NewEdge Advisors LLC Has $152.54 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

NewEdge Advisors LLC boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 13.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 95,011 shares of the semiconductor manufacturer’s stock after purchasing an additional 11,422 shares during the period. Broadcom comprises about 1.1% of NewEdge Advisors LLC’s investment portfolio, making the stock its 8th biggest position. NewEdge Advisors LLC’s holdings in Broadcom were worth $152,542,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. Legend Financial Advisors Inc. raised its stake in shares of Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 8 shares during the last quarter. Richardson Capital Management LLC bought a new position in shares of Broadcom in the first quarter worth about $29,000. Delta Asset Management LLC TN raised its stake in shares of Broadcom by 242.9% in the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock worth $32,000 after acquiring an additional 17 shares during the last quarter. Redmont Wealth Advisors LLC bought a new position in shares of Broadcom in the first quarter worth about $36,000. Finally, Creekmur Asset Management LLC bought a new position in shares of Broadcom in the fourth quarter worth about $43,000. 76.43% of the stock is owned by institutional investors.

Insider Transactions at Broadcom

In related news, Director Gayla J. Delly sold 750 shares of the stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the transaction, the director now owns 34,750 shares in the company, valued at $6,064,917.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Gayla J. Delly sold 750 shares of the stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total transaction of $130,897.50. Following the completion of the transaction, the director now owns 34,750 shares in the company, valued at $6,064,917.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Charlie B. Kawwas sold 25,200 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the transaction, the insider now owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. The disclosure for this sale can be found here. Insiders sold 233,452 shares of company stock valued at $51,278,838 over the last quarter. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on AVGO shares. Mizuho lifted their price target on shares of Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Citigroup reiterated a “buy” rating and set a $156.00 price target on shares of Broadcom in a research report on Tuesday, June 11th. Bank of America reiterated a “buy” rating and set a $215.00 price target (up previously from $200.00) on shares of Broadcom in a research report on Monday, June 24th. Melius started coverage on shares of Broadcom in a research report on Monday, June 3rd. They set a “buy” rating and a $185.00 price target for the company. Finally, TD Cowen upgraded shares of Broadcom to a “strong-buy” rating in a research report on Monday, September 16th. Two equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and an average price target of $189.23.

Broadcom Stock Down 3.0 %

Shares of AVGO stock opened at $172.69 on Friday. The firm has a fifty day moving average of $158.00 and a 200-day moving average of $148.25. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 12-month low of $80.89 and a 12-month high of $185.16. The company has a market capitalization of $803.85 billion, a price-to-earnings ratio of 7.43, a P/E/G ratio of 2.78 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same quarter in the prior year, the firm earned $0.95 earnings per share. The firm’s revenue was up 47.3% compared to the same quarter last year. As a group, equities research analysts predict that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be given a dividend of $0.53 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date is Thursday, September 19th. This represents a $2.12 annualized dividend and a dividend yield of 1.23%. Broadcom’s dividend payout ratio is currently 9.12%.

Broadcom Company 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.