Sit Investment Associates Inc. Trims Stake in Broadcom Inc (AVGO)

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Sit Investment Associates Inc. trimmed its stake in shares of Broadcom Inc (NASDAQ:AVGO) by 25.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 145,800 shares of the semiconductor manufacturer’s stock after selling 49,225 shares during the period. Broadcom makes up about 1.2% of Sit Investment Associates Inc.’s investment portfolio, making the stock its 12th biggest position. Sit Investment Associates Inc.’s holdings in Broadcom were worth $37,074,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Accurate Investment Solutions Inc. bought a new stake in Broadcom in the fourth quarter valued at approximately $25,000. Cohen & Steers Inc. acquired a new position in Broadcom during the third quarter worth $52,000. Patten Group Inc. boosted its holdings in Broadcom by 125.5% during the third quarter. Patten Group Inc. now owns 521 shares of the semiconductor manufacturer’s stock worth $129,000 after purchasing an additional 290 shares during the last quarter. Canton Hathaway LLC acquired a new position in Broadcom during the third quarter worth $130,000. Finally, CWM LLC lifted its stake in Broadcom by 160.7% in the third quarter. CWM LLC now owns 644 shares of the semiconductor manufacturer’s stock valued at $159,000 after acquiring an additional 397 shares during the last quarter. 86.37% of the stock is owned by institutional investors and hedge funds.

AVGO has been the topic of several research analyst reports. Morgan Stanley dropped their price objective on shares of Broadcom from $265.00 to $261.00 and set an “equal weight” rating on the stock in a research report on Monday, January 7th. BidaskClub lowered shares of Broadcom from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 5th. ValuEngine lowered shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Wednesday, January 2nd. B. Riley raised their price target on shares of Broadcom from $300.00 to $310.00 and gave the stock a “buy” rating in a research report on Tuesday, December 11th. Finally, Jefferies Financial Group raised their target price on shares of Broadcom to $314.00 and gave the company a “buy” rating in a report on Friday, December 7th. Nine equities research analysts have rated the stock with a hold rating and thirty-three have assigned a buy rating to the company. Broadcom currently has an average rating of “Buy” and a consensus price target of $288.93.

NASDAQ AVGO traded up $0.29 during trading hours on Monday, reaching $250.86. The company’s stock had a trading volume of 68,785 shares, compared to its average volume of 4,325,487. The company has a current ratio of 3.90, a quick ratio of 3.41 and a debt-to-equity ratio of 0.66. Broadcom Inc has a 1 year low of $197.46 and a 1 year high of $273.85. The stock has a market cap of $100.30 billion, a PE ratio of 13.29, a P/E/G ratio of 1.11 and a beta of 0.73.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, December 6th. The semiconductor manufacturer reported $5.85 EPS for the quarter, topping the Zacks’ consensus estimate of $5.58 by $0.27. Broadcom had a return on equity of 29.03% and a net margin of 58.80%. The company had revenue of $5.45 billion for the quarter, compared to analysts’ expectations of $5.40 billion. During the same period in the previous year, the firm earned $4.59 EPS. The firm’s revenue was up 12.4% compared to the same quarter last year. On average, analysts forecast that Broadcom Inc will post 18.59 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 28th. Shareholders of record on Wednesday, December 19th were paid a $2.65 dividend. This is an increase from Broadcom’s previous quarterly dividend of $1.75. The ex-dividend date of this dividend was Tuesday, December 18th. This represents a $10.60 dividend on an annualized basis and a yield of 4.23%. Broadcom’s payout ratio is presently 56.29%.

In other Broadcom news, CFO Thomas H. Krause sold 22,500 shares of Broadcom stock in a transaction that occurred on Thursday, December 13th. The stock was sold at an average price of $257.08, for a total value of $5,784,300.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Donald Macleod sold 5,223 shares of Broadcom stock in a transaction that occurred on Monday, January 7th. The stock was sold at an average price of $233.65, for a total value of $1,220,353.95. The disclosure for this sale can be found here. In the last ninety days, insiders sold 79,723 shares of company stock worth $19,826,374. Corporate insiders own 3.30% of the company’s stock.

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Broadcom Profile

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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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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