Westwood Holdings Group Inc. Has $8.80 Million Holdings in Broadcom Inc. (NASDAQ:AVGO)

Westwood Holdings Group Inc. cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 33.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,479 shares of the semiconductor manufacturer’s stock after selling 2,699 shares during the quarter. Westwood Holdings Group Inc.’s holdings in Broadcom were worth $8,797,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of AVGO. Legend Financial Advisors Inc. boosted its position in Broadcom by 72.7% during the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 8 shares during the last quarter. Richardson Capital Management LLC acquired a new position in shares of Broadcom during the 1st quarter worth about $29,000. Delta Asset Management LLC TN increased its stake in shares of Broadcom by 242.9% during the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after purchasing an additional 17 shares during the last quarter. Redmont Wealth Advisors LLC bought a new stake in shares of Broadcom in the 1st quarter valued at about $36,000. Finally, Ulland Investment Advisors LLC acquired a new stake in Broadcom in the 1st quarter valued at about $37,000. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Hock E. Tan sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the sale, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at $235,746,936.45. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on AVGO. Rosenblatt Securities decreased their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. StockNews.com lowered shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Cantor Fitzgerald restated an “overweight” rating and set a $200.00 price objective on shares of Broadcom in a research report on Friday, September 6th. Melius assumed coverage on Broadcom in a report on Monday, June 3rd. They issued a “buy” rating and a $185.00 price objective on the stock. Finally, Barclays upped their price target on shares of Broadcom from $150.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, June 13th. Two analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Broadcom has an average rating of “Moderate Buy” and an average price target of $189.23.

Broadcom Trading Up 2.2 %

AVGO opened at $171.10 on Friday. The company’s 50 day moving average is $156.81 and its 200-day moving average is $146.91. The company has a market cap of $796.45 billion, a P/E ratio of 7.36, a PEG ratio of 2.55 and a beta of 1.16. Broadcom Inc. has a 1-year low of $79.51 and a 1-year high of $185.16. The company has a current ratio of 1.04, a quick ratio of 0.94 and a debt-to-equity ratio of 1.02.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. During the same quarter in the previous year, the firm posted $0.95 earnings per share. The company’s revenue was up 47.3% on a year-over-year basis. Equities research analysts predict that Broadcom Inc. will post 3.77 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be given a $0.53 dividend. The ex-dividend date is Thursday, September 19th. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.24%. Broadcom’s dividend payout ratio (DPR) is currently 9.12%.

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.