New York Life Investment Management LLC Sells 404 Shares of Broadcom Inc. (NASDAQ:AVGO)

New York Life Investment Management LLC cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 0.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 62,405 shares of the semiconductor manufacturer’s stock after selling 404 shares during the quarter. Broadcom makes up 0.7% of New York Life Investment Management LLC’s investment portfolio, making the stock its 28th largest holding. New York Life Investment Management LLC’s holdings in Broadcom were worth $69,660,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in AVGO. BetterWealth LLC lifted its position in Broadcom by 1.5% during the fourth quarter. BetterWealth LLC now owns 602 shares of the semiconductor manufacturer’s stock valued at $672,000 after purchasing an additional 9 shares during the period. Sargent Investment Group LLC increased its position in Broadcom by 1.6% during the fourth quarter. Sargent Investment Group LLC now owns 557 shares of the semiconductor manufacturer’s stock valued at $622,000 after acquiring an additional 9 shares during the last quarter. Rise Advisors LLC boosted its position in Broadcom by 33.3% in the fourth quarter. Rise Advisors LLC now owns 40 shares of the semiconductor manufacturer’s stock worth $44,000 after purchasing an additional 10 shares during the last quarter. CX Institutional grew its stake in shares of Broadcom by 0.8% during the 4th quarter. CX Institutional now owns 1,289 shares of the semiconductor manufacturer’s stock valued at $1,439,000 after purchasing an additional 10 shares during the period. Finally, Cascade Investment Group Inc. increased its position in shares of Broadcom by 1.7% during the 4th quarter. Cascade Investment Group Inc. now owns 609 shares of the semiconductor manufacturer’s stock valued at $680,000 after purchasing an additional 10 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

AVGO has been the subject of a number of recent research reports. JPMorgan Chase & Co. reissued an “overweight” rating and set a $1,700.00 price objective on shares of Broadcom in a research report on Thursday, March 21st. TD Cowen upgraded Broadcom from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $1,400.00 to $1,500.00 in a research report on Thursday, March 21st. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $1,500.00 price target on shares of Broadcom in a report on Monday, April 8th. Rosenblatt Securities reiterated a “buy” rating and issued a $1,500.00 target price on shares of Broadcom in a research report on Thursday, March 21st. Finally, Barclays increased their target price on Broadcom from $1,405.00 to $1,500.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. Three research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $1,285.41.

Insider Buying and Selling at Broadcom

In other news, Director Kenneth Hao sold 9,160 shares of the business’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $1,388.13, for a total value of $12,715,270.80. Following the completion of the transaction, the director now directly owns 45 shares of the company’s stock, valued at $62,465.85. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Hock E. Tan sold 2,000 shares of the company’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 completion of the transaction, the chief executive officer now directly owns 168,096 shares in the company, valued at $220,583,976. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kenneth Hao sold 9,160 shares of Broadcom stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the completion of the transaction, the director now owns 45 shares in the company, valued at approximately $62,465.85. The disclosure for this sale can be found here. In the last three months, insiders sold 29,920 shares of company stock worth $40,306,667. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Performance

Shares of Broadcom stock traded down $57.41 during trading on Wednesday, reaching $1,242.86. The company’s stock had a trading volume of 3,092,785 shares, compared to its average volume of 2,909,801. The firm has a market cap of $575.97 billion, a PE ratio of 46.63, a P/E/G ratio of 2.72 and a beta of 1.25. Broadcom Inc. has a fifty-two week low of $601.29 and a fifty-two week high of $1,438.17. The company has a 50-day moving average price of $1,310.04 and a two-hundred day moving average price of $1,143.82. The company has a current ratio of 1.34, a quick ratio of 1.24 and a debt-to-equity ratio of 1.05.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The firm had revenue of $11.96 billion for the quarter, compared to analyst estimates of $11.79 billion. During the same period last year, the firm posted $9.83 EPS. Broadcom’s quarterly revenue was up 34.2% on a year-over-year basis. On average, analysts forecast that Broadcom Inc. will post 35.96 EPS for the current year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were issued a dividend of $5.25 per share. The ex-dividend date of this dividend was Wednesday, March 20th. This represents a $21.00 annualized dividend and a yield of 1.69%. Broadcom’s dividend payout ratio is presently 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.