New York Life Investment Management LLC Cuts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

New York Life Investment Management LLC lessened its stake in Broadcom Inc. (NASDAQ:AVGO) by 0.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 62,405 shares of the semiconductor manufacturer’s stock after selling 404 shares during the quarter. Broadcom comprises about 0.7% of New York Life Investment Management LLC’s holdings, making the stock its 28th largest holding. New York Life Investment Management LLC’s holdings in Broadcom were worth $69,660,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in AVGO. RB Capital Management LLC increased its holdings in Broadcom by 2.3% in the fourth quarter. RB Capital Management LLC now owns 2,964 shares of the semiconductor manufacturer’s stock valued at $3,308,000 after buying an additional 68 shares during the last quarter. Howe & Rusling Inc. raised its holdings in Broadcom by 9.9% during the fourth quarter. Howe & Rusling Inc. now owns 20,041 shares of the semiconductor manufacturer’s stock valued at $22,370,000 after buying an additional 1,809 shares in the last quarter. Concord Wealth Partners boosted its stake in shares of Broadcom by 13.1% during the 4th quarter. Concord Wealth Partners now owns 3,748 shares of the semiconductor manufacturer’s stock worth $4,184,000 after acquiring an additional 435 shares in the last quarter. DiNuzzo Private Wealth Inc. acquired a new position in shares of Broadcom during the 4th quarter valued at about $61,000. Finally, ICW Investment Advisors LLC raised its stake in shares of Broadcom by 0.6% in the 4th quarter. ICW Investment Advisors LLC now owns 1,656 shares of the semiconductor manufacturer’s stock valued at $1,849,000 after acquiring an additional 10 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Broadcom Trading Down 4.4 %

NASDAQ AVGO traded down $57.41 during trading on Wednesday, reaching $1,242.86. 3,092,785 shares of the stock traded hands, compared to its average volume of 2,909,801. Broadcom Inc. has a fifty-two week low of $601.29 and a fifty-two week 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. The firm has a market cap of $575.97 billion, a price-to-earnings ratio of 46.63, a price-to-earnings-growth ratio of 2.72 and a beta of 1.25. The stock’s 50-day moving average price is $1,310.04 and its 200 day moving average price is $1,143.82.

Broadcom (NASDAQ:AVGO) last announced its quarterly 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 during the quarter, compared to analyst estimates of $11.79 billion. Broadcom had a net margin of 29.93% and a return on equity of 47.71%. The firm’s revenue was up 34.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $9.83 EPS. Analysts predict that Broadcom Inc. will post 35.96 EPS for the current year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were paid a dividend of $5.25 per share. The ex-dividend date was Wednesday, March 20th. This represents a $21.00 dividend on an annualized basis and a yield of 1.69%. Broadcom’s payout ratio is 77.84%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on AVGO. UBS Group raised their target price on Broadcom to $1,480.00 and gave the company a “buy” rating in a report on Monday, February 26th. Benchmark reiterated a “buy” rating and set a $1,720.00 target price on shares of Broadcom in a research report on Thursday, March 21st. The Goldman Sachs Group reaffirmed a “buy” rating and set a $1,325.00 price objective on shares of Broadcom in a research note on Friday, January 19th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $1,500.00 target price on shares of Broadcom in a research note on Monday, April 8th. Finally, Susquehanna raised their price target on Broadcom from $1,400.00 to $1,550.00 and gave the company a “positive” rating in a report on Wednesday, February 28th. Three research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and a consensus price target of $1,285.41.

Insider Buying and Selling

In other news, insider Mark David Brazeal sold 2,500 shares of the stock in a transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Broadcom news, Director Justine Page sold 110 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $1,323.00, for a total value of $145,530.00. Following the sale, the director now owns 3,125 shares in the company, valued at approximately $4,134,375. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark David Brazeal sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $1,316.46, for a total value of $3,291,150.00. Following the transaction, the insider now directly owns 41,974 shares of the company’s stock, valued at approximately $55,257,092.04. The disclosure for this sale can be found here. In the last three months, insiders sold 29,920 shares of company stock valued at $40,306,667. 2.00% of the stock is owned by corporate insiders.

Broadcom 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.