Vance Wealth Inc. Buys Shares of 1,370 Broadcom Inc. (NASDAQ:AVGO)

Vance Wealth Inc. purchased a new position in Broadcom Inc. (NASDAQ:AVGO) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,370 shares of the semiconductor manufacturer’s stock, valued at approximately $236,000.

A number of other large investors also recently modified their holdings of the company. Stonebridge Capital Advisors LLC increased its stake in Broadcom by 18.9% in the 1st quarter. Stonebridge Capital Advisors LLC now owns 226 shares of the semiconductor manufacturer’s stock worth $300,000 after acquiring an additional 36 shares during the last quarter. Gamco Investors INC. ET AL increased its position in shares of Broadcom by 80.5% in the first quarter. Gamco Investors INC. ET AL now owns 897 shares of the semiconductor manufacturer’s stock worth $1,189,000 after purchasing an additional 400 shares during the last quarter. Epoch Investment Partners Inc. increased its position in shares of Broadcom by 6.2% in the first quarter. Epoch Investment Partners Inc. now owns 395,266 shares of the semiconductor manufacturer’s stock worth $523,890,000 after purchasing an additional 23,162 shares during the last quarter. Lazard Asset Management LLC raised its stake in Broadcom by 297.2% in the first quarter. Lazard Asset Management LLC now owns 523,732 shares of the semiconductor manufacturer’s stock valued at $694,158,000 after purchasing an additional 391,877 shares in the last quarter. Finally, Steel Grove Capital Advisors LLC lifted its position in Broadcom by 75.5% during the first quarter. Steel Grove Capital Advisors LLC now owns 918 shares of the semiconductor manufacturer’s stock valued at $1,217,000 after purchasing an additional 395 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors.

Insider Transactions at Broadcom

In related news, CEO Hock E. Tan sold 50,000 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at $217,594,136.70. This trade represents a 3.62 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Charlie B. Kawwas sold 25,200 shares of Broadcom stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $168.27, for a total transaction of $4,240,404.00. Following the transaction, the insider now directly owns 753,280 shares of the company’s stock, valued at approximately $126,754,425.60. This trade represents a 3.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 311,080 shares of company stock valued at $53,540,590. Corporate insiders own 2.00% of the company’s stock.

Broadcom Price Performance

AVGO opened at $163.89 on Friday. The stock’s 50 day moving average price is $173.77 and its 200-day moving average price is $160.37. 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 $765.45 billion, a PE ratio of 142.39, a price-to-earnings-growth 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.

Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping the consensus estimate of $1.20 by $0.04. The firm had revenue of $13.07 billion during 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 quarterly revenue was up 47.3% compared to the same quarter last year. During the same period last year, the company posted $0.95 EPS. On average, equities research analysts predict that Broadcom Inc. will post 3.78 EPS for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 19th were issued a dividend of $0.53 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date of this dividend was Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.29%. Broadcom’s dividend payout ratio is 184.19%.

Analyst Ratings Changes

A number of brokerages have recently commented on AVGO. UBS Group increased their price target on shares of Broadcom from $170.00 to $200.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Truist Financial raised their price target on Broadcom from $204.00 to $205.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Morgan Stanley upped their price objective on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. TD Cowen raised Broadcom to a “strong-buy” rating in a report on Monday, September 16th. Finally, Rosenblatt Securities cut their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating for the company in a research note on Friday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $192.79.

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.