Cypress Capital Group Purchases 3,248 Shares of Broadcom Inc. (NASDAQ:AVGO)

Cypress Capital Group increased its stake in Broadcom Inc. (NASDAQ:AVGO) by 6.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 53,538 shares of the semiconductor manufacturer’s stock after acquiring an additional 3,248 shares during the period. Broadcom comprises approximately 1.5% of Cypress Capital Group’s portfolio, making the stock its 14th largest position. Cypress Capital Group’s holdings in Broadcom were worth $12,412,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Canton Hathaway LLC purchased a new position in Broadcom in the fourth quarter worth $26,000. Pin Oak Investment Advisors Inc. boosted its position in Broadcom by 900.0% during the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 135 shares during the period. Synergy Investment Management LLC purchased a new stake in Broadcom during the fourth quarter valued at about $35,000. Retirement Wealth Solutions LLC purchased a new stake in Broadcom during the fourth quarter valued at about $37,000. Finally, R Squared Ltd purchased a new stake in Broadcom during the fourth quarter valued at about $39,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Trading Up 0.1 %

Shares of Broadcom stock opened at $187.48 on Wednesday. The company’s fifty day simple moving average is $225.50 and its 200-day simple moving average is $192.65. The stock has a market capitalization of $878.79 billion, a PE ratio of 152.92, a P/E/G ratio of 2.29 and a beta of 1.02. Broadcom Inc. has a 1-year low of $119.76 and a 1-year high of $251.88. 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 issued its quarterly earnings results on Thursday, December 12th. The semiconductor manufacturer reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.03. The business had revenue of $14.05 billion for the quarter, compared to analysts’ expectations of $14.07 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The company’s revenue was up 51.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.98 EPS. 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 disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 1.26%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Monday, December 23rd. Broadcom’s dividend payout ratio (DPR) is presently 191.87%.

Wall Street Analysts Forecast Growth

AVGO has been the subject of a number of analyst reports. TD Cowen increased their target price on shares of Broadcom from $210.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Jefferies Financial Group increased their target price on shares of Broadcom from $205.00 to $225.00 and gave the stock a “buy” rating in a report on Friday, December 13th. Evercore ISI increased their target price on shares of Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. Mizuho increased their target price on shares of Broadcom from $245.00 to $260.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $240.00 target price on shares of Broadcom in a report on Wednesday, December 11th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $225.04.

Insider Activity

In other Broadcom news, Director Harry L. You sold 6,540 shares of Broadcom stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $240.00, for a total value of $1,569,600.00. Following the sale, the director now directly owns 30,450 shares in the company, valued at approximately $7,308,000. The trade was a 17.68 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Eddy W. Hartenstein sold 4,000 shares of Broadcom stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total transaction of $918,560.00. Following the completion of the sale, the director now owns 46,400 shares in the company, valued at approximately $10,655,296. This represents a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 191,278 shares of company stock worth $44,964,800 in the last three months. Company insiders own 2.00% of the company’s stock.

Broadcom Company 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.