Phoenix Wealth Advisors Has $3.13 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Phoenix Wealth Advisors boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,883 shares of the semiconductor manufacturer’s stock after acquiring an additional 28 shares during the period. Broadcom makes up approximately 2.2% of Phoenix Wealth Advisors’ investment portfolio, making the stock its 13th largest holding. Phoenix Wealth Advisors’ holdings in Broadcom were worth $3,129,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Broadcom in the 4th quarter valued at approximately $2,222,676,000. Moneta Group Investment Advisors LLC grew its stake in Broadcom by 122,794.1% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,667,161 shares of the semiconductor manufacturer’s stock valued at $2,050,420,000 after purchasing an additional 3,664,177 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of Broadcom by 113,495.7% during the 4th quarter. International Assets Investment Management LLC now owns 3,327,217 shares of the semiconductor manufacturer’s stock worth $37,140,060,000 after purchasing an additional 3,324,288 shares during the last quarter. Providence Capital Advisors LLC raised its stake in shares of Broadcom by 49,919.1% during the 1st quarter. Providence Capital Advisors LLC now owns 2,437,432 shares of the semiconductor manufacturer’s stock worth $3,799,000 after purchasing an additional 2,432,559 shares in the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Broadcom by 43.9% in the 3rd quarter. Wellington Management Group LLP now owns 4,025,658 shares of the semiconductor manufacturer’s stock valued at $3,343,631,000 after buying an additional 1,228,755 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

AVGO has been the topic of several analyst reports. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $1,700.00 price target on shares of Broadcom in a research report on Thursday, March 21st. StockNews.com cut Broadcom from a “buy” rating to a “hold” rating in a report on Thursday, January 4th. Mizuho upped their price objective on Broadcom from $1,450.00 to $1,550.00 and gave the company a “buy” rating in a research note on Thursday, March 7th. Rosenblatt Securities reiterated a “buy” rating and set a $1,500.00 target price on shares of Broadcom in a research note on Thursday, March 21st. Finally, Cantor Fitzgerald increased their price target on Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a research note on Monday, March 4th. Three analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat, Broadcom has an average rating of “Moderate Buy” and an average target price of $1,281.09.

Insider Activity at Broadcom

In other Broadcom news, CEO Hock E. Tan sold 2,000 shares of the firm’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $1,312.25, for a total value of $2,624,500.00. Following the sale, the chief executive officer now owns 168,096 shares of the company’s stock, valued at approximately $220,583,976. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Justine Page sold 110 shares of Broadcom stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total transaction of $145,530.00. Following the sale, the director now directly owns 3,125 shares of the company’s stock, valued at approximately $4,134,375. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 2,000 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $1,312.25, for a total transaction of $2,624,500.00. Following the completion of the transaction, the chief executive officer now directly owns 168,096 shares of the company’s stock, valued at approximately $220,583,976. The disclosure for this sale can be found here. Insiders have sold 29,920 shares of company stock valued at $40,306,667 over the last three months. 2.00% of the stock is owned by insiders.

Broadcom Price Performance

NASDAQ:AVGO traded down $9.13 during trading hours on Wednesday, reaching $1,319.93. 440,166 shares of the company were exchanged, compared to its average volume of 2,926,354. The business has a 50 day moving average of $1,306.49 and a 200 day moving average of $1,114.01. Broadcom Inc. has a 1-year low of $601.29 and a 1-year high of $1,438.17. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24. The company has a market capitalization of $611.68 billion, a P/E ratio of 48.99, a P/E/G ratio of 2.67 and a beta of 1.25.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.95 by $2.04. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.79 billion. During the same period in the prior year, the firm posted $9.83 EPS. Broadcom’s quarterly revenue was up 34.2% on a year-over-year basis. Research analysts forecast that Broadcom Inc. will post 35.95 EPS for the current year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were given a dividend of $5.25 per share. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 annualized dividend and a dividend yield of 1.59%. Broadcom’s dividend payout ratio is 77.84%.

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.