Brown Miller Wealth Management LLC Sells 2,431 Shares of Broadcom Inc. (NASDAQ:AVGO)

Brown Miller Wealth Management LLC trimmed its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 14.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 14,590 shares of the semiconductor manufacturer’s stock after selling 2,431 shares during the quarter. Broadcom comprises about 1.3% of Brown Miller Wealth Management LLC’s investment portfolio, making the stock its 18th biggest position. Brown Miller Wealth Management LLC’s holdings in Broadcom were worth $3,383,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of AVGO. Pin Oak Investment Advisors Inc. raised 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 buying an additional 135 shares in the last quarter. Canton Hathaway LLC acquired a new position in Broadcom in the 4th quarter worth about $26,000. Rialto Wealth Management LLC acquired a new position in Broadcom in the 4th quarter worth about $26,000. JDM Financial Group LLC increased its holdings in 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 purchasing an additional 172 shares in the last quarter. Finally, Bellevue Asset Management LLC acquired a new position in Broadcom in the 4th quarter worth about $33,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on AVGO shares. Evercore ISI upped their target price on Broadcom from $201.00 to $250.00 and gave the stock an “outperform” rating in a report on Friday, December 13th. TD Cowen upped their price target on Broadcom from $210.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Mizuho reduced their price target on Broadcom from $260.00 to $250.00 and set an “outperform” rating on the stock in a research report on Friday, March 7th. Jefferies Financial Group upped their price target on Broadcom from $205.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, December 13th. Finally, Citigroup upped their price target on Broadcom from $175.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Three investment analysts have rated the stock with a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and an average price target of $231.48.

Insider Activity at Broadcom

In related news, insider Charlie B. Kawwas sold 40,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $231.98, for a total transaction of $9,279,200.00. Following the completion of the sale, the insider now directly owns 696,730 shares of the company’s stock, valued at approximately $161,627,425.40. This trade represents a 5.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eddy W. Hartenstein sold 4,000 shares of the stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $229.64, for a total value of $918,560.00. Following the sale, the director now directly owns 46,400 shares of the company’s stock, valued at $10,655,296. The trade was a 7.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 191,278 shares of company stock valued at $44,964,800. 2.00% of the stock is owned by insiders.

Broadcom Stock Performance

Shares of Broadcom stock opened at $191.36 on Friday. The company has a market cap of $899.76 billion, a PE ratio of 156.09, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. Broadcom Inc. has a 52 week low of $119.76 and a 52 week high of $251.88. The business has a 50 day moving average price of $218.86 and a 200-day moving average price of $193.43. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, topping the consensus estimate of $1.39 by $0.03. The firm had revenue of $14.05 billion during the quarter, compared to the consensus estimate of $14.07 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company’s quarterly revenue was up 51.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.98 earnings per share. Equities analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Thursday, March 20th will be given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a dividend yield of 1.23%. The ex-dividend date of this dividend is Thursday, March 20th. Broadcom’s payout ratio is 113.46%.

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.