Westwood Holdings Group Inc. Sells 5,004 Shares of Broadcom Inc. $AVGO

Westwood Holdings Group Inc. cut its position in Broadcom Inc. (NASDAQ:AVGO) by 11.2% in the second quarter, HoldingsChannel.com reports. The firm owned 39,530 shares of the semiconductor manufacturer’s stock after selling 5,004 shares during the quarter. Westwood Holdings Group Inc.’s holdings in Broadcom were worth $10,896,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of AVGO. Redwood Financial Network Corp raised its holdings in Broadcom by 1.7% during the second quarter. Redwood Financial Network Corp now owns 1,939 shares of the semiconductor manufacturer’s stock valued at $535,000 after acquiring an additional 33 shares during the period. Sawyer & Company Inc boosted its stake in shares of Broadcom by 62.1% in the second quarter. Sawyer & Company Inc now owns 94 shares of the semiconductor manufacturer’s stock worth $26,000 after acquiring an additional 36 shares during the period. PFS Partners LLC grew its position in shares of Broadcom by 38.4% during the second quarter. PFS Partners LLC now owns 137 shares of the semiconductor manufacturer’s stock worth $38,000 after purchasing an additional 38 shares in the last quarter. Costello Asset Management INC grew its position in shares of Broadcom by 1.5% during the second quarter. Costello Asset Management INC now owns 2,528 shares of the semiconductor manufacturer’s stock worth $697,000 after purchasing an additional 38 shares in the last quarter. Finally, Walkner Condon Financial Advisors LLC raised its stake in Broadcom by 1.0% during the 2nd quarter. Walkner Condon Financial Advisors LLC now owns 3,944 shares of the semiconductor manufacturer’s stock valued at $1,087,000 after purchasing an additional 38 shares during the period. 76.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Wells Fargo & Company upped their price target on Broadcom from $255.00 to $345.00 and gave the stock an “equal weight” rating in a research note on Friday, September 5th. Piper Sandler reissued an “overweight” rating and issued a $430.00 target price (up previously from $375.00) on shares of Broadcom in a report on Friday. Susquehanna restated a “positive” rating and set a $450.00 target price (up previously from $400.00) on shares of Broadcom in a research report on Thursday, December 4th. Evercore ISI raised their target price on shares of Broadcom from $342.00 to $403.00 and gave the company an “outperform” rating in a research note on Wednesday, October 15th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Broadcom in a research note on Monday, December 8th. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $435.96.

Broadcom Price Performance

AVGO stock opened at $339.81 on Tuesday. Broadcom Inc. has a 52 week low of $138.10 and a 52 week high of $414.61. The firm has a market capitalization of $1.60 trillion, a P/E ratio of 71.39, a price-to-earnings-growth ratio of 1.22 and a beta of 1.19. The company has a fifty day simple moving average of $363.26 and a two-hundred day simple moving average of $319.19. The company has a quick ratio of 1.58, a current ratio of 1.71 and a debt-to-equity ratio of 0.76.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, December 11th. The semiconductor manufacturer reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.87 by $0.08. Broadcom had a net margin of 36.20% and a return on equity of 37.45%. The firm had revenue of $18.02 billion for the quarter, compared to analysts’ expectations of $17.46 billion. During the same period in the prior year, the company earned $1.42 EPS. The business’s revenue was up 28.2% compared to the same quarter last year. Analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 22nd will be paid a $0.65 dividend. This represents a $2.60 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Monday, December 22nd. This is a positive change from Broadcom’s previous quarterly dividend of $0.59. Broadcom’s dividend payout ratio is 54.62%.

Insider Transactions at Broadcom

In related news, CFO Kirsten M. Spears sold 7,498 shares of the firm’s stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $347.66, for a total value of $2,606,754.68. Following the completion of the sale, the chief financial officer directly owned 313,330 shares in the company, valued at $108,932,307.80. This trade represents a 2.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 3,893 shares of Broadcom stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $347.82, for a total transaction of $1,354,063.26. Following the transaction, the insider directly owned 25,295 shares of the company’s stock, valued at $8,798,106.90. The trade was a 13.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 818,662 shares of company stock worth $297,135,938. 2.00% of the stock is currently owned by corporate insiders.

Broadcom 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.