Sovereign Financial Group Inc. Sells 116 Shares of Broadcom Inc. (NASDAQ:AVGO)

Sovereign Financial Group Inc. trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO) by 23.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 386 shares of the semiconductor manufacturer’s stock after selling 116 shares during the quarter. Sovereign Financial Group Inc.’s holdings in Broadcom were worth $431,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Palisade Asset Management LLC bought a new position in shares of Broadcom during the fourth quarter worth $317,000. Simmons Bank boosted its holdings in shares of Broadcom by 0.9% during the 4th quarter. Simmons Bank now owns 1,704 shares of the semiconductor manufacturer’s stock valued at $1,902,000 after purchasing an additional 15 shares during the last quarter. Centric Wealth Management grew its position in shares of Broadcom by 1.6% during the fourth quarter. Centric Wealth Management now owns 579 shares of the semiconductor manufacturer’s stock valued at $646,000 after purchasing an additional 9 shares in the last quarter. Northern Financial Advisors Inc increased its holdings in shares of Broadcom by 1.1% in the fourth quarter. Northern Financial Advisors Inc now owns 2,052 shares of the semiconductor manufacturer’s stock worth $2,291,000 after purchasing an additional 23 shares during the last quarter. Finally, Aviance Capital Partners LLC lifted its position in shares of Broadcom by 8.5% in the fourth quarter. Aviance Capital Partners LLC now owns 15,083 shares of the semiconductor manufacturer’s stock worth $16,836,000 after buying an additional 1,182 shares in the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Down 0.5 %

Shares of AVGO stock traded down $7.20 during mid-day trading on Tuesday, hitting $1,303.11. The stock had a trading volume of 1,240,937 shares, compared to its average volume of 2,871,969. The firm has a market capitalization of $603.89 billion, a P/E ratio of 48.30, a price-to-earnings-growth ratio of 2.60 and a beta of 1.25. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.34 and a quick ratio of 1.24. Broadcom Inc. has a 12-month low of $615.86 and a 12-month high of $1,438.17. The firm’s 50-day moving average is $1,308.82 and its two-hundred day moving average is $1,157.75.

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, topping 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 company had revenue of $11.96 billion for the quarter, compared to analysts’ expectations of $11.79 billion. During the same period in the prior year, the business earned $9.83 EPS. The firm’s quarterly revenue was up 34.2% on a year-over-year basis. On average, analysts predict that Broadcom Inc. will post 35.96 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were paid a $5.25 dividend. This represents a $21.00 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date was Wednesday, March 20th. Broadcom’s dividend payout ratio (DPR) is 77.84%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Barclays raised their price target on Broadcom from $1,405.00 to $1,500.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. The Goldman Sachs Group reiterated a “buy” rating and set a $1,325.00 price objective on shares of Broadcom in a research report on Friday, January 19th. Benchmark restated a “buy” rating and issued a $1,720.00 target price on shares of Broadcom in a report on Thursday, March 21st. Evercore ISI assumed coverage on shares of Broadcom in a report on Tuesday, April 16th. They issued an “outperform” rating and a $1,620.00 price target for the company. Finally, 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 report on Monday, March 4th. Three research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $1,285.41.

Insiders Place Their Bets

In related news, insider Mark David Brazeal sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $1,316.46, for a total transaction of $3,291,150.00. Following the sale, the insider now owns 41,974 shares of the company’s stock, valued at $55,257,092.04. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Mark David Brazeal sold 2,500 shares of the stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $1,316.46, for a total transaction of $3,291,150.00. Following the completion of the sale, the insider now owns 41,974 shares of the company’s stock, valued at $55,257,092.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Charlie B. Kawwas sold 5,000 shares of Broadcom stock in a transaction 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 directly owns 16,575 shares in the company, valued at $22,276,800. The disclosure for this sale can be found here. Insiders sold a total of 29,920 shares of company stock worth $40,306,667 over the last 90 days. Company insiders own 2.00% of the company’s stock.

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.