Apexium Financial LP Cuts Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Apexium Financial LP lowered its stake in Broadcom Inc. (NASDAQ:AVGO) by 23.8% during the 4th quarter, Holdings Channel reports. The institutional investor owned 5,748 shares of the semiconductor manufacturer’s stock after selling 1,792 shares during the period. Apexium Financial LP’s holdings in Broadcom were worth $1,333,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Castleview Partners LLC lifted its holdings in Broadcom by 1,030.8% in the 3rd quarter. Castleview Partners LLC now owns 147 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 134 shares during the period. Pin Oak Investment Advisors Inc. raised its holdings in shares of Broadcom by 900.0% during the third quarter. Pin Oak Investment Advisors Inc. now owns 150 shares of the semiconductor manufacturer’s stock valued at $25,000 after acquiring an additional 135 shares in the last quarter. JDM Financial Group LLC lifted its stake in Broadcom by 1,323.1% in the third quarter. JDM Financial Group LLC now owns 185 shares of the semiconductor manufacturer’s stock worth $32,000 after acquiring an additional 172 shares during the period. Retirement Wealth Solutions LLC bought a new stake in Broadcom in the fourth quarter valued at $37,000. Finally, Tsfg LLC increased its position in Broadcom by 1,073.7% during the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock valued at $38,000 after purchasing an additional 204 shares during the period. Institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ:AVGO opened at $206.35 on Thursday. The firm’s 50 day moving average price is $210.37 and its 200-day moving average price is $181.05. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $967.24 billion, a PE ratio of 168.31, a price-to-earnings-growth ratio of 2.52 and a beta of 1.03. Broadcom Inc. has a twelve month low of $117.43 and a twelve month high of $251.88.

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

Broadcom Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 23rd were given a $0.59 dividend. This is a boost 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 yield of 1.14%. Broadcom’s dividend payout ratio is presently 192.50%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on AVGO. Barclays lifted their target price on shares of Broadcom from $205.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Citigroup upped their target price on Broadcom from $175.00 to $205.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Cantor Fitzgerald raised their target price on Broadcom from $200.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, October 8th. TD Cowen lifted 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. Finally, Morgan Stanley decreased their price objective on Broadcom from $265.00 to $246.00 and set an “overweight” rating for the company in a report on Tuesday. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $225.04.

Insider Transactions at Broadcom

In other news, insider Mark David Brazeal sold 20,168 shares of the stock in a transaction 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 completion of the sale, the insider now directly owns 321,660 shares of the company’s stock, valued at $76,809,191.40. This represents a 5.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Harry L. You sold 6,540 shares of the company’s stock in a transaction on Tuesday, December 17th. The stock was sold at an average price of $240.00, for a total transaction of $1,569,600.00. Following the completion of the transaction, the director now directly owns 30,450 shares of the company’s stock, valued at $7,308,000. This represents a 17.68 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 191,278 shares of company stock valued at $44,964,800 over the last quarter. 2.00% of the stock is currently owned by company insiders.

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.