Sandy Cove Advisors LLC Acquires 644 Shares of Broadcom Inc. (NASDAQ:AVGO)

Sandy Cove Advisors LLC boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 18.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,135 shares of the semiconductor manufacturer’s stock after purchasing an additional 644 shares during the period. Sandy Cove Advisors LLC’s holdings in Broadcom were worth $959,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of AVGO. Castleview Partners LLC increased its position in shares of Broadcom by 1,030.8% during the third quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 134 shares during the period. Pin Oak Investment Advisors Inc. grew its holdings in shares of Broadcom by 900.0% during the 3rd quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 135 shares during the period. JDM Financial Group LLC raised its position in shares of Broadcom by 1,323.1% in the 3rd quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after acquiring an additional 172 shares in the last quarter. Retirement Wealth Solutions LLC purchased a new position in shares of Broadcom in the 4th quarter valued at approximately $37,000. Finally, Tsfg LLC grew its stake in Broadcom by 1,073.7% in the third quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock worth $38,000 after purchasing an additional 204 shares during the period. Institutional investors own 76.43% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Jefferies Financial Group raised their price objective on Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Evercore ISI boosted their price objective on shares of Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a research note on Friday, December 13th. Truist Financial raised their target price on shares of Broadcom from $205.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, December 13th. Cantor Fitzgerald boosted their price target on Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. Finally, Mizuho raised their price objective on Broadcom from $245.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus price target of $225.83.

Broadcom Trading Up 3.5 %

Shares of Broadcom stock opened at $237.44 on Tuesday. Broadcom Inc. has a 1-year low of $112.19 and a 1-year high of $251.88. The company’s fifty day simple moving average is $202.01 and its 200-day simple moving average is $178.14. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The stock has a market capitalization of $1.11 trillion, a PE ratio of 193.67, a P/E/G ratio of 2.35 and a beta of 1.03.

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

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 23rd were paid a dividend of $0.59 per share. This is a boost from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.99%. Broadcom’s payout ratio is 192.50%.

Insider Buying and Selling

In other Broadcom news, Director Diane M. Bryant sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $226.68, for a total value of $3,400,200.00. Following the completion of the transaction, the director now directly owns 6,460 shares in the company, valued at $1,464,352.80. This represents a 69.90 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Hock E. Tan sold 45,000 shares of Broadcom stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $239.96, for a total transaction of $10,798,200.00. Following the sale, the chief executive officer now owns 842,836 shares in the company, valued at approximately $202,246,926.56. The trade was a 5.07 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 191,278 shares of company stock valued at $44,964,800. Company 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.