Navalign LLC Cuts Holdings in Broadcom Inc. (NASDAQ:AVGO)

Navalign LLC reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 2.5% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,498 shares of the semiconductor manufacturer’s stock after selling 38 shares during the period. Broadcom makes up 0.6% of Navalign LLC’s investment portfolio, making the stock its 28th biggest position. Navalign LLC’s holdings in Broadcom were worth $1,672,000 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. SeaCrest Wealth Management LLC boosted its holdings in shares of Broadcom by 8.5% in the 4th quarter. SeaCrest Wealth Management LLC now owns 8,132 shares of the semiconductor manufacturer’s stock worth $8,533,000 after purchasing an additional 639 shares in the last quarter. Ellsworth Advisors LLC boosted its stake in Broadcom by 1.7% in the fourth quarter. Ellsworth Advisors LLC now owns 1,342 shares of the semiconductor manufacturer’s stock worth $1,498,000 after buying an additional 23 shares in the last quarter. Sandbox Financial Partners LLC grew its position in Broadcom by 5.0% during the fourth quarter. Sandbox Financial Partners LLC now owns 882 shares of the semiconductor manufacturer’s stock valued at $985,000 after acquiring an additional 42 shares during the last quarter. Peak Financial Management Inc. bought a new stake in shares of Broadcom in the 4th quarter worth approximately $240,000. Finally, Transform Wealth LLC lifted its holdings in shares of Broadcom by 0.9% in the 4th quarter. Transform Wealth LLC now owns 19,868 shares of the semiconductor manufacturer’s stock worth $22,178,000 after acquiring an additional 183 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AVGO has been the topic of a number of analyst reports. Cantor Fitzgerald lifted their target price on shares of Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a research report on Monday, March 4th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $1,700.00 target price on shares of Broadcom in a research note on Thursday, March 21st. Truist Financial raised their price target on Broadcom from $995.00 to $1,015.00 and gave the stock a “buy” rating in a research report on Friday, December 8th. Barclays began coverage on Broadcom in a research note on Wednesday, March 20th. They set an “overweight” rating and a $1,405.00 price objective for the company. Finally, Citigroup reiterated a “buy” rating and set a $1,100.00 price target on shares of Broadcom in a report on Monday, December 11th. Three investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,230.18.

Broadcom Price Performance

NASDAQ:AVGO traded up $6.68 during trading hours on Thursday, reaching $1,325.41. The stock had a trading volume of 1,984,981 shares, compared to its average volume of 3,096,293. The stock has a market capitalization of $614.22 billion, a PE ratio of 49.04, a PEG ratio of 2.81 and a beta of 1.26. Broadcom Inc. has a 52 week low of $601.29 and a 52 week high of $1,438.17. The company has a 50 day moving average price of $1,271.85 and a two-hundred day moving average price of $1,063.26. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.24 and a current ratio of 1.34.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, topping the consensus estimate of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The company had revenue of $11.96 billion for the quarter, compared to analysts’ expectations of $11.79 billion. During the same quarter in the previous year, the business posted $9.83 earnings per share. Broadcom’s quarterly revenue was up 34.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Broadcom Inc. will post 36.8 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Thursday, March 21st will be given a $5.25 dividend. This represents a $21.00 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date is Wednesday, March 20th. Broadcom’s dividend payout ratio (DPR) is currently 77.84%.

Insiders Place Their Bets

In other news, CFO Kirsten M. Spears sold 2,500 shares of the stock in a transaction that occurred on Friday, January 5th. The stock was sold at an average price of $1,043.14, for a total value of $2,607,850.00. Following the sale, the chief financial officer now directly owns 26,880 shares in the company, valued at $28,039,603.20. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Eddy W. Hartenstein sold 3,150 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $1,290.34, for a total value of $4,064,571.00. Following the transaction, the director now owns 4,643 shares of the company’s stock, valued at $5,991,048.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Kirsten M. Spears sold 2,500 shares of Broadcom stock in a transaction on Friday, January 5th. The shares were sold at an average price of $1,043.14, for a total value of $2,607,850.00. Following the sale, the chief financial officer now directly owns 26,880 shares of the company’s stock, valued at $28,039,603.20. The disclosure for this sale can be found here. Insiders sold a total of 19,810 shares of company stock valued at $26,107,692 over the last 90 days. Insiders own 2.00% of the company’s stock.

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.