Broadcom Inc. (NASDAQ:AVGO) Stake Boosted by Private Wealth Management Group LLC

Private Wealth Management Group LLC raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 901.7% in the third quarter, Holdings Channel.com reports. The institutional investor owned 1,162 shares of the semiconductor manufacturer’s stock after buying an additional 1,046 shares during the period. Private Wealth Management Group LLC’s holdings in Broadcom were worth $200,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in AVGO. Fernwood Investment Management LLC lifted its holdings in shares of Broadcom by 954.4% in the third quarter. Fernwood Investment Management LLC now owns 2,035 shares of the semiconductor manufacturer’s stock valued at $351,000 after purchasing an additional 1,842 shares in the last quarter. TrueWealth Advisors LLC raised its position in Broadcom by 804.1% during the third quarter. TrueWealth Advisors LLC now owns 1,989 shares of the semiconductor manufacturer’s stock valued at $343,000 after buying an additional 1,769 shares during the period. First National Bank Sioux Falls lifted its stake in Broadcom by 900.0% in the 3rd quarter. First National Bank Sioux Falls now owns 2,520 shares of the semiconductor manufacturer’s stock worth $435,000 after acquiring an additional 2,268 shares in the last quarter. RWQ Financial Management Services Inc. boosted its position in Broadcom by 2,462.3% during the 3rd quarter. RWQ Financial Management Services Inc. now owns 10,403 shares of the semiconductor manufacturer’s stock worth $1,795,000 after acquiring an additional 9,997 shares during the period. Finally, BSW Wealth Partners grew its stake in Broadcom by 941.5% during the 3rd quarter. BSW Wealth Partners now owns 14,622 shares of the semiconductor manufacturer’s stock valued at $2,522,000 after acquiring an additional 13,218 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Up 3.2 %

Shares of NASDAQ AVGO opened at $179.55 on Thursday. Broadcom Inc. has a 12-month low of $87.62 and a 12-month high of $186.42. The firm’s 50-day simple moving average is $169.80 and its 200 day simple moving average is $156.94. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The company has a market cap of $838.60 billion, a price-to-earnings ratio of 156.13, a price-to-earnings-growth ratio of 1.99 and a beta of 1.17.

Broadcom (NASDAQ:AVGO) last announced 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. The company had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. Broadcom’s quarterly revenue was up 47.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.95 earnings per share. On average, research analysts expect that Broadcom Inc. will post 3.78 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 19th were given a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 1.18%. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date was Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 184.35%.

Insiders Place Their Bets

In other news, Director Gayla J. Delly sold 750 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $174.53, for a total value of $130,897.50. Following the transaction, the director now owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Hock E. Tan sold 50,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $163.37, for a total transaction 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 approximately $217,594,136.70. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Gayla J. Delly sold 750 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the sale, the director now owns 34,750 shares of the company’s stock, valued at $6,064,917.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 311,080 shares of company stock valued at $53,540,590. 2.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on AVGO shares. Cantor Fitzgerald upped their price target on shares of Broadcom from $200.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. The Goldman Sachs Group upped their target price on Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. William Blair assumed coverage on shares of Broadcom in a report on Wednesday, September 18th. They set an “outperform” rating on the stock. Mizuho raised their price objective on Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Finally, UBS Group raised their target price on shares of Broadcom from $170.00 to $200.00 and gave the company a “buy” rating in a research note on Monday. Two analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $192.79.

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.