Xcel Wealth Management LLC Lowers Stake in Broadcom Inc. (NASDAQ:AVGO)

Xcel Wealth Management LLC lessened its position in shares of Broadcom Inc. (NASDAQ:AVGOFree Report) by 4.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,651 shares of the semiconductor manufacturer’s stock after selling 124 shares during the period. Broadcom makes up 1.0% of Xcel Wealth Management LLC’s portfolio, making the stock its 27th biggest position. Xcel Wealth Management LLC’s holdings in Broadcom were worth $2,959,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of AVGO. Rise Advisors LLC lifted its stake in shares of Broadcom by 76.5% during the third quarter. Rise Advisors LLC now owns 30 shares of the semiconductor manufacturer’s stock worth $25,000 after purchasing an additional 13 shares in the last quarter. Macroview Investment Management LLC acquired a new position in shares of Broadcom in the third quarter worth about $29,000. BKM Wealth Management LLC acquired a new position in shares of Broadcom in the fourth quarter worth about $29,000. CKW Financial Group acquired a new position in shares of Broadcom in the fourth quarter worth about $30,000. Finally, Indiana Trust & Investment Management CO acquired a new position in shares of Broadcom in the third quarter worth about $32,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Broadcom Price Performance

NASDAQ AVGO traded down $38.39 on Friday, reaching $1,344.07. 2,778,012 shares of the stock traded hands, compared to its average volume of 2,983,487. The firm’s fifty day simple moving average is $1,300.62 and its 200 day simple moving average is $1,099.55. The company has a market cap of $622.87 billion, a price-to-earnings ratio of 49.82, a P/E/G ratio of 2.69 and a beta of 1.25. 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.

Broadcom (NASDAQ:AVGOGet Free Report) last released its earnings results on Thursday, March 7th. The semiconductor manufacturer reported $10.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.95 by $2.04. The company had revenue of $11.96 billion during the quarter, compared to analyst estimates of $11.79 billion. Broadcom had a return on equity of 47.71% and a net margin of 29.93%. The company’s revenue for the quarter was up 34.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $9.83 earnings per share. As a group, research analysts predict that Broadcom Inc. will post 35.95 EPS for the current fiscal year.

Broadcom Dividend Announcement

The business 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. This represents a $21.00 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date was Wednesday, March 20th. Broadcom’s dividend payout ratio (DPR) is presently 77.84%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on AVGO. TD Cowen upgraded Broadcom from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $1,400.00 to $1,500.00 in a research note on Thursday, March 21st. JPMorgan Chase & Co. restated an “overweight” rating and set a $1,700.00 price objective on shares of Broadcom in a research note on Thursday, March 21st. Susquehanna upped their price objective on Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a research note on Wednesday, February 28th. Cantor Fitzgerald upped their price objective on Broadcom from $1,300.00 to $1,600.00 and gave the company an “overweight” rating in a research note on Monday, March 4th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $1,325.00 price objective on shares of Broadcom in a research note on Friday, January 19th. Three equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,255.18.

Check Out Our Latest Report on Broadcom

Insider Transactions at Broadcom

In other news, CFO Kirsten M. Spears sold 3,000 shares of the company’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $1,343.14, for a total value of $4,029,420.00. Following the transaction, the chief financial officer now directly owns 43,459 shares of the company’s stock, valued at $58,371,521.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Broadcom news, Director Kenneth Hao sold 9,160 shares of the stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $1,388.13, for a total transaction of $12,715,270.80. Following the transaction, the director now directly owns 45 shares of the company’s stock, valued at $62,465.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Kirsten M. Spears sold 3,000 shares of the stock in a transaction on Friday, April 5th. The stock was sold at an average price of $1,343.14, for a total transaction of $4,029,420.00. Following the transaction, the chief financial officer now directly owns 43,459 shares in the company, valued at $58,371,521.26. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,310 shares of company stock valued at $36,869,987. 2.00% of the stock is owned by insiders.

Broadcom Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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