Cassaday & Co Wealth Management LLC Grows Position in Broadcom Inc. (NASDAQ:AVGO)

Cassaday & Co Wealth Management LLC boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,487.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,620 shares of the semiconductor manufacturer’s stock after buying an additional 5,266 shares during the quarter. Cassaday & Co Wealth Management LLC’s holdings in Broadcom were worth $969,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Drive Wealth Management LLC boosted its position in Broadcom by 922.6% during the third quarter. Drive Wealth Management LLC now owns 11,698 shares of the semiconductor manufacturer’s stock worth $2,018,000 after purchasing an additional 10,554 shares during the period. Capital City Trust Co. FL grew its position in shares of Broadcom by 890.5% in the third quarter. Capital City Trust Co. FL now owns 96,646 shares of the semiconductor manufacturer’s stock valued at $16,671,000 after purchasing an additional 86,889 shares in the last quarter. First Western Trust Bank raised its stake in shares of Broadcom by 902.2% during the 3rd quarter. First Western Trust Bank now owns 3,227 shares of the semiconductor manufacturer’s stock valued at $557,000 after purchasing an additional 2,905 shares during the period. Strengthening Families & Communities LLC grew its holdings in Broadcom by 1,028.4% during the 3rd quarter. Strengthening Families & Communities LLC now owns 22,467 shares of the semiconductor manufacturer’s stock valued at $3,875,000 after buying an additional 20,476 shares in the last quarter. Finally, Holistic Financial Partners increased its position in shares of Broadcom by 939.2% during the third quarter. Holistic Financial Partners now owns 7,295 shares of the semiconductor manufacturer’s stock valued at $1,258,000 after buying an additional 6,593 shares during the period. Institutional investors own 76.43% of the company’s stock.

Insider Activity at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of Broadcom stock in a transaction that occurred 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 3.62 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark David Brazeal sold 20,280 shares of the stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $177.10, for a total transaction of $3,591,588.00. Following the sale, the insider now directly owns 399,460 shares of the company’s stock, valued at approximately $70,744,366. This trade represents a 4.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 311,080 shares of company stock worth $53,540,590. 2.00% of the stock is owned by company insiders.

Broadcom Trading Down 1.3 %

Shares of NASDAQ:AVGO opened at $163.25 on Thursday. Broadcom Inc. has a 52-week low of $90.31 and a 52-week high of $186.42. The stock has a market capitalization of $762.47 billion, a price-to-earnings ratio of 141.96, a PEG ratio of 1.94 and a beta of 1.17. 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 stock’s 50-day simple moving average is $173.78 and its two-hundred day simple moving average is $160.09.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company’s revenue was up 47.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.95 EPS. Analysts expect that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 19th were given a dividend of $0.53 per share. This is a boost from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date was Thursday, September 19th. Broadcom’s payout ratio is presently 184.35%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. JPMorgan Chase & Co. raised their price target on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 6th. William Blair began coverage on shares of Broadcom in a research note on Wednesday, September 18th. They issued an “outperform” rating for the company. Morgan Stanley increased their price target on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Rosenblatt Securities reduced their target price on shares of Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Finally, Mizuho upped their price target on shares of Broadcom from $190.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Two equities research 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 stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $192.79.

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.