Lake Street Private Wealth LLC Reduces Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Lake Street Private Wealth LLC reduced its position in Broadcom Inc. (NASDAQ:AVGO) by 4.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 20,996 shares of the semiconductor manufacturer’s stock after selling 929 shares during the period. Lake Street Private Wealth LLC’s holdings in Broadcom were worth $4,868,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AVGO. NCP Inc. lifted its holdings in shares of Broadcom by 615.4% in the second quarter. NCP Inc. now owns 465 shares of the semiconductor manufacturer’s stock valued at $747,000 after purchasing an additional 400 shares in the last quarter. AE Wealth Management LLC increased its position in Broadcom by 20.5% during the second quarter. AE Wealth Management LLC now owns 4,681 shares of the semiconductor manufacturer’s stock worth $7,515,000 after purchasing an additional 797 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Broadcom by 2,948.9% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 14,452 shares of the semiconductor manufacturer’s stock worth $23,204,000 after buying an additional 13,978 shares during the period. Kowal Investment Group LLC raised its holdings in shares of Broadcom by 16.4% in the 2nd quarter. Kowal Investment Group LLC now owns 989 shares of the semiconductor manufacturer’s stock worth $1,588,000 after purchasing an additional 139 shares during the period. Finally, Circle Wealth Management LLC lifted its position in Broadcom by 109.9% during the second quarter. Circle Wealth Management LLC now owns 1,146 shares of the semiconductor manufacturer’s stock valued at $1,840,000 after buying an additional 600 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on AVGO shares. Susquehanna increased their price objective on shares of Broadcom from $200.00 to $225.00 and gave the company a “positive” rating in a research report on Friday, December 13th. Evercore ISI boosted their price objective on Broadcom from $201.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, December 13th. JPMorgan Chase & Co. lifted their target price on Broadcom from $210.00 to $250.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Robert W. Baird upped their price target on Broadcom from $195.00 to $210.00 and gave the company an “outperform” rating in a research report on Friday, December 13th. Finally, Hsbc Global Res raised shares of Broadcom to a “hold” rating in a report on Tuesday, December 3rd. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $225.83.

Insider Transactions at Broadcom

In other news, CFO Kirsten M. Spears sold 12,570 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $229.62, for a total transaction of $2,886,323.40. Following the completion of the sale, the chief financial officer now owns 325,443 shares in the company, valued at approximately $74,728,221.66. This represents a 3.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 20,168 shares of the stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $238.79, for a total value of $4,815,916.72. Following the transaction, the insider now owns 321,660 shares in the company, valued at approximately $76,809,191.40. This trade represents a 5.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 191,278 shares of company stock valued at $44,964,800 over the last three months. 2.00% of the stock is owned by corporate insiders.

Broadcom Stock Up 3.5 %

AVGO stock opened at $237.44 on Monday. The firm has a market cap of $1.11 trillion, a PE ratio of 193.67, a P/E/G ratio of 2.35 and a beta of 1.03. Broadcom Inc. has a 12 month low of $112.19 and a 12 month high of $251.88. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The firm has a 50 day simple moving average of $202.01 and a 200 day simple moving average of $178.14.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, December 12th. The semiconductor manufacturer reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.03. The company 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 quarter in the prior year, the firm earned $0.98 EPS. Equities research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 23rd were issued a $0.59 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Monday, December 23rd. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.99%. Broadcom’s dividend payout ratio is currently 192.50%.

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.