Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by NovaPoint Capital LLC

NovaPoint Capital LLC increased its holdings in Broadcom Inc. (NASDAQ:AVGO) by 6,156.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 23,087 shares of the semiconductor manufacturer’s stock after buying an additional 22,718 shares during the period. Broadcom comprises approximately 1.2% of NovaPoint Capital LLC’s holdings, making the stock its 29th biggest position. NovaPoint Capital LLC’s holdings in Broadcom were worth $3,983,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Legend Financial Advisors Inc. boosted its stake in Broadcom by 72.7% during the 1st 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 period. Richardson Capital Management LLC acquired a new position in Broadcom during the 1st quarter valued at about $29,000. Delta Asset Management LLC TN boosted its stake in Broadcom by 242.9% during the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 17 shares during the period. Redmont Wealth Advisors LLC acquired a new stake in shares of Broadcom in the 1st quarter worth approximately $36,000. Finally, Tsfg LLC lifted its stake in shares of Broadcom by 1,073.7% in the 3rd quarter. Tsfg LLC now owns 223 shares of the semiconductor manufacturer’s stock worth $38,000 after acquiring an additional 204 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Broadcom news, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the sale, the insider now owns 737,330 shares in the company, valued at $133,781,155.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Broadcom news, insider Charlie B. Kawwas sold 15,950 shares of the stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $181.44, for a total value of $2,893,968.00. Following the completion of the sale, the insider now owns 737,330 shares in the company, valued at $133,781,155.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark David Brazeal sold 18,900 shares of the stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $182.88, for a total transaction of $3,456,432.00. Following the transaction, the insider now owns 380,560 shares in the company, valued at approximately $69,596,812.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 311,080 shares of company stock worth $53,540,590 in the last quarter. 2.00% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Oppenheimer reduced their price target on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, July 16th. Truist Financial upped their price target on shares of Broadcom from $204.00 to $205.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. TD Cowen raised shares of Broadcom to a “strong-buy” rating in a research note on Monday, September 16th. Bank of America reaffirmed a “buy” rating and issued a $215.00 price target (up from $200.00) on shares of Broadcom in a research note on Monday, June 24th. Finally, JPMorgan Chase & Co. upped their price target on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $191.54.

Broadcom Stock Down 0.9 %

Shares of NASDAQ:AVGO opened at $179.89 on Monday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The company has a market cap of $837.37 billion, a PE ratio of 7.74, a price-to-earnings-growth ratio of 2.99 and a beta of 1.17. Broadcom Inc. has a 52 week low of $81.83 and a 52 week high of $186.42. The firm has a 50 day simple moving average of $166.52 and a 200 day simple moving average of $153.25.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share (EPS) 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 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 EPS. The company’s revenue was up 47.3% compared to the same quarter last year. As a group, research analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current year.

Broadcom Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were given a $0.53 dividend. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a yield of 1.18%. Broadcom’s dividend payout ratio is presently 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.