NorthRock Partners LLC Sells 8,290 Shares of Broadcom Inc. (NASDAQ:AVGO)

NorthRock Partners LLC lessened its holdings in Broadcom Inc. (NASDAQ:AVGO) by 27.3% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 22,098 shares of the semiconductor manufacturer’s stock after selling 8,290 shares during the period. NorthRock Partners LLC’s holdings in Broadcom were worth $3,812,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. WealthPLAN Partners LLC raised its holdings in Broadcom by 122.6% in the first quarter. WealthPLAN Partners LLC now owns 1,202 shares of the semiconductor manufacturer’s stock worth $1,593,000 after purchasing an additional 662 shares in the last quarter. Foyston Gordon & Payne Inc grew its position in shares of Broadcom by 55.9% in the 1st quarter. Foyston Gordon & Payne Inc now owns 11,230 shares of the semiconductor manufacturer’s stock worth $14,884,000 after buying an additional 4,026 shares during the last quarter. TCI Wealth Advisors Inc. raised its stake in shares of Broadcom by 3.1% during the 1st quarter. TCI Wealth Advisors Inc. now owns 503 shares of the semiconductor manufacturer’s stock worth $666,000 after acquiring an additional 15 shares in the last quarter. Montag A & Associates Inc. lifted its position in Broadcom by 9.2% during the first quarter. Montag A & Associates Inc. now owns 6,978 shares of the semiconductor manufacturer’s stock valued at $9,249,000 after acquiring an additional 589 shares during the last quarter. Finally, Nixon Peabody Trust Co. boosted its stake in Broadcom by 12.5% in the first quarter. Nixon Peabody Trust Co. now owns 12,185 shares of the semiconductor manufacturer’s stock valued at $16,150,000 after acquiring an additional 1,353 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on AVGO shares. TD Cowen upgraded Broadcom to a “strong-buy” rating in a report on Monday, September 16th. StockNews.com cut Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. UBS Group boosted their price target on Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Oppenheimer cut their price objective on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, July 16th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and an average price target of $192.79.

Insider Activity

In related news, insider Charlie B. Kawwas sold 15,950 shares of the company’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the transaction, the insider now owns 737,330 shares of the company’s stock, valued at approximately $133,781,155.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Mark David Brazeal sold 18,900 shares of the business’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $182.88, for a total value of $3,456,432.00. Following the completion of the sale, the insider now owns 380,560 shares of the company’s stock, valued at approximately $69,596,812.80. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction on Friday, October 11th. The shares were sold at an average price of $181.44, for a total transaction of $2,893,968.00. Following the transaction, the insider now directly owns 737,330 shares in the company, valued at approximately $133,781,155.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 311,080 shares of company stock worth $53,540,590 in the last ninety days. Company insiders own 2.00% of the company’s stock.

Broadcom Stock Down 0.1 %

Shares of AVGO stock opened at $183.64 on Friday. Broadcom Inc. has a twelve month low of $90.31 and a twelve month high of $186.42. The stock has a market cap of $857.71 billion, a P/E ratio of 159.55, a P/E/G ratio of 1.99 and a beta of 1.17. The stock has a 50 day moving average of $170.75 and a 200 day moving average of $157.78. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. During the same period in the previous year, the firm earned $0.95 EPS. The business’s quarterly revenue was up 47.3% on a year-over-year basis. As a group, sell-side analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were paid a dividend of $0.53 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend was Thursday, September 19th. Broadcom’s dividend payout ratio is presently 184.19%.

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.