Twin Capital Management Inc. Decreases Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Twin Capital Management Inc. trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO) by 3.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,412 shares of the semiconductor manufacturer’s stock after selling 344 shares during the quarter. Broadcom comprises approximately 1.4% of Twin Capital Management Inc.’s portfolio, making the stock its 11th largest holding. Twin Capital Management Inc.’s holdings in Broadcom were worth $10,506,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of AVGO. CapWealth Advisors LLC purchased a new stake in shares of Broadcom during the 4th quarter valued at approximately $236,000. Delta Financial Advisors LLC raised its position in shares of Broadcom by 98.6% during the 4th quarter. Delta Financial Advisors LLC now owns 1,396 shares of the semiconductor manufacturer’s stock valued at $1,559,000 after buying an additional 693 shares during the period. Groesbeck Investment Management Corp NJ raised its position in shares of Broadcom by 3.1% during the 4th quarter. Groesbeck Investment Management Corp NJ now owns 3,312 shares of the semiconductor manufacturer’s stock valued at $3,697,000 after buying an additional 100 shares during the period. Federated Hermes Inc. raised its position in shares of Broadcom by 42.6% during the 4th quarter. Federated Hermes Inc. now owns 144,757 shares of the semiconductor manufacturer’s stock valued at $161,585,000 after buying an additional 43,210 shares during the period. Finally, Peterson Wealth Services raised its position in shares of Broadcom by 4.3% during the 4th quarter. Peterson Wealth Services now owns 7,454 shares of the semiconductor manufacturer’s stock valued at $8,321,000 after buying an additional 304 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Eddy W. Hartenstein sold 3,150 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the completion of the sale, the director now directly owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Eddy W. Hartenstein sold 3,150 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the completion of the sale, the director now directly owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Mark David Brazeal sold 2,500 shares of the business’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total transaction of $3,291,150.00. Following the completion of the sale, the insider now directly owns 41,974 shares of the company’s stock, valued at $55,257,092.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,920 shares of company stock worth $40,306,667. Corporate insiders own 2.00% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. 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. Benchmark reiterated a “buy” rating and issued a $1,720.00 target price on shares of Broadcom in a report on Thursday, March 21st. Oppenheimer reiterated an “outperform” rating and issued a $1,500.00 target price (up previously from $1,100.00) on shares of Broadcom in a report on Friday, March 1st. UBS Group lifted their target price on shares of Broadcom to $1,480.00 and gave the company a “buy” rating in a report on Monday, February 26th. Finally, TD Cowen upgraded shares of Broadcom from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $1,400.00 to $1,500.00 in a report on Thursday, March 21st. Three investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $1,285.41.

Broadcom Stock Down 0.8 %

Shares of AVGO stock traded down $10.51 on Thursday, reaching $1,272.12. 967,048 shares of the stock were exchanged, compared to its average volume of 2,927,562. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05. The business’s 50 day moving average price is $1,307.00 and its 200 day moving average price is $1,115.19. The company has a market capitalization of $589.53 billion, a price-to-earnings ratio of 47.70, a PEG ratio of 2.71 and a beta of 1.25. Broadcom Inc. has a twelve month low of $601.29 and a twelve month high of $1,438.17.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 EPS for the quarter, topping analysts’ consensus estimates of $8.95 by $2.04. The firm had revenue of $11.96 billion during the quarter, compared to the consensus estimate of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company’s revenue was up 34.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $9.83 earnings per share. As a group, sell-side analysts expect that Broadcom Inc. will post 35.88 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were paid a dividend of $5.25 per share. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.65%. Broadcom’s payout ratio is currently 77.84%.

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.