Highland Capital Management LLC Has $27.79 Million Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Highland Capital Management LLC lowered its stake in Broadcom Inc. (NASDAQ:AVGO) by 4.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 24,898 shares of the semiconductor manufacturer’s stock after selling 1,216 shares during the period. Broadcom comprises 1.7% of Highland Capital Management LLC’s holdings, making the stock its 7th largest position. Highland Capital Management LLC’s holdings in Broadcom were worth $27,792,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Broadcom during the fourth quarter valued at approximately $2,222,676,000. Moneta Group Investment Advisors LLC grew its stake in Broadcom by 122,794.1% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,667,161 shares of the semiconductor manufacturer’s stock worth $2,050,420,000 after purchasing an additional 3,664,177 shares during the period. Providence Capital Advisors LLC grew its stake in Broadcom by 49,919.1% in the first quarter. Providence Capital Advisors LLC now owns 2,437,432 shares of the semiconductor manufacturer’s stock worth $3,799,000 after purchasing an additional 2,432,559 shares during the period. BlackRock Inc. grew its stake in Broadcom by 6.2% in the second quarter. BlackRock Inc. now owns 31,681,688 shares of the semiconductor manufacturer’s stock worth $27,481,646,000 after purchasing an additional 1,836,795 shares during the period. Finally, Wellington Management Group LLP grew its stake in Broadcom by 43.9% in the third quarter. Wellington Management Group LLP now owns 4,025,658 shares of the semiconductor manufacturer’s stock worth $3,343,631,000 after purchasing an additional 1,228,755 shares during the period. Institutional investors own 76.43% of the company’s stock.

Broadcom Stock Down 1.0 %

NASDAQ AVGO opened at $1,318.73 on Thursday. The stock’s 50-day moving average price is $1,267.55 and its 200-day moving average price is $1,061.46. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 1.05. Broadcom Inc. has a 52 week low of $601.29 and a 52 week high of $1,438.17. The company has a market capitalization of $611.13 billion, a P/E ratio of 48.88, a price-to-earnings-growth ratio of 2.85 and a beta of 1.26.

Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.95 by $2.04. The company had revenue of $11.96 billion for the quarter, compared to the consensus estimate of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The firm’s quarterly revenue was up 34.2% on a year-over-year basis. During the same quarter last year, the company earned $9.83 EPS. On average, equities research analysts predict that Broadcom Inc. will post 36.8 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Thursday, March 21st will be paid a dividend of $5.25 per share. This represents a $21.00 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend is Wednesday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on AVGO shares. Benchmark reaffirmed a “buy” rating and issued a $1,720.00 price target on shares of Broadcom in a research note on Thursday, March 21st. StockNews.com cut Broadcom from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Cantor Fitzgerald upped their price target on Broadcom from $1,300.00 to $1,600.00 and gave the stock an “overweight” rating in a research note on Monday, March 4th. Citigroup reissued a “buy” rating and issued a $1,100.00 target price on shares of Broadcom in a research note on Monday, December 11th. Finally, Summit Insights raised Broadcom from a “hold” rating to a “buy” rating in a research note on Friday, December 8th. Three analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $1,230.18.

Insider Buying and Selling at Broadcom

In other Broadcom news, insider Charlie B. Kawwas sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the completion of the transaction, the insider now owns 16,575 shares in the company, valued at approximately $22,276,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Charlie B. Kawwas sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The stock was sold at an average price of $1,344.00, for a total transaction of $6,720,000.00. Following the completion of the sale, the insider now directly owns 16,575 shares of the company’s stock, valued at approximately $22,276,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kirsten M. Spears sold 2,500 shares of Broadcom stock in a transaction on Friday, January 5th. The shares were sold at an average price of $1,043.14, for a total value of $2,607,850.00. Following the sale, the chief financial officer now directly owns 26,880 shares of the company’s stock, valued at $28,039,603.20. The disclosure for this sale can be found here. Insiders sold 19,810 shares of company stock worth $26,107,692 in the last quarter. 2.00% of the stock is owned by corporate 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.