SlateStone Wealth LLC Increases Position in Broadcom Inc. (NASDAQ:AVGO)

SlateStone Wealth LLC grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 4.8% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,304 shares of the semiconductor manufacturer’s stock after acquiring an additional 60 shares during the period. SlateStone Wealth LLC’s holdings in Broadcom were worth $1,456,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. BetterWealth LLC raised its stake in shares of 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 acquiring an additional 9 shares in the last quarter. Rise Advisors LLC raised its stake in shares of Broadcom by 33.3% during the fourth quarter. Rise Advisors LLC now owns 40 shares of the semiconductor manufacturer’s stock valued at $44,000 after acquiring an additional 10 shares in the last quarter. CX Institutional raised its stake in Broadcom by 0.8% in the fourth quarter. CX Institutional now owns 1,289 shares of the semiconductor manufacturer’s stock worth $1,439,000 after buying an additional 10 shares in the last quarter. Cascade Investment Group Inc. increased its position in shares of Broadcom by 1.7% during the fourth quarter. Cascade Investment Group Inc. now owns 609 shares of the semiconductor manufacturer’s stock worth $680,000 after purchasing an additional 10 shares in the last quarter. Finally, Sabal Trust CO grew its holdings in shares of Broadcom by 1.6% during the fourth quarter. Sabal Trust CO now owns 640 shares of the semiconductor manufacturer’s stock valued at $714,000 after buying an additional 10 shares during the last quarter. Institutional investors own 76.43% of the company’s stock.

Broadcom Trading Up 2.2 %

Shares of Broadcom stock traded up $27.54 during mid-day trading on Tuesday, hitting $1,252.00. The stock had a trading volume of 1,079,354 shares, compared to its average volume of 2,937,857. The firm has a 50-day moving average of $1,304.30 and a two-hundred day moving average of $1,125.79. Broadcom Inc. has a 12-month low of $601.29 and a 12-month high of $1,438.17. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05. The firm has a market cap of $580.20 billion, a P/E ratio of 46.21, a price-to-earnings-growth ratio of 2.46 and a beta of 1.25.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share for the quarter, beating 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 business had revenue of $11.96 billion during the quarter, compared to analysts’ expectations of $11.79 billion. During the same quarter in the prior year, the company posted $9.83 EPS. The business’s revenue for the quarter was up 34.2% on a year-over-year basis. Sell-side analysts forecast that Broadcom Inc. will post 35.88 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Thursday, March 21st were paid a $5.25 dividend. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 annualized dividend and a dividend yield of 1.68%. Broadcom’s dividend payout ratio (DPR) is 77.84%.

Insider Activity

In related news, insider Mark David Brazeal sold 2,500 shares of the stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $1,318.97, for a total transaction of $3,297,425.00. Following the completion of the transaction, the insider now owns 46,974 shares of the company’s stock, valued at approximately $61,957,296.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Broadcom news, Director Justine Page sold 110 shares of the firm’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,323.00, for a total value of $145,530.00. Following the completion of the transaction, the director now owns 3,125 shares of the company’s stock, valued at approximately $4,134,375. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark David Brazeal sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, March 28th. The shares were sold at an average price of $1,318.97, for a total transaction of $3,297,425.00. Following the completion of the transaction, the insider now directly owns 46,974 shares of the company’s stock, valued at approximately $61,957,296.78. The disclosure for this sale can be found here. Insiders sold a total of 29,920 shares of company stock valued at $40,306,667 in the last 90 days. Company insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on AVGO. Susquehanna boosted their price objective on shares of Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a report on Wednesday, February 28th. Barclays increased their target price on shares of Broadcom from $1,405.00 to $1,500.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 17th. Rosenblatt Securities reissued a “buy” rating and set a $1,500.00 target price on shares of Broadcom in a research note on Thursday, March 21st. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $1,500.00 target price on shares of Broadcom in a research note on Monday, April 8th. Finally, StockNews.com lowered shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Three equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and a consensus price target of $1,285.41.

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.