Cary Street Partners Investment Advisory LLC Trims Position in Broadcom Inc. (NASDAQ:AVGO)

Cary Street Partners Investment Advisory LLC lowered its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 9.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,091 shares of the semiconductor manufacturer’s stock after selling 529 shares during the quarter. Cary Street Partners Investment Advisory LLC’s holdings in Broadcom were worth $4,416,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Insight Advisors LLC PA increased its holdings in shares of Broadcom by 1.0% in the second quarter. Insight Advisors LLC PA now owns 1,467 shares of the semiconductor manufacturer’s stock valued at $1,273,000 after purchasing an additional 14 shares during the period. NorthRock Partners LLC grew its position in Broadcom by 10.9% in the 2nd quarter. NorthRock Partners LLC now owns 1,531 shares of the semiconductor manufacturer’s stock valued at $1,328,000 after buying an additional 151 shares during the last quarter. Beacon Bridge Wealth Partners LLC grew its position in Broadcom by 1,655.9% in the 2nd quarter. Beacon Bridge Wealth Partners LLC now owns 8,481 shares of the semiconductor manufacturer’s stock valued at $7,354,000 after buying an additional 7,998 shares during the last quarter. Sunbelt Securities Inc. increased its stake in Broadcom by 8.0% in the 1st quarter. Sunbelt Securities Inc. now owns 5,564 shares of the semiconductor manufacturer’s stock valued at $3,527,000 after buying an additional 414 shares during the period. Finally, Border to Coast Pensions Partnership Ltd lifted its stake in shares of Broadcom by 20.2% in the 1st quarter. Border to Coast Pensions Partnership Ltd now owns 68,598 shares of the semiconductor manufacturer’s stock worth $44,008,000 after acquiring an additional 11,532 shares during the period. Institutional investors and hedge funds own 78.81% of the company’s stock.

Insider Buying and Selling

In other Broadcom news, Director Check Kian Low bought 11,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 6th. The stock was purchased at an average cost of $872.03 per share, for a total transaction of $9,592,330.00. Following the completion of the purchase, the director now owns 15,951 shares of the company’s stock, valued at approximately $13,909,750.53. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Harry L. You purchased 1,000 shares of the business’s stock in a transaction on Friday, September 15th. The shares were bought at an average price of $858.96 per share, with a total value of $858,960.00. Following the completion of the purchase, the director now directly owns 3,510 shares in the company, valued at approximately $3,014,949.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Check Kian Low acquired 11,000 shares of the stock in a transaction dated Wednesday, September 6th. The shares were bought at an average cost of $872.03 per share, with a total value of $9,592,330.00. Following the completion of the purchase, the director now directly owns 15,951 shares in the company, valued at $13,909,750.53. The disclosure for this purchase can be found here. 2.20% of the stock is owned by company insiders.

Broadcom Stock Performance

Broadcom stock opened at $977.73 on Friday. Broadcom Inc. has a fifty-two week low of $511.00 and a fifty-two week high of $983.89. The company has a market capitalization of $403.55 billion, a price-to-earnings ratio of 30.07, a PEG ratio of 1.90 and a beta of 1.11. The stock has a fifty day moving average of $868.63 and a two-hundred day moving average of $837.20. The company has a debt-to-equity ratio of 1.73, a quick ratio of 2.25 and a current ratio of 2.50.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, August 31st. The semiconductor manufacturer reported $10.54 EPS for the quarter, topping analysts’ consensus estimates of $10.43 by $0.11. The firm had revenue of $8.85 billion during the quarter, compared to analysts’ expectations of $8.85 billion. Broadcom had a return on equity of 74.31% and a net margin of 39.25%. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the business posted $9.07 EPS. On average, analysts anticipate that Broadcom Inc. will post 37.83 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Thursday, September 21st were paid a dividend of $4.60 per share. This represents a $18.40 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend was Wednesday, September 20th. Broadcom’s payout ratio is 56.58%.

Wall Street Analysts Forecast Growth

AVGO has been the subject of several analyst reports. Piper Sandler increased their price target on shares of Broadcom from $830.00 to $925.00 and gave the stock an “overweight” rating in a report on Tuesday, August 29th. Mizuho raised their price target on Broadcom from $840.00 to $960.00 in a report on Friday, September 1st. Benchmark restated a “buy” rating and issued a $950.00 price target on shares of Broadcom in a research note on Friday, September 1st. Deutsche Bank Aktiengesellschaft increased their price objective on Broadcom from $905.00 to $950.00 in a research report on Friday, September 1st. Finally, Oppenheimer boosted their target price on shares of Broadcom from $900.00 to $990.00 and gave the stock an “outperform” rating in a research report on Friday, September 1st. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and an average price target of $848.52.

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.