Princeton Global Asset Management LLC Reduces Position in Broadcom Inc. (NASDAQ:AVGO)

Princeton Global Asset Management LLC reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 10.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 144,287 shares of the semiconductor manufacturer’s stock after selling 16,961 shares during the quarter. Broadcom makes up about 6.3% of Princeton Global Asset Management LLC’s portfolio, making the stock its biggest holding. Princeton Global Asset Management LLC’s holdings in Broadcom were worth $33,452,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Central Pacific Bank Trust Division lifted its holdings in shares of Broadcom by 21.5% during the 4th quarter. Central Pacific Bank Trust Division now owns 20,955 shares of the semiconductor manufacturer’s stock worth $4,858,000 after acquiring an additional 3,707 shares during the period. Wolff Financial Management LLC bought a new position in Broadcom in the fourth quarter valued at approximately $244,000. Strait & Sound Wealth Management LLC raised its position in Broadcom by 829.8% during the third quarter. Strait & Sound Wealth Management LLC now owns 7,950 shares of the semiconductor manufacturer’s stock valued at $1,371,000 after purchasing an additional 7,095 shares in the last quarter. Catalyst Financial Partners LLC lifted its stake in Broadcom by 943.3% during the third quarter. Catalyst Financial Partners LLC now owns 20,136 shares of the semiconductor manufacturer’s stock worth $3,473,000 after purchasing an additional 18,206 shares during the last quarter. Finally, Motive Wealth Advisors boosted its holdings in shares of Broadcom by 1,076.5% in the 4th quarter. Motive Wealth Advisors now owns 4,600 shares of the semiconductor manufacturer’s stock valued at $1,066,000 after purchasing an additional 4,209 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Performance

Shares of AVGO opened at $232.00 on Thursday. Broadcom Inc. has a one year low of $119.76 and a one year high of $251.88. The company has a market cap of $1.09 trillion, a PE ratio of 189.23, a P/E/G ratio of 2.31 and a beta of 1.02. The stock has a 50-day moving average of $215.62 and a 200-day moving average of $183.06. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm had revenue of $14.05 billion during the quarter, compared to analysts’ expectations of $14.07 billion. During the same quarter last year, the firm posted $0.98 earnings per share. The company’s revenue for the quarter was up 51.2% compared to the same quarter last year. On average, equities research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were issued a dividend of $0.59 per share. This is an increase 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 1.02%. Broadcom’s dividend payout ratio is presently 192.50%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on AVGO. JPMorgan Chase & Co. upped their price objective on Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Truist Financial upped their price target on shares of Broadcom from $205.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Evercore ISI raised their price target on shares of Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, December 13th. Jefferies Financial Group increased their price objective on Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a report on Friday, December 13th. Finally, Robert W. Baird lifted their target price on Broadcom from $195.00 to $210.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and a consensus target price of $225.04.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Check Kian Low sold 48,000 shares of Broadcom stock in a transaction on Monday, January 6th. The shares were sold at an average price of $235.35, for a total transaction of $11,296,800.00. Following the transaction, the director now directly owns 113,050 shares of the company’s stock, valued at $26,606,317.50. The trade was a 29.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 20,168 shares of the stock in a transaction dated 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 completion of the sale, the insider now owns 321,660 shares of the company’s stock, valued at approximately $76,809,191.40. This represents a 5.90 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 191,278 shares of company stock valued at $44,964,800. Corporate insiders own 2.00% of the company’s stock.

About Broadcom

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.