Wedbush Securities Inc. Grows Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Wedbush Securities Inc. boosted its stake in Broadcom Inc. (NASDAQ:AVGO) by 6.0% in the second quarter, Holdings Channel reports. The fund owned 7,377 shares of the semiconductor manufacturer’s stock after buying an additional 417 shares during the quarter. Broadcom makes up about 0.4% of Wedbush Securities Inc.’s holdings, making the stock its 27th biggest holding. Wedbush Securities Inc.’s holdings in Broadcom were worth $11,844,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Connable Office Inc. purchased a new position in shares of Broadcom during the 2nd quarter valued at approximately $1,914,000. Prudential PLC boosted its stake in shares of Broadcom by 11.4% during the 2nd quarter. Prudential PLC now owns 46,092 shares of the semiconductor manufacturer’s stock valued at $74,002,000 after buying an additional 4,733 shares during the last quarter. Ashton Thomas Private Wealth LLC boosted its stake in shares of Broadcom by 12.0% during the 2nd quarter. Ashton Thomas Private Wealth LLC now owns 11,128 shares of the semiconductor manufacturer’s stock valued at $17,866,000 after buying an additional 1,191 shares during the last quarter. Invera Wealth Advisors LLC boosted its stake in shares of Broadcom by 9.6% during the 2nd quarter. Invera Wealth Advisors LLC now owns 916 shares of the semiconductor manufacturer’s stock valued at $1,570,000 after buying an additional 80 shares during the last quarter. Finally, Fairbanks Capital Management Inc. boosted its stake in shares of Broadcom by 2.5% during the 2nd quarter. Fairbanks Capital Management Inc. now owns 2,864 shares of the semiconductor manufacturer’s stock valued at $4,598,000 after buying an additional 70 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company’s stock.

Broadcom Price Performance

Shares of AVGO opened at $148.21 on Wednesday. The firm has a market capitalization of $689.90 billion, a price-to-earnings ratio of 6.37, a price-to-earnings-growth ratio of 2.41 and a beta of 1.16. 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 Inc. has a one year low of $79.51 and a one year high of $185.16. The stock’s fifty day moving average is $188.66 and its 200-day moving average is $156.32.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating 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 return on equity of 30.12% and a net margin of 10.88%. The company’s quarterly revenue was up 47.3% compared to the same quarter last year. During the same period last year, the company earned $0.95 earnings per share. Equities analysts anticipate that Broadcom Inc. will post 3.75 EPS for the current year.

Broadcom Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be paid a dividend of $0.53 per share. The ex-dividend date is Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.43%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 9.12%.

Insider Activity at Broadcom

In related news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the transaction, the director now owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the transaction, the director now owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the transaction, the chief executive officer now directly owns 138,191 shares of the company’s stock, valued at approximately $235,746,936.45. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Piper Sandler increased their target price on Broadcom from $165.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, June 13th. Evercore ISI increased their target price on Broadcom from $162.00 to $201.00 and gave the company an “outperform” rating in a research note on Thursday, June 13th. Sanford C. Bernstein upped their price target on Broadcom from $160.00 to $195.00 and gave the company an “outperform” rating in a research report on Thursday, June 13th. JPMorgan Chase & Co. upped their price target on Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Finally, Melius began coverage on Broadcom in a research report on Monday, June 3rd. They set a “buy” rating and a $185.00 price target on the stock. Two research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $189.23.

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.