization of $122.83 billion, a PE ratio of 47.76, a price-to-earnings-growth ratio of 1.50 and a beta of 0.90. The stock’s 50 day moving average is $313.97 and its 200-day moving average is $295.50.
Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, December 12th. The semiconductor manufacturer reported $5.39 earnings per share for the quarter, topping the consensus estimate of $5.35 by $0.04. The company had revenue of $5.78 billion for the quarter, compared to analyst estimates of $5.74 billion. Broadcom had a return on equity of 46.16% and a net margin of 12.06%. The business’s revenue was up 6.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.85 EPS. On average, sell-side analysts anticipate that Broadcom Inc will post 19.22 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were given a dividend of $3.25 per share. The ex-dividend date was Friday, December 20th. This represents a $13.00 dividend on an annualized basis and a yield of 4.23%. This is a boost from Broadcom’s previous quarterly dividend of $2.65. Broadcom’s dividend payout ratio is presently 74.67%.
In other Broadcom news, CEO Hock E. Tan sold 20,000 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $314.56, for a total transaction of $6,291,200.00. In the last quarter, insiders have sold 188,646 shares of company stock worth $58,355,351. Corporate insiders own 3.30% of the company’s stock.
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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